GSIS, JICA push government asset valuation project

The Government Service Insurance System (GSIS) and the Japan International Cooperation Agency (JICA) have advanced their joint initiative to improve the valuation and risk assessment of government assets, a move aimed at strengthening disaster insurance coverage for public properties nationwide.

GSIS President and General Manager Wick Veloso led agency officials during the second Joint Coordinating Committee meeting of the GSIS-JICA Technical Cooperation Project on March 5.

He was joined by representatives from the Embassy of Japan, the Department of Finance, the Bureau of the Treasury, the Department of Economy, Planning, and Development, formerly the National Economic and Development Authority, and the Philippine Institute of Volcanology and Seismology.

The project seeks to establish a standardized and science-based method for estimating the replacement cost of public assets insured by GSIS.

GSIS said the initiative is expected to improve the accuracy of insurance coverage and risk-based premiums for government properties across the country.

“Many agencies still have incomplete or outdated property records. This project helps us establish a reliable baseline for valuing public assets and assessing the risks they face,” Veloso said.

GSIS insures thousands of government assets nationwide, including schools, hospitals, bridges, municipal halls, and other public infrastructure.

Accurate valuation is critical in determining whether government properties are adequately insured and in helping restore public services faster after disasters, the agency said.

JICA Senior Representative Nobuhiko Aoki said the partnership has broader implications for public finance and disaster resilience.

“This technical cooperation supports the Philippine Disaster Risk Financing Strategy by helping ensure sufficient and readily accessible post-disaster financing. As the primary insurer of public assets, GSIS plays a critical role, especially as climate-related disasters continue to pose growing fiscal and macroeconomic risks across the region,” Aoki said.

The project also supports the integration of hazard information from the GeoRiskPH platform following a memorandum of agreement signed between GSIS and the Philippine Institute of Volcanology and Seismology (PHIVOLCS).

GeoRiskPH provides nationwide hazard data covering earthquakes, volcanic activity, landslides, liquefaction, and other natural threats.

By combining scientific hazard data with standardized valuation tools, GSIS said it aims to strengthen its underwriting process and ensure that insurance premiums reflect actual disaster risks.

The initiative is also aligned with the development of the General Insurance Information System, a new digital platform meant to support GSIS general insurance operations.

Once integrated, the system is expected to allow automated asset valuation, more consistent underwriting, and improved analytics for disaster risk assessment.

JICA first launched the cooperation with GSIS in May 2024 to improve insurance coverage of government assets against disaster risks, placing the latest meeting within a longer effort to modernize how the Philippines values and protects public infrastructure.