GSIS lays down improved benefits after robust 2023 growth

The Government Service Insurance System (GSIS) has laid out a suite of enhanced benefits for its members and pensioners.

At a recent dialogue in Rizal province, GSIS President and General Manager Wick Veloso credited the institution’s stellar 2023 financial achievements for the boon.

Veloso expressed the organization’s intention to give back to its members.

“Ang financial success na nakamit ng GSIS ay ibinabalik po natin sa ating mga members at pensioners, patuloy na pinapaganda at mas responsibong mga programa para sa patuloy na ikagiginhawa ng lahat,” he said, reinforcing the GSIS’s commitment to its stakeholders.

Central to the new perks is the introduction of a “living benefit” health insurance plan, offering additional coverage for life-threatening conditions, including cancer and heart attack.

Alongside this, the GSIS has revamped its loan offerings, with MPL Flex already having distributed over P120 billion to almost half a million members.

GSIS’s financial performance in 2023 was nothing short of spectacular, reporting a 33% revenue surge to P311.3 billion, a net income increase of 70% to P113.3 billion, and a total comprehensive income jump of 3,903% to P 43.4 billion.

With its assets now totaling Php 1.7 trillion, GSIS has firmly established itself as the Philippines’ preeminent non-life insurance entity.

Veloso also highlighted the move towards a more digitized experience for GSIS members, including the shift from UMID cards to digital IDs, thereby streamlining access to services.

Veloso reiterated the value of stakeholder feedback in enhancing GSIS services and affirmed the organization’s unwavering pursuit of excellence and responsiveness.

With these improved offerings and a robust financial base, GSIS members and pensioners can look forward to a more secure and prosperous future.