GSIS chief wants ‘idle assets’ to earn

The GSIS Complex in Pasay (Photo from the GSIS Facebook account)

CEBU CITY — The Government Service Insurance System (GSIS) will “put to use” its idle assets to add funds to the state-run pension system.

Jose Arnulfo Veloso, GSIS president and general manager, said during a press briefing on Sept. 14 in this city, that they were identifying the assets that they would sell, lease, or invest in a joint-venture project.

Veloso said the GSIS has enough reserve funds for its members, and its fund life could last for 31 years.

“Our reserve funds are enough, and we believe that what we are doing will further extend the fund life, especially when non-earning assets start to earn,” he said.

He said they could extend it if the non-earning properties earn.

“We are fast-tracking the identification of our non-earning assets like real estate, which, if left idle, wouldn’t be able to give returns to our members,” he said.

Among the properties the GSIS was eyeing were those near Manila Bay, which were giving low returns.

Veloso was in Cebu to visit their local offices and determine the problems at hand.

Aside from the idle assets, Veloso said GSIS would go digital to enhance its services to their members and provide a cost-efficient way to avail its services.

This digitalization in turn, he said, would save money for the GSIS.

The GSIS will also invest in government programs.

“We have approved, three weeks ago, P125 billion that we can invest in the government’s infrastructure program,” he added.

In his past one and a half months of leading the GSIS, Veloso said he was able to add P25 billion to its funds.

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