Enhanced benefits seen after robust financial growth in 2023 —GSIS

The Government Service Insurance System (GSIS) has announced improved benefits that members and pensioners can expect after the pension fund saw robust financial growth in 2023.

"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," GSIS president and general manager Wick Veloso said in a statement.

(The success that the GSIS achieved will be returned to members and pensioners through continuous enhancement as well as more responsive programs for the benefit of all.)

In 2023, the pension fund recorded a net income of P113.3 billion, up 70% from P66.4 billion in 2022 while revenues grew by 33% to P311.3 billion from P234.9 billion.

Among the enhanced benefits that GSIS members and pensioners can look forward to would be the introduction of a "living benefit" health insurance, which provides members and their dependents with additional coverage for critical illnesses, such as cancer, stroke, renal failure, end stage lung cancer, liver failure and heart attack. 

Veloso added that along with other GSIS benefits are improved loan products, including MPL Flex, which offers flexible terms and has already disbursed more than P120 billion to almost 500,000 members.

The total assets of GSIS now stands at P1.7 trillion and with notable achievements in general insurance, solidifying the pension fund’s position as the country's largest non-life insurer.

In line with its commitment to excellence, Veloso emphasized the GSIS's dedication to providing a seamless customer experience through digitalization. 

Additionally, the GSIS chief announced the upcoming issuance of digital IDs to replace UMID cards, enhancing accessibility for members.

Veloso also encouraged stakeholders to continue providing feedback to further improve its products and services, reaffirming its commitment to excellence and responsiveness.—AOL, GMA Integrated News