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Vision Contents
We will continue to build 3 Joint Message of the Chairman
the Government Service Insurance System and the President and General Manager
as the premier pension fund institution
with a passion for providing world-class service 4 Empowering Members and Pensioners
to its members.
7 Providing Excellent and Responsive Service
The GSIS will be
transparent, autonomous, 9 Sustaining Financial Viability
and beyond public reproach.
12 Insuring Government Properties

13 Strengthening the Human Capital

Mission 14 Fulfilling GSISs Corporate Social Responsibility

To regain the trust and confidence 15 Providing Framework for Institutional Governance
of our stakeholders, we will singularly pursue
the social mission of our charter 18 Compliance with Commitments to GCG
and promote an efficient organization
that is fully-automated and member-focused. 19 Board of Trustees

We will relentlessly strive for continual improvement 32 Senior Vice Presidents

in our services driven by integrity, professionalism,
and a culture of public service. 33 Vice Presidents

We will sustain the financial viability of the System 36 Letter to the Auditor
and ensure its prolonged actuarial life,
for the benefit not only of our existing members, 40 Independent Auditors Report
but also the next generation
of government employees. 42 Statements of Cash Flow

We will restore the pride of the GSIS 43 Statements of Comprehensive Income

so as to retain and recruit staff that share
our commitment. 44 Statements of Financial Position

Finally, we will endeavour to empower our members 45 Statements of Changes in Net Worth
to enable them to participate
in the evolution of our institution. 46 Branch and Extension Offices

2 GSIS Annual Report

The year 2015 represented the culmination of Anti-Red Tape Act - Report Card Survey (ARTA-RCS)
our journey toward a more caring and responsive administered by the Civil Service Commission, in
social security institution. From Day One, we which 41 GSIS offices received the coveted Seal
were keenly aware that in order to transform, of Excellence for exemplary service; enhanced
we must put our stakeholders at front and collection and posting efficiencies; increased claims
center of everything that we do by promising and benefits; consistently lengthened actuarial fund
to be transparent, consultative, and member- life; and unqualified opinions by the Commission on
focused. Thus, we undertook a comprehensive Audit on our financial statements since 2011. More
review of our policies and adopted amendments importantly, and as validated by the Governance
to make them more member-friendly. Service Commission for Government Owned or Controlled
responsiveness became the new barometer by Corporations (GCG), GSIS achieved a perfect rating
which all policies, programs, and procedures are on its 2015 Performance Scorecard, meeting, if
measured. The GSIS structure was streamlined not exceeding, every single target. This scorecard
to promote faster decision-making across the focuses on strategic performance indicators that
organization. A five-year road map under a new measure the social impact and financial viability of
vision and mission was drafted, supported by the institution.
a strategy map identifying courses of action to
attain the goal of providing the most responsive For these record achievements, we would like to
service to our stakeholders. thank, once again, our Board of Trustees, whose
invaluable wisdom, guidance, and direction continue
The impact of our transformation through the to drive our efforts towards service excellence. As
years is apparent in these record results: Back- always, Team GSISs unwavering commitment,
to-back recognition as the top-rated institution in dedication, and hard work made it possible to attain
exemplary service in 2014 and 2015 under the our shared goals in 2015.


Chairman President and General Manager (PGM)

GSIS Annual Report 3


Over the past five years, the conduct of face-to-face dialogues and consultations has invariably become
the main avenue through which GSIS engages its stakeholders. The insights gained from listening to our
members concerns served as vital inputs in determining Board priorities in reforming the System to provide
more responsive service. Moreover, through these dialogues, the System has engaged the widest cross-
section of its membership.

In 2015 alone, GSIS conducted a total of 92 consultations (approximately two dialogues every week)
attended by over 25,000 stakeholders. This is more than double the target of 42 dialogues for the year under
the GSIS Performance Scorecard. In fact, the dialogue in Bulacan on June 22, 2015 was attended by a
record 2,500 public servants.

4 GSIS Annual Report

To help ease the transition into retirement, GSIS flashdrives of members aged 40 to 49 years old (third
continued to hold pre-retirement seminars for over batch).
39,000 retiring employees in 2015. The seminars
discuss the various retirement modes and advise In 2015, we piloted a program to provide members with
soon-to-be retirees to make informed decisions over direct online access to their records (that is, member
which retirement schemes are most appropriate profile, premium contributions, and loan payments),
for them. At the same time, the System conducted anytime and anywhere, called the Electronic GSIS
orientations on GSIS benefits and services, dubbed Member Online (eGSISMO). This platform will be
GSIS 101, for 27,000 newly hired government made fully available to members in May 2016.
To determine whether the reforms to provide better
Aside from face-to-face engagements, GSIS leveraged service are indeed perceived and felt by members and
on advances in digital technology to empower its pensioners, GSIS once again engaged an independent
members who can now review the history of their third-party consultant to undertake a customer
loan records through the Statement of Loan Accounts feedback survey (CFS) and focus group discussions
(SOLA). SOLA allows member-borrowers to validate (FGDs). CFS and FGDs focused on measuring
their record of payments, thus expediting the dimensions of program and service responsiveness,
processing of their benefits upon retirement. In 2015, customer satisfaction, as well as awareness on policies
some 183,321 SOLAs were released to members 59 and programs and communication efforts. In 2015, the
years old and above (first batch), 37,451 to members overall satisfaction rating of members and pensioners
50 to 58 years old (second batch), and 102,443 were increased to 86.02%, higher than the prior years score
either emailed, printed and released, or copied to of 83%.

GSIS Annual Report 5

In another milestone, GSIS once again topped the Civil In November 2015, TV Rheinland Philippines Inc. (TRPI),
Service Commissions 2015 Anti-Red Tape Act (ARTA) one of the leading third-party , International Organization
survey that covered more than 1,000 agencies. With an for Standardization(ISO) certifying bodies in the country,
overall client satisfaction rating of 91.72%, GSIS garnered audited the pension funds quality management system
the highest percentage of branch offices attaining a rating (QMS) for loan processing to determine its compliance with
of Excellent or 90% to 100% (47 out of its 57 offices ISO norms. GSISs QMS covered the application process
nationwide). Butuan branch office achieved the highest up to the crediting of proceeds to the eCard or unified
score at 95.32%. Eighteen GSIS offices were conferred multipurpose identification card (UMID) of members or
the prestigious Citizens Satisfaction Center Seal of pensioners. After the rigorous audit, TRPI recommended
Excellence Award (CSC-SEA) for exemplary service in the conferment of ISO 9001:2008 certification to GSIS
2015. Cabanatuan (93.05%), Bulacan (93.03%), Laguna for its QMS on loan processing. Next year, GSIS will
(92.71%), Pampanga (92.17%), Cauayan (91.56%), simultaneously pursue the upgrading of the ISO 9001:2008
and Tagum (91.36%) attained the Five-star CSC-SEA to ISO 9001:2015 for its QMS on loan processing, as well
symbolized by a wall-mountable glass seal and a cash as ISO certification for its membership administration.
reward of Php100,000. Eleven branch offices earned Four The latter covers the creation and updating of records
stars, represented by a wall-mountable glass seal and of members and pensioners, including survivorship
Php25,000 cash reward, as follows: Butuan (95.32%), pensioners and dependents. The accurate disbursement of
Pagadian (95.04%), Tarlac (94.65%), Iloilo (93.45%), a loan or claim depends on the creation and maintenance
Roxas (92.78%), Bacolod (92.56%), Dipolog (92.54%), of a members record in the GSIS database. It is therefore
Aklan (92.05%),Boac (91.86%), Tuguegarao (91.76%), and crucial that this process be similarly ISO-certified to
Zamboanga (90.39%). Iba (91.47%) received a Three star reassure GSIS members that they will receive the correct
CSC-SEA represented by a wall-mountable glass seal. amount of claims and benefits.

