The total claims and benefits the Government Service Insurance System (GSIS) has disbursed to its pensioners during the first 10 months of the year grew 12 percent to P28.6 billion from P25.5 billion during the same period last year, a big indication that stakeholders of the pension fund continue to benefit from the policies it has been implementing.
Bulk of the total claims and benefits disbursed during the period came from retirement benefits wherein P25.6 billion were released from January to October 2008, representing a 15.8-percent increase from P22.1 billion given out in the same period last year.
For the whole of 2007, the total value of claims and benefits the GSIS has granted to its pensioners reached P32.8 billion.
The GSIS chief also noted that he expects the numbers to further increase by the end of the year when cash gifts are given out.
The state-pension fund recently approved the release of P1.18 billion as Christmas cash gifts to pensioners this year. The amount is an improvement from last year’s budget of P923 million.
“This year has been full of good news for the GSIS community, especially the pensioners. On top of the cash gift, benefits, and claims, pensioners are also looking at an increased monthly pension next year,” GSIS President and General Manager Winston F. Garcia said.
For the tenth year in a row, the GSIS has increased its monthly pension, a feat unmatched in the country. If compounded, the pension fund has increased its monthly pension benefit by as much as 84 percent over the last ten years.
“The GSIS exists for its members and pensioners. We strive hard to improve our operations and remain financially sound so we could give back what is due them,” Mr. Garcia added.
The state-pension fund expects another year of record-breaking disbursements of claims and benefits this year and the next, as it continues to improve its financial standing. The GSIS expects to hit P50-billion in net revenues this year, 25 percent higher than last year’s P41.2 billion bottomline.
“We are happy to give more to our pensioners. This, we are able to do by tightening our belts, implementing more efficient policies, and making prudent investment decisions,” Mr. Garcia added.
