GSIS turns over initial P100M to PhilPost for Manila Post Office fire insurance

State property insurer and pension fund Government Service Insurance System (GSIS) has paid an initial P100 million to the Philippine Postal Corporation (PhilPost) for the fire insurance of the Manila Central Post Office (MCPO), which suffered extensive fire damage in May this year.

This preliminary payment is intended to meet the immediate rehabilitation needs of the MCPO building. GSIS will deliver full payment to PhilPost after evaluating the adjuster’s report and approving the final payment offer.

The check was presented by the GSIS President and General Manager Wick Veloso to PhilPost Acting Postmaster General and CEO Luis D. Carlos at the GSIS Head Office in Pasay City on Wednesday.

“GSIS is committed to helping PhilPost rebuild the nation’s iconic post office at the Liwasang Bonifacio in Manila. Sana po ay magsilbing paalala itong sunog sa PhilPost para sa ibang ahensiya ng gobyerno. Have your buildings and assets insured by the GSIS para mas mabilis ang pagbangon mula sa kalamidad at mga hindi inaasahang sakuna,” Veloso said.

The MCPO building, along with its furniture and fixtures, is insured for a total of P604 million with the GSIS. Upon receiving the news of the fire, the GSIS sent its adjuster to the site within 24 hours to initiate the insurance claim process and carry out an inspection. Drones were also used to comprehensively survey and assess the damaged structures.

The full settlement of the claim will be made upon completion of the loss evaluation.

In addition to the initial payment, the GSIS donated various office equipment including tables, chairs, laptop and desktop computers to help facilitate the continuity of its essential services.

“I sincerely thank the GSIS for the swift and generous response to our insurance claim. This gesture demonstrates the GSIS’s commitment to its responsibilities and reinforces the strong bond between our organizations. Malinaw ko pang naaalala na ang GSIS ang isa sa unang ahensya na dumalaw sa amin pagkatapos ng sunog. This initial payment will undoubtedly play a crucial role in facilitating the rehabilitation and reconstruction of the MCPO building,” Carlos said.

The Manila Central Post Office was declared an Important Cultural Property by the National Museum of the Philippines in 2018. Constructed in 1926, the building stood out with its neoclassical architecture designed by Juan Arellano and Tomas Mapua.