GSIS Client Satisfaction Rating GSIS IS NOW ISO-CERTIFIED"

Based on ARTA Survey

2012 73.82% Failed

Eight branch
offices received
2013 85.76% Good
the Seal of
23 branch
offices received
2014 91.19% Excellent
the Seal of
18 branch
offices received
2015 91.72% Excellent
the Seal of

6 GSIS Annual Report

Ensuring Accurate Database Processing Claims More Efficiently
GSIS continues to ensure that the members database In 2015, GSIS processed more than 96% of over 193,000
and records are accurate and updated since these serve social insurance claims and benefits within the prescribed
as the primary basis for the grant of loans, the settlement turnaround time (TAT), exceeding its target of 92% as
of claims, and the computation of retirement and other committed to GCG. In the last quarter, the System
social security benefits. Over the past years, GSIS started processed 97% of retirement claims within the 90-day
deploying several IT interventions to address the chronic TAT; disability claims at 95%; life insurance claims at 98%;
concern of members over inaccurate records and statement survivorship for both non-member and member spouse at
of accounts. 97%; and funeral claims at 94%.

Government personnel in charge of approving and remitting Social Insurance Claims and Benefits
payments to GSIS now use the Electronic Billing and Processing Efficiency
Collection System (eBCS), a web-based application that
enables the pension fund to send its billing statements for Turn- Period
Around- %Within
premium and loan amortizations to government agencies Type of Claim Time (Date of Receipt TAT
electronically and accept payments online. eBCS ensures of Application)
the seamless and efficient posting of payments, ultimately
Retirement 90 Oct to Dec 2015 97%
resulting in the accurate computation of members benefits.
eBCS was adjudged a winner at the 2015 Government Disability 90 Oct to Dec 2015 95%
Best Practice Competition in October organized by the Life Insurance 90 Oct to Dec 2015 98%
Development Academy of the Philippines. The competition
sought to promote and showcase outstanding practices Survivorship
(Non-member 90 Oct to Dec 2015 97%
in public sector organizations and further strengthen Spouse)
excellence in the realm of public service. eBCS was also
a finalist at the 4th International Best Practice Competition Survivorship 60 Oct to Dec 2015 97%
(Member Spouse)
(IBPC) held in November, where 23 entries from all over
the world, both public and private organizations, competed. Funeral 30 Oct to Dec 2015 94%

The imminent deployment of eGSISMO in 2016 will further Crucial to tracking TAT was the Transaction Monitoring
enhance the accuracy of GSISs database by providing System (TMS), a key element in risk enterprise
members access to their records. Identified discrepancies management that provides information to enable GSIS to
will be validated and corrected, if necessary. manage risks, particularly those related to the processing
of members claims and benefits within the prescribed
period. The institutional resolve to address these pending
transactions reduced backlog dramatically. In 2015, GSIS
had pending and incoming members and pensioners
referrals of 2,324,124, out of which the System closed and
resolved 2,291,388 transactions, bringing down the backlog
to only 32,376. This is a far cry from the backlog in 2013,
which peaked at 3,643,677.

Reduction in TMS Transaction

Report Date Beginning Incoming Closed Ending
As of Dec 10 694,790 591,727 103,063
As of Dec 11 103,063 1,385,453 1,375,638 112,878
As of Dec 12 112,878 3,110,261 3,079,344 143,795
As of Dec 13 143,795 3,499,882 3,570,133 73,544
As of Dec 14 73,544 2,902,421 2,947,189 28,776
As of Dec 15 28,776 2,295,348 2,291,388 32,736

Officer-in-Charge VP Rachel T. Edjan shows

the trophy and certificate of participation
from the IBPC for the GSIS initiative, eBCS.

GSIS Annual Report 7

GSIS sustained its efforts to reach out to delinquent agencies to settle their premium arrears by signing either a
memorandum of agreement (MOA) or memorandum of understanding (MOU). As of 2015, only 76 agencies remained
suspended from 315 in 2010.

Reduction in Suspended Agencies
September 2012: GSIS-DBM-
DepEd Tripartite Agreement
- Refunded premiums (government
share) deducted from life insurance
benefits of teaching and non-teaching
personnel, including those who retired

76 - Adjusted pensions and increased

benefits of active members

- As of 2015, around PhP1.43 billion

was refunded to 167,970 teaching
and non-teaching personnel.
2010 2013 2015

The System also upgraded its telecommunication lines and acquired additional bandwidth for its branch offices, particularly
those in remote areas, to expedite the processing of claims and benefits. Expanding the bandwidth provided fast and
reliable wide area network connections, increased GSIS employees productivity, and improved data sharing, resulting in
shorter processing period for claims and benefits.

Through these various initiatives, GSIS improved its posting efficiency from 83.5% in 2010 to 96.5% in 2015. The amount
of unposted premium payments was also reduced to Php2.7 billion by end of 2015 from Php2.9 billion the prior year.

Posting Efficiency 96.5


87.3 87.2

2010 2011 2012 2013 2014 2015

Unposted Payments


3.6B 2.9B 2.7B

2010 2011 2012 2013 2014 2015

8 GSIS Annual Report

Bringing Services Closer
As of December 2015, GSIS has a total of 858 GSIS requests for refund, employees compensation benefits,
Wireless Automated Processing System (GWAPS) and reconciliation of accounts accounted for 20% of the
kiosks deployed across the country, specifically in remaining calls received. Due to the continued reconciliation
provincial capitols, city halls, selected municipal offices, of records and improved processing of claims, follow-up
large government agencies such as the Department of calls dropped 46% from 163,574 in 2014 to 88,952 in 2015.
Education, and GSIS branch offices. GWAPS kiosks In addition to call handling, GSIS call center personnel
allow members to apply online for various GSIS loans, attended close to 54,000 emails through gsiscares@gsis.
such as the conso-loan, emergency loan, and policy loan. .
They may also view their GSIS records and activate their
eCards in kiosks. Pensioners may likewise apply for a The Skype Appointment System was also launched in 2015.
pension loan through their eCards in the kiosk. Due to the By logging on to the system found in the GSIS website,
wider distribution of kiosks nationwide, members need pensioners abroad are able to schedule a video conference
not visit any GSIS office for these transactions, saving (using Skype) with GSIS for their transactions such as
them valuable time and money. In June, GSIS signed an eCard enrolment, renewal, or replacement; eCard Plus or
agreement with SM to deploy GSISs most popular service unified multipurpose identification (UMID) card activation;
facility at SM Supermalls Government Services Center in pension application; and annual renewal of active status or
SM Manila, SM Cebu, SM Pampanga, SM North EDSA, ARAS (a requirement for continuous receipt of their pension
and SM Aura. These kiosks complement our presence in and other benefits). To date, a total of 5,943 appointments
Robinsons Malls. have been arranged by GSIS in partnership with Pilipinas
The 50-seater, 24/7 GSIS Contact Center handled 350,688
calls in 2015, lower than the 368,157 calls received the In compliance with the ARTA-RCS, GSIS continues to
prior year.Eighty percent of the total calls were related to upgrade its facilities in branch offices nationwide for the
members records, loans, and eCards. Ninety-nine percent greater comfort of its members and pensioners. The
of these concerns were resolved as of December 2015, System inaugurated its new branch office in Bohol where
as reflected in the TMS. Meanwhile, call center personnel stakeholders could now conveniently transact at the ground
made more outbound calls (call-back requests made by floor, in stark contrast to the members service area at the
members and pensioners) in 2015, to reach 156,842 from second floor of the former office. Dagupan and Butuan
42,843 in 2014. Follow-up calls on claims and benefits, branch offices were similarly rehabilitated during the year.


