GSIS makes initial P100-million payout to PHLPost for Post Office fire

State insurer and pension fund Government Service Insurance System (GSIS) on Wednesday said it has paid an initial P100 million to the Philippine Postal Corporation (PHLPost) for the fire that gutted the Manila Central Post Office in May.

The Manila landmark, along with its furniture and fixtures, is insured for a total of P604 million with the GSIS.

In a statement, the GSIS said the preliminary payment is intended to meet the building's immediate rehabilitation needs, and that it will deliver full payment “after evaluating the adjuster’s report and approving the final payment offer.”

"GSIS is committed to helping PhilPost rebuild the nation's iconic post office at the Liwasang Bonifacio in Manila," said GSIS president and general manager Wick Veloso.

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

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

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. — BM, GMA Integrated News