Despite difficult market conditions in 2015, GSIS was able to register Php140.15 billion in revenues compared to
Php230.97 billion the prior year. Total comprehensive income reached Php48.39 billion compared to Php140.36 billion a
year ago. Total assets meanwhile further increased to Php958.20 billion, up by 5.62% from Php907.22 billion in 2014. The
increased assets of GSIS resulted in consistently lengthened fund life from 33 years (or until 2042) in 2009 to 34 years in
2015 (or until 2049). Our financial situation remained strong with cash position of Php38.97 billion at year-end.

Net Income 140.36

(in Billion Pesos)

62.36 62.58

46.11 48.36 46.94

2010 2011 2012 2013 2014 2015

GSIS Annual Report 9

Growth in Assets 958.20
(in Billion Pesos)

2009 2010 2011 2012 2013 2014 2015

Fund Life of 34 years

2048 2049
2045 2046 2049
(35 yrs) (35 yrs)
(34 yrs) (34 yrs) (34 yrs)
(32 yrs)

2010 2011 2012 2013 2014 2015

Claims and Benefits

(in Billion Pesos) 85.94
83.19 83.28


2010 2011 2012 2013 2014 2015

10 GSIS Annual Report

Numerous global concerns (US Fed rate hike fears, Another investment highlight was the significant increase
Eurozone weakness/Greece bailout referendum, China in gain on valuation on the funds investment properties
slowdown/Yuan devaluation, oil supply shocks) and portfolio as the Philippine real estate market performed
slower-than-expected Philippine growth plagued financial spectacularly in 2015. According to figures from BSPs
markets. This led to a weak backdrop for stocks, bonds, and residential real estate price index (REPI), which tracks
currencies, especially in the emerging markets for 2015. property prices across the country to assess how the
Global concerns and local disappointments contributed to market is performing, overall growth during 2Q15, 3Q15,
the weakness in the Philippine stock and bond markets, and 4Q15 were 12.8%, 4.3%, and 5.1% year-on-year. 2015
and the local currency. The PSE index closed 3.9% lower at external appraisals reflected positive increase on majority
6,952.08, while the US$/PHP ended at Php47.06 compared of investment property assets. Increase in value was also
to Php44.72 a year ago. Domestic interest rates rose by largely due to the reclassification of the Port Area property
12% on average across the yield curve and this affected located at the North Harbor, Manila Bay as investment
our fixed income portfolio which is heavily invested in property of GSIS.
the domestic market. All together, these developments
contributed to the valuation loss in the funds equity, and The System also continued to monetize part of its real
fixed income portfolio. property assets. In June, it sold for Php270 million the
84-year old National Cultural Treasure Manila Metropolitan
As of December 31, 2015, GSIS was fully invested in the Theater (The Met) to the National Commission for
Philippine Investment Alliance for Infrastructure (PInAI), Culture and the Arts (NCCA). As of 2015, GSIS has
with an estimated Php0.78 billion remaining for working disposed several big-ticket properties through an open and
capital and potential follow-on investments. The total Net competitive bidding process, including the landmark sale of
Asset Value (NAV) grew from Php5.32 billion to Php11.24 its two Fort Bonifacio properties that set a new benchmark
billion or 111.34% in 2015. The growth was attributed to of Php500,000 per square meter in the area. GSIS earned
drawdowns for additional investments and increase in more than Php1 billion from the sale of these properties.
valuation which was estimated at 73.91% and 37.43%,

Significant PInAI events that transpired in 2015 were as


On 15 June 2015, GSIS and other PInAI investors

acquired a 96% stake in the San Carlos Solar Energy
Inc. (Sacasol) project, a 45MW solar firm in San
Carlos City, Negros Occidental. The first 22MW is the
countrys first utility-scale solar power plant that started
generating power in June 2014, while the remaining
23MW expansion was completed on 24 August 2015;

On 14 September 2015, GSIS and other PInAI

investors acquired a 96% stake in the Negros Island
Solar Power Inc. (Islasol) project, an 80MW solar farm
spread across two sites located in La Carlota and
Manapla, Negros Occidental.

PGM Vergara and NCCA Chairman Felipe

M. de Leon Jr. shake hands as they seal the
deal transferring ownership of The Met.

GSIS Annual Report 11

GSISs loan portfolio grew by 8.87% from Php217.97 billion in 2014 to Php237.30 billion in 2015. This growth was largely
attributed to the implementation of the enhanced GSIS Enhanced Conso-Loan Plus Program. Some of the enhancements
include term extension from 6 to 10 years; increase in maximum loan amount; and amending the due date of the first
monthly amortization to remove the three-month grace period.

Improved Conso-Loan Program

Periods with Paid
New Maximum Loan Amount Old Maximum Loan Amount
At least 15 years 12 Months of Basic Salary
10 Months of Basic Salary
At least 25 years 14 Months of Basic Salary

In the area of benefits, the System released over Php85.94 billion in claims, 3% higher than the prior years Php83.28
billion. Social insurance claims and benefits increased in 2015 primarily due to the granting of one-time benefit in
September 2015 for regular old-age and disability pensioners in the amount of Php2.3 billion. Moreover, GSIS approved
additional benefits, including the increase in the amount of funeral benefits from Php20,000 to Php30,000, and the grant of
Milestone Benefits to regular old-age and disability pensioners, excluding pensioners under RA No. 7699 (Portability Law),
which significantly contributed to the increase in social insurance benefits.

Additional Milestone Benefit for Pensioners

as of 1 September 2015 Starting 2 September 2015 onwards
Age Amount Age Amount
90-94 y/o Php 20,000 Pensioner who will turn 90 Php 20,000
95-99 y/o Php 50,000 Pensioner who will turn 95 Php 30,000
100 y/o and above Php 100,000 Pensioner who will turn 100 Php 50,000

At the same time, more than 1.4 million active members were granted a cash benefit (cash dividend) of Php185 million in
2015, lower than the previous years Php848 million, due to the decline in GSISs net income.

The System continued to be prudent in its administrative and operational expenses, which remained at single-digit levels
over the past five years, from 5.9% of total revenues in 2010 to nearly 4% in 2015, significantly below the prescribed
threshold of 12%.


In line with its mandate of insuring government properties,
GSIS released a total of Php874.5 million in claims paid to
various government offices in 2015. The top three claims RI Savings (vs 2010)
included the Bureau of Customs (Php230 million), the Land
Bank of the Philippines (Php49 million), and the Power
Sector Assets and Liabilities Management Corporation 672.12M
(Php45.8 million).
600.46M 598.72M
Further, GSIS insured more than half or 1,219 of 2,197
government offices in the country in 2015, triple the number
in 2014 and the highest posted since 2012. The Philippine
Coast Guard, the Philippine Navy Headquarters, and the
406.25M 414.07M
Commission on Elections led the three newly insured
government offices that paid the highest premiums. The
Civil Aviation Authority of the Philippines, which insured
its property a month before typhoon Yolanda struck in
November 2013, insured 49 additional airports, bringing
the total to 69. Over the four-year period from 2011 to 2015,
when GSIS conducted competitive bidding for reinsurance,
cumulative savings of more than Php2 billion have been
realized compared to 2010 premium levels.

2011 2012 2013 2014 2015

12 GSIS Annual Report

Recognizing that employees are the organizations In 2015, a total of 1,558 employees benefited from an
greatest asset, GSIS continued investing in the array of in-house cuts-across training programs, which
professional development of its human resource (HR). included program monitoring and evaluation, creating high
performing teams, personal mastery, different thinking
The year 2015 saw the emergence of a more focused, styles, negotiations skills, personal effectiveness, and
strategic, and dynamic approach to HR development, problem solving. New employees orientation sessions and
actively taking off towards a new path from a traditional the values orientation program were regularly conducted
HR orientation of mere personnel administration. as well. Eight training programs on management and
leadership benefited a total of 26 batches of executives
As an offshoot of a third-party organizational diagnosis, and employees. Courses ranged from fundamentals
the HR Road Map was adopted, dubbed HR Development of leadership to building effective teams, to change
Framework and Implementation Plan (HRDFIP). The management, workplace coaching, people and conflict
Plan served as GSISs comprehensive blueprint in talent management, and business process improvement.
management by consolidating all related HRD programs
and initiatives into an integrated whole. It seeks to raise In the early part of the year, the Group Performance
the level of employee engagement and commitment to Assessment System was revised to include provisions
quality service delivery by providing the HR support they relative to the timeliness of compliance with Board and
need, ultimately creating a professional, highly motivated, Committee directives by offices and functional groups,
and competent workforce. further boosting effectiveness and efficiency in the
In 2015, GSIS rolled out the GSIS Competency
Framework (CF), which is among HRDFIPs basic and Another component of the HRD Road Map was rationalized
most important building blocks. The framework gave the GSIS Awards and Recognition System (GARS). In
rise to the Competency Profile that determines the July, GARS was reconstituted into the GAwad LINGgkod
essential competencies required for effective performance ng GSIS (GALING ng GSIS). GALING consists of four
in specific job roles. On an annual basis, the Human categories that were designed to recognize executives
Resources Office (HRO) assesses the employees and employees, or groups of them, for their suggestions,
training needs and the contents of training programs interventions, superior achievements, or extraordinary acts
and processes that will address the gap between the that improved GSISs operations in particular and public
employees current knowledge, skills, and attributes service in general:
and the competency requirements of their positions. In
a larger context, CF served as a crucial basis in the l GALING Kawani awarded to individuals for consistent
selection, placement, promotion, and related personnel and dedicated work performance, resulting in the
movements in the organization. successful implementation of an idea, contribution, or
service that is of significant value to GSIS;
During the year, alongside CF, GSIS replaced the task-
based job descriptions (JDs) with role-based JDs, which l GALING Sangay conferred on offices under the
now allow comparison of the relative worth of roles of Operations Groups for their exemplary performance
positions in the same job grade and set apart only those under the CSC ARTA-RCS;
that directly contribute to the GSISs business. Role-
based JDs also contain the required competencies and l GALING Pagbabago granted to employees or teams
the competency level of each role. whose ideas, suggestions, innovations, inventions, or
programs resulted in savings or benefits for GSIS and
Toward the midyear, two HRD programs were the government; and
implemented in support of employee retention, another
building block of HRDFIP. One is the Employee l GALING Karunungan Incentive given to employees
Development Program (EDP), which rationalized the who pursued professional development while working
learning and development programs for GSIS officers and and without GSISs financial assistance, such as
employees. The other is the Leadership Development completing a bachelors degree, passing a licensure
Program (LDP), the GSISs succession plan, a systematic exam, or landing in the top 10 of a licensure exam.
mechanism of providing accelerated development
opportunities to high-potential and high-performing The second-year nationwide rollout of Mikropono 1.0,
employees who will eventually fill critical or key positions GSISs corporate awareness seminar-workshop, in the
in GSIS. remaining 25 branch offices benefited a total of 492
employees. They were trained in vital GSIS policies,
Jointly approved with the above-mentioned HR schemes programs, benefits, and reforms, enhancing further their
is the GSIS Cross-Training Program, which serves aptitude and confidence as GSISs brand ambassadors.
as a means to develop and enhance the potentials of The programs upgraded version, Mikropono 2.0, was
employees by exposing them to other work functions in completed in 2015 and readied for implementation in the
GSIS. following year.

GSIS Annual Report 13


Beyond the primary mandate of managing the pension October 5) that culminated in the conduct of a three-day
fund for public servants, GSIS endeavors to make a teachers conference on environment, health, and history.
positive contribution to society, particularly in the areas of
education, environment, gender equality and fairness, and In the area of environment protection and for the second
arts. year in a row, about 100 GSIS employees volunteered
in cleaning the Manila Bay of trash and debris during
GSIS expanded the coverage of its scholarship program the International Coastal Clean-up in September. The
for Academic Year 2015-2016 to include members from collected debris are evaluated by the Department
special sectors that need assistance in sending their of Environment and Natural Resources to increase
dependents to school. A total of 20 of the 200 slots awareness, inspire recycling efforts, and shape policies.
in the GSIS Scholarship Program were allotted for Further, lectures on the environment were held for GSIS
qualified dependents of persons with disabilities (PWDs), employees as part of staff development, such as carbon
indigenous people (IPs), and solo or single parents. Under footprint, earth citizenship, and biological diversity.
the program, GSIS shoulders up to Php20,000 of the
scholars actual cost of tuition and miscellaneous fees As a firm advocate of women empowerment and gender
per semester. Scholars also get a monthly stipend of equality, GSIS partnered with the Philippine Commission
Php2,000. As of 2015, 629 active scholars are enrolled on Women to celebrate Womens Month in March.
in various schools nationwide. It is worthy to note that These included a production of a first-ever all-women
since the GSP mechanics were revised in 2012 to make music video of Lupang Hinirang and the conduct of
the program more responsive, the discontinuance rate per womens film festival and photo contest. In addition,
batch significantly dropped from 56.8% (Batch 14) in 2011 GSIS deployed a help desk at the Legal Services
to an average of only 4.8% (covering Batches 15 to 18) in Group to provide confidential assistance to women
2015. employees and their children who are victims, or about
to become victims, of physical, sexual, psychological,
For two years now, GSIS has partnered with the or economic abuse. GSIS also mandates the use of
Department of Education (DepEd) for the Adopt-a-School gender-fair language by its officials and employees in
and Brigada Eskwela programs. Under the Adopt-a- all GSIS documents, communications, issuances, and
School Program, which GSIS started implementing publications.
in 2014, 49 schools in the poorest provinces or low-
income municipalities will be adopted by providing Another highlight of CSR activities in 2015 was the
them infrastructure or technology support amounting to conduct of the annual GSIS Art Competition. This year,
Php200,000 each. The number of schools for adoption the System received more than 600 entries from aspiring
is broken down as follows: 17 schools in 2014, another artists based both here and abroad. It has also become
set of 17 in 2015, and 15 in 2016. DepEd assists GSIS in one of the more highly regarded art competitions in the
identifying schools that need assistance. country due in part to GSISs long-standing partnership
with the Art Association of the Philippines, an art
In bayanihan fashion, GSIS executives and employees organization that aims to advance and foster, and
nationwide shared their resources and volunteered to promote the interests of those who work in the visual
clean up public schools in their respective areas as arts. Every year, artists participate in three categories
part of National Schools Maintenance Week or Brigada -- representational (figurative), nonrepresentational
Eskwela held every third week of May. With the theme (abstract), and sculpture. The winning art pieces
Tayo para sa Kalinisan, Kaligtasan, at Kahandaan ng automatically become part of the GSIS art collection for
Ating mga Paaralan (Stand for the Cleanliness, Safety, public viewing at the GSIS Museo ng Sining.
and Preparedness of our Schools), the program enjoins
volunteers to help prepare public schools in time for the And last but not least, GSIS continues to honor its
opening of classes. pensioners through the Pensioners Day, which is held in
May and December every year. In 2015, close to 13,000
Further, GSIS implemented a series of activities to pensioners nationwide were treated to a whole day of
celebrate the National Teachers Month (September 5 to fun, wellness, games, and entertainment.

14 GSIS Annual Report

GSIS is firmly committed to institutionalizing the principles Elisea G. Gozun (Core Member) 12
of good corporate governance throughout the entire
organization. The Board and Management thus work Gregorio T. Yu (Member) 10
hand in hand to promote good corporate governance Roman Felipe S. Reyes (Member) 8
as an integral component of sound strategic business
management and transparency and accountability in all its Mario J. Aguja (Member) 12
dealings. The GSISs Corporate Governance Statement Romeo M. Alip (Member) 11
Geraldine Marie Berberabe-
The GSIS shall be a transparent, independent, Martinez (Member)
accountable, upright and professional institution that
is beyond public reproach. It shall be governed by an The Committee reviewed the GSIS Corporate Governance
ethical and responsible Board and Management who Manual and endorsed, for the approval of the Board,
shall promote participatory governance, a culture of amendments to reflect the changes in the respective
public service, social responsibility and continual service charters of the GSISs Board committees and its
improvement, and ensure that the interests and rights of its composition in full compliance with the Code of Corporate
stakeholders are safeguarded and protected. Governance for GOCCs.

Governance Likewise, the Committee reviewed the GSIS No Gift Policy

and the GSIS Quality Manual to ensure that GSIS actively
The Corporate Governance Committee assists the Board promote and pursue corporate governance reforms, and
in promoting and institutionalizing corporate governance to continuously observe principles of accountability and
principles and practices in the organization. The Committee transparency.
is specifically responsible for planning, formulation,
and review of policies, systems, and processes; human To ensure that the programs of the Management are
resource management; communication and stakeholder aligned with the strategic thrusts of the Board, the
relations; and corporate social responsibility. Committee reviewed the proposed operational and
developmental plans and programs of all the functional
The Committee also functions as the Nomination and groups for the calendar year 2016.
Remuneration Committee, a Board committee provided
under GCG Memorandum Circular (MC) No. 2012-07. In line with the thrust of the Board to develop GSIS
human resources, the Committee reviewed various
The Committee likewise reviews and monitors policies and programs designed to systematically change
administrative cases, and exercises oversight functions the bureaucratic mind-set and lack of initiative among
over the Human Resources Office and Corporate Planning executives and employees; promote the internalization
Office. of the general policy direction and rationale adopted by
the Board for GSIS; and develop the capacity of all GSIS
The charter of the Committee was approved on 26 April personnel for them to become ambassadors of the GSIS
2012 through Board Resolution No. 72 and was amended in such a way that they effectively communicate existing
twice. The first amendment was made on 26 September programs and policy directions.
2013 through Board Resolution No. 97, which included in
its functions that of the Nomination and Remuneration The GSIS Competency Framework, GSIS Employment
Committee. The second amendment was on 1 October Development Program, GSIS Cross-Training Program, and
2015 through Board Resolution No. 148, which reflected the GSIS Leadership Development Program are among the
changes in the Committee chairmanship in compliance with comprehensive development programs endorsed by the
GCG MC No. 2012-07. The GCG circular mandated that the Committee in 2015.
chairman of the Board should also be the Committee chair.
The charter of the Committee is reviewed and assessed The Committee likewise received monthly regular reports
yearly. from the HRO on the list of vacant positions due to issued
appointments or separation from service and list of filled-up
All of the Trustees are members of the Committee. For positions due to issued appointments to monitor the staffing
quorum purposes, however, the Trustees have designated percentage of GSIS to ensure its quality and continuous
among themselves four core members. The chairman of service.
the Board shall chair the Committee.
To continuously improve GSIS efficiency and quality of
In 2015, the Committee held 12 meetings, which were service, the Committee reviewed and endorsed for the
attended by the following members: approval of the Board 25 policy and procedural guidelines
(PPGs) in 2015.
Number of Some PPGs endorsed by the Committee to empower GSIS
meetings attended members and pensioners are as follows: Interest Rates to
Renato T. de Guzman (Chairman) 6 be Imposed on GSIS Accounts for Collection; Constructive
Filing of Application for Separation Benefits; Omnibus Rules
Robert G. Vergara (Core Member) 11 on Loans Redemption Insurance Benefit; Enhanced GSIS
Karina Constantino-David Consolidated Salary Loan Plus Program; Settlement of
(Core Member)

GSIS Annual Report 15

Premium Arrearages of Seconded Members; and Treatment The Risk Monitoring Reports for both SI and GI Funds were
of Loan Amortizations Deducted from a Member in Active reported by RMO on a quarterly basis to ROC. In turn,
Service but Not Remitted to GSIS. the Committee issued appropriate directives to manage or
mitigate risks.
The Committee monitored the administrative cases on
appeal to the Civil Service Commission or the regular ROC also endorsed to the Board for approval, among
courts through the regular monthly reports submitted by others, the following projects and initiatives:
the Legal Services Group. It also approved and endorsed
to the President and General Manager or the Board, as the 1. Renewal of Investment Management Agreement (IMA)
case may be, 20 decisions in administrative cases. with Bank of the Philippine Islands (Odyssey) and
Maybank ATR Kim Eng Capital Partners, Inc.;
Risk Management
2. Proposed Changes in the Appropriated Surplus of the
The Risk Oversight Committee (ROC) assists the Board SI Fund and Administered Funds of GSIS, as of 31
of Trustees in carrying out its responsibilities for policy December 2014;
formulation and for oversight of System-wide risks,
including compliance with applicable laws and regulations. 3. Maximum Allowable Limits of Total School Fees per
It also performs oversight functions on all Information Semester per Edu-Child Category for SY 2015-2016;
Technology (IT) matters.
4. 2015 Christmas Cash Gift to Old-Age and Disability
ROC operates under a written charter, which was last Pensioners;
amended on 27 August 2015 to reflect the change in
Committee chairmanship, as well as the requirement that 5. Proposed Change in the Maximum Loanable Amount
the ROC chairperson must have a background in finance for the Policy Loan of Enhanced Life Policyholders; and
and investments.
6. Cash Benefit in 2014 for Compulsory Life Insurance
All of the Trustees are members of the Committee. For Policies, which was distributed in 2015.
quorum purposes, however, the Trustees have designated
among themselves three core members, and a chairperson Audit
from among the core members. Pursuant to its charter,
ROC shall meet at least once a month. The Audit Committee assists the Board in fulfilling its
responsibilities for policy formulation and for oversight of
In 2015, ROC had a total of 10 meetings. Attendance was GSISs financial reporting process, the system of internal
as follows: control, the audit process, and the process for monitoring
compliance with laws, rules, regulations, and code of
Number of
meetings attended
The Audit Committee operates under a written charter,
Gregorio T. Yu (Chairman) 10 which was last amended on 10 September 2015, to
Robert G. Vergara (Core Member) 9 reflect the change in Committee chairmanship, as well
as other revisions to align it with the charters of the other
Roman Felipe S. Reyes Board committees. All of the Trustees are members of the
(Core Member) Committee. For quorum purposes, however, the Trustees
Geraldine Marie Berberabe- have designated among themselves three core members,
10 and a chairperson from among the core members.
Martinez (Member)
Pursuant to its charter, the Committee shall meet at least
Karina Constantino-David (Member) 9 once every two months.
Mario J. Aguja (Member) 10
In 2015, the Audit Committee had a total of 10 meetings.
Romeo M. Alip (Member) 10 Further, an additional meeting was jointly held with the
Renato T. De Guzman (Member) 3 Corporate Governance Committee. Attendance was as
Elisea G. Gozun (Member) 10

The Risk and Control Self-Assessment (RCSA) was Number of

implemented in connection with the Board of Trustees meetings attended
initiative to promote corporate best practices. This was put Roman Felipe S. Reyes (Chairman) 10
in effect through the Risk Management Office (RMO), and
was aimed at helping the Board and Management identify Mario J. Aguja (Core Member) 10
and appraise inherent risks that are significant to the Romeo M. Alip (Core Member) 10
Systems day-to-day operations.
Robert G. Vergara (Member) 9
The regular identification and updating of risks related to Gregorio T. Yu (Member) 9
the Social Insurance (SI) Fund and General Insurance (GI)
Fund are ensured through the conduct of the Risk Control Geraldine Marie Berberabe-
and Self-Assessment Surveys, which are done biennially. Martinez (Member)
Based on RCSA surveys, heat maps with residual risks Karina Constantino-David (Member) 8
for SI and GI Funds were generated to summarize these
Renato T. De Guzman (Member) 4
assessments after appropriate mitigating controls have
been considered, as well as prioritize the risks that should Elisea G. Gozun (Member) 9
be monitored.

16 GSIS Annual Report

The Audit Committee exercises functional authority over the In addition, the Committee reviews quasi-judicial cases
Internal Audit Services Office (IASO) and provides oversight elevated from the Committee on Claims (CoC) and
of GSISs internal audit function. IASOs main responsibility recommend to the Board actions to be taken in the
is the appraisal of the soundness and adequacy of disposition thereof. It ensures the speedy, efficient, and
internal controls in the various operations of GSIS. This responsive dispensation of justice.
responsibility is carried out through the conduct of audit
or reviews and presentation of its results through a report The charter of the Committee was approved on 9 February
submitted to the Audit Committee and the President and 2012 through Board Resolution No. 20 and was amended
General Manager. twice. The first amendment, made on 12 December 2013
through Board Resolution No. 149, reflected the changes in
IASO regularly submits its annual Plans and Programs the composition of the Committee. The second amendment
to the Audit Committee for approval. In 2015, IASO has was on 15 October 2015 through Board Resolution 154,
submitted a total of 29 reports involving review of the reflecting the changes in the chairmanship, as well as
financial statement and various operations of GSIS. All clarifying the Committees authority and responsibility with
IASO recommendations were regularly monitored as respect to review of quasi-judicial cases.
to compliance and implementation by operating units
concerned (OUCs). A semiannual compliance report was All of the Trustees are members of the Committee. For
done to check on the status of compliance as of a cut-off quorum purposes, however, the Trustees have designated
date. The results were presented to the Audit Committee, among themselves three core members, and a chairperson,
and were also provided to the Corporate Planning Office, who is a lawyer, from among the core members.
which formed part of the OUCs group performance
appraisal. Overall, the system of internal control employed In 2015, the Committee conducted 10 meetings, which were
by the GSIS is effective and adequate. attended by the following members:

The Audit Committee monitored and reviewed the GSISs

Number of
monthly financial statements to ensure compliance with Trustee
meetings attended
financial reporting standards and fair presentation of the
Systems financial position. It endorsed to the Board Geraldine Marie Berberabe-
the Audited Financial Statements for the year 2014, and Martinez (Chairperson)
monitored Managements actions to address issues raised Gregorio T. Yu (Core Member) 8
by the Commission on Audit.
Karina Constantino-David
Further, the Audit Committee, together with the Corporate (Core Member)
Governance Committee, reviewed the proposed Corporate Renato T. de Guzman (Member) 4
Operating Budget and the Plans and Programs for 2016.
Robert G. Vergara (Member) 10
Roman Felipe S. Reyes (Member) 9
Legal Management Mario J. Aguja (Member) 10
The Legal Oversight Committee assists the GSIS Board Romeo M. Alip (Member) 10
of Trustees in carrying out its quasi-judicial powers and
Elisea G. Gozun (Member) 10
oversight responsibilities over big ticket accounts, and in
ensuring GSISs compliance with applicable laws, rules,
regulations, and procedures. Big Ticket Cases. There were 45 cases identified by the
Committee as big ticket, for which the Legal Services Group
The Committee monitors, oversees, and recommends legal (LSG) submitted regular quarterly reports.
strategies regarding big ticket accounts, which shall refer to
cases wherein any of the following factors is present: In 2015, LSG obtained favorable judgment in the case of
Harold I. Cuevas vs. Rosario Enriquez Vda. De Santiago,
1. Cases involving high-valued real estate properties that Gregorio Enriquez Jr., GSIS, Antonio T. Vilar (Civil Case
are either owned, mortgaged, foreclosed, or claimed No. 72885) and judgment by means of compromise in
by the GSIS with an appraised value of at least Fifty the case of Industrial Bank of Korea, et al. vs. Domsat
Million Pesos (Php50,000,000); Holdings, Inc., and GSIS (Civil Case No. 99-1853) where
the Court approved eight compromise agreements between
2. Cases where the total claim (including damages GSIS and eight reinsurers, while two more compromise
and fees) involved is at least Fifty Million Pesos agreements are still pending for resolution.
Quasi-Judicial Cases. In 2015, the Committee reviewed
3. Cases that have substantial impact on or present a Policy and Procedural Guidelines No. 222-13 (Guidelines
threat to the actuarial solvency, policies, operations, on Appeals and Motions for Reconsideration), and
and reputation of the GSIS, as determined by the endorsed for approval of the Board amendments thereto.
PGM; Hence, PPG No. 300-15 (Amended Guidelines on
Appeals and Motions for Reconsideration) was approved,
4. Criminal, civil, or administrative cases filed by or which is an amendment of PPG No. 222-13, to further
against GSIS Trustees or officers (vice presidents and clarify the quasi-judicial process and improve efficiency
up) in any court, tribunal, office, agency, or body in in the disposition of cases by addressing the difficulties
connection with the performance of their official duties; encountered by petitioners with procedural requirements.
One of the significant changes directed by the Committee
5. Other cases that may be classified by the Legal is the File Anywhere Policy, which allows members and
Oversight Committee, in the exercise of its discretion, pensioners to file their petition in any GSIS Branch Office
as a big ticket case. within the prescriptive period prescribed by the rules.

GSIS Annual Report 17
The Committee resolved 35 quasi-judicial cases in 2015 and referred three cases to CoC for proper disposition.
Yearly Status of Quasi-Judicial Cases
(As of 31
2010 2011 2012 2013 2014 December
Number of Petition / MR at the start of the Year 58 68 52 54 42 41
Number of Petition / MR Filed 12 6 15 22 35 31
Number of Cases Resolved (2) (22) (13) (21) (35) (35)
Number of Cases Referred to COC (13) (1) (3)
Number of Cases Remaining at the End of the Year 68 52 54 42 41 34


GSIS achieved an overall rating of 100% across its key 3. On Streamlined and Efficient Processes. In 2015,
strategic objectives under GCGs Performance Evaluation the total administrative and operating expense was
System for government-owned and-controlled corporations 3.98%, lower than the target of 6%, which reflected
(GOCCs). Of importance: the prudent management of funds.

1. On Empowering Members and Pensioners 4. On Ensuring Updated and Accurate Database.

Enjoying Social Protection. GSIS exceeded its 95% target by successfully posting
99.99% of monthly agency remittance within 90-day
1.1 A total of 92 dialogues were conducted for the TAT for the period September 2014 to August 2015.
year attended by 25,626 participants, or a 119% Further, some 1,961,395 records out of 1,992,761
increase over the target of 42 dialogues with 1,260 requests received within the period were created or
attendees. updated within five work days from receipt of request,
which is equivalent to a processing efficiency rate of
1.2 GSIS also provided increased benefits for the 98.43%.
year without impairing the life of the fund. These
included higher funeral benefit of Php30,000, 5. On Financial Stewardship and Sustaining
one-time benefit equivalent to one-month basic Actuarial Viability. The five-year rolling average of
pension or Php10,000, whichever is lower, and total assets was 11.19%, higher than the target of
the grant of milestone benefits to regular old-age 10%. Net underwriting income jumped 53.05% from
and disability pensioners. the target of 10% in 2014.

2. On Providing Excellent and Responsive Service to 6. On Developing Workforce Competence. The

Members and Pensioners. Competency Profile, which determines the skills and
proficiencies required for the effective performance in
2.1 Out of 198,372 social insurance claim applications specific job roles, was completed and confirmed by
received, including balance from last year, the Board on 26 February 2015 per Board Resolution
194,023 were processed within TAT, translating to No. 21. In relation to this, the first Annual Competency
97.81% processing efficiency rate, an improvement Assessment was conducted in 2015 and completed
from last years 93.11% rating. in December. This resulted in an average of 2.97
competency rating for all GSIS employees.
2.2 About 99.96% or 1,424,302 of the total 1,424,913
loan applications received in 2015 were granted 7. On Improving Information Capital. GSIS
within five work days from the Agency Authorized established a QMS that conforms to ISO standard,
Officer (AAO) approval. The total amount of gross meeting thus the GCG requirement that GOCCs must
loans granted within the period reached more than comply with Good Governance Conditions, which
Php127.36 billion, 15% higher than the amount of includes the institutionalization of Government QMS
loans granted last year. Standards. On November 2015, the third-party audit
was conducted by TV Rheinland Philippines Inc.,
2.3 For two years in a row, GSIS topped the ARTA which recommended the issuance of ISO Certification
survey conducted by the CSC, when 47 or 83% 9001:2008 to GSIS loan processing.
of 57 BOs and EOs (the highest among all 1,114
frontline offices of the government) were rated
Excellent. The remaining 10 offices were rated Whistle-Blowing Policy
Good. The survey was conducted from March to
July 2015 in the Head Office and the two BOs in The proposed Whistle-Blowing Policy was discussed
NCR, 25 from Luzon, 14 from Visayas, and 15 in the Corporate Governance Committee meeting on
from Mindanao. The average rating of these offices January 28, 2013. The Committee agreed to put the
was computed at 91.72%. proposed policy on HOLD until the whistle-blowing law,
which shall set forth the rules on the allocation of funds
for rewards and other incentives for whistle-blowers, is
18 GSIS Annual Report





Trustee GREGORIO T. YU Corporate Secretary MA. THERESA A. RAAGAS

GSIS Annual Report 19


Age: 65
Date of First Appointment: June 26, 2015

Trainings / Seminars Attended:

2015 - Corporate Governance Seminar, conducted by the

Institute of Corporate Directors (held on 16 October 2015 at
the InterContinental Hotel Makati)

Chairman RENATO T. DE GUZMAN graduated with a degree in Bachelor of

Science in Management Engineering from Ateneo de Manila University. He
also holds two masters degrees: Business Administration (with distinction)
from Katholieke Universiteit Leuven, Belgium, and Management from McGill
University, Canada.

An accomplished banker, he spurred the growth of the private banking

business in Asia while the Chief Executive Officer of INGs Asia Private Bank
(IAPB) and subsequently, of the Bank of Singapore, after IABP was acquired
by Oversea-Chinese Banking Corporation (OCBC) in 2010 and renamed Bank
of Singapore. He was responsible for the development of Bank of Singapore
as Asias Global Private bank.

Because of his achievements in the world of banking, he received the ING

Leadership Award. He was also named Outstanding Private Banker in Asia
Pacific by Private Banker International in 2014, and Private Banker of the
Year by Asian Private Banker in 2015. He was also conferred the Lifetime
Achievement Award by WealthBriefingAsia. He was likewise named by Alpha
Magazine as one of the 25 Most Influential People in Southeast Asia.

20 GSIS Annual Report

Vice Chairman and PGM

Age: 55
Date of First Appointment: September 20, 2010

Trainings / Seminars Attended:

2011 - Strategic Planning Seminar Workshop, conducted by Ms.

Mean Ignacio (held on September 6, 2011 at the Tower
Club Makati City)
2012 - Strategic Planning Seminar Workshop, conducted by Ms.
Alma Bella Z. Generao (held on November 7, 2012 at the
Nostalge Ortigas)
2013 - Strategic Planning Seminar Workshop, conducted by Ms.
Maria Lourdez Ortiz-Luis and Mr. Cesar P. Baltazar (held on
August 1-2, 2013 at the Tagaytay Highlands)
2014 - Strategic Planning Seminar Workshop, conducted by Mr.
Gerardo A. Plana and Ms. Tess Villanueva (held on July 24-
25, 2014 at the Planta Hotel Bacolod)
- Corporate Governance Seminar, March 22, 2014, SGV
- 10th ASEAN Finance Ministers Investor Seminar, May 20,
2014, Peninsula Hotel, Makati City
- AMUNDI World Investment Forum, June 5-6, 2014, Paris,
- Leadership Session by Harvard Prof. Ronald Heifetz,
August 15, 2014, Luna Bldg., Rockwell
- GSIS Strategic Planning Seminar, November 3, 2014,
Heritage Hotel, Manila
2015 - Management Action Planning Workshop, June 8, 2015,
Midas Hotel, Manila
- HR Roadmap Development Workshop, June 26, 2015, GSIS
- Corporate Governance Training, September 5, 2015, SGV
- 21st Session of the Conference of Parties to the United
Nations Framework on Climate Change and the side event
on Hydro-related Risks in Asia-Pacific and The Role of Disaster
Risk Finance and Insurance, November 30, 2015, Paris,

PGM ROBERT G. VERGARA graduated with double degrees in Management

Engineering and Mathematics from Ateneo de Manila University (magna cum
laude). He was President of the Management Engineering Student Association
and a Management Engineering Departmental Awardee.

In 1986, he obtained his masters degree in Business Administration from

Harvard Graduate School of Business Administration, with concentration on
general management, finance, and corporate strategy.

Prior to his appointment as PGM and Vice Chair of the GSIS BOT, he was the
Managing Director and Founding Partner of Cannizaro (Hong Kong) Capital
Partners Limited. He spent most of his career in Hong Kong where he was
also a Trader of IFM Trading Limited, Managing Director of IFM Asia Limited,
Principal of Morgan Stanley Dean Witter Asia Limited, Director or Dresdner
Kleinwort Wasserstein Securities (Asia) Limited, and Managing Director of
Lionhart (Hong Kong) Limited.

He began his career as Assistant Manager of Citibank, N.A., Manila and also
worked as Summer Associate of Shearson Lehman Brothers in USA, and
Trader of IFM Trading Limited in England.

GSIS Annual Report 21


Age: 50
Date of First Appointment: October 31, 2010

Trainings / Seminars Attended:

2011 - Strategic Planning Seminar Workshop, conducted by Ms.

Mean Ignacio (held on September 6, 2011 at the Tower
Club Makati City)
2012 - Strategic Planning Seminar Workshop, conducted by Ms.
Alma Bella Z. Generao (held on November 7, 2012 at the
Nostalge Ortigas)
2013 - Strategic Planning Seminar Workshop, conducted by Ms.
Maria Lourdez Ortiz-Luis and Mr. Cesar P. Baltazar (held on
August 1-2, 2013 at the Tagaytay Highlands)
2014 - Strategic Planning Seminar Workshop, conducted by Mr.
Gerardo A. Plana and Ms. Tess Villanueva (held on July 24-
25, 2014 at the Planta Hotel Bacolod)
2015 - Corporate Governance and Risk Management (for Banks
and Quasi - Banks ); conducted by Ateneo de Manila
University and Ateneo - BAP Institute of Banking held on
September 17-18, 2015
- Financial Risk Management in Practice; conducted by Ateneo
de Manila University Graduate School of Business and Center
for Continuing Education held on November 28, December 5
and 12, 2015
- Strategic Planning Session, July 23-24, 2015 at the Tagaytay
Highlands, Tagaytay City, Cavite

Trustee MARIO MAYONG JOYO AGUJA obtained his undergraduate degree

in Sociology from the Mindanao State University, General Santos City (MSU-
GenSan) in 1986 and his masters degree in Sociology at the University of
the Philippines, Diliman in 1991. He was a graduate research fellow in the
field of Sociology at the Institute of Socio-Information and Communication
Studies, University of Tokyo, Japan from 1994 to 1996 and was a graduate
student in Comparative Culture with specialization in International Economics
and Development Studies at Sophia University, Japan from 1996 to 1998. He
obtained his doctorate degree in International Cooperation Studies from Nagoya
University, Japan in 2001.

He is currently a Professor at the Department of Sociology in MSU-GenSan

and concurrent Chairperson of the MSU-GenSan Faculty Union. He was
formerly President of the MSU System Faculty Confederation and at the same
time Faculty Regent from 2009 to 2010. He also served as Chairperson of the
Board of the Federation of Government Schools Employees Associations of the

He was actively involved with various civil society organizations. He was

formerly Executive Director of Building Alternative Rural Resource Institutions
and Organizing Services (BARRIOS Inc.), Assistant Project Officer of Enfant
et Development, Chairperson of Sustainable Integrated Area Development
Initiatives in Mindanao-Convergence for Asset Reform and Rural Development
(SIMCARRD Inc.) and a Member of the Board of Governors of the Philippine
Red Cross. He is also actively involved in various peace and education
advocacies for Mindanao.

Trustee Aguja was a member of the House of Representatives from 2002 to

2007 representing Akbayan Citizens Action Party.

22 GSIS Annual Report


Age: 54
Date of First Appointment: September 24, 2013

Trainings / Seminars Attended:

2011 - Strategic Planning Seminar Workshop, conducted by Ms. Meann

Ignacio (held on September 6, 2011 at the Tower Club
Makati City)
2012 - Strategic Planning Seminar Workshop, conducted by Ms. Alma
Bella Z. Generao (held on November 7, 2012 at the Nostalge
2013 - Strategic Planning Seminar Workshop, conducted by Ms. MAria
Lourdez Ortiz-Luis and Cesar P. Baltazar (held on August 1-2,
2013 at the Tagaytay Highlands)
2014 - Strategic Planning Seminar Workshop, conducted by Mr.
Gerardo A. Plana and Ms. Tess Villanueva (held on July 24-
25, 2014 at the Planta Hotel Bacolod)
- Orientation Course on Corporate Governance; conducted by
the Institute of Corporate Directors (held on March 6, 2014 at
the Manila Peninsula, Makati)
2015 - Strategic Planning Session, July 23-24, 2015 at the Tagaytay
Highlands, Tagaytay City, Cavite

Trustee ROMEO M. ALIP earned two degrees in Education from Magsaysay

Memorial College, namely, Bachelor in Elementary Education in 1986 and
Bachelor of Science in Education in 1989. He also completed his Master of Arts
in Education in Columban College in 1989. He obtained his doctorate degree in
Philosophy from Angeles University Foundation in 1993.

Currently, he is the President of the Philippine Association of Schools

Superintendents and Central Luzon Association of Schools Superintendent. He
is the Schools Division Superintendent for the Bulacan Division Office of the
Department of Education.

As a seasoned educator, Trustee Alip is a recipient of several awards, including

Meritorious and Outstanding Service Rendered to the Organization by the Boy
Scout of the Philippines in 2011, Top Achievers Award in the Medium-Sized
Division in the 2009 National Achievement Test, and Recognition Award for
Excellent Public Service from the Sangguniang Panlungsod ng Malolos in 2007.

GSIS Annual Report 23


Age: 69
Date of First Appointment: August 17, 2010

Trainings / Seminars Attended:

2011 - Strategic Planning Seminar Workshop, conducted by Ms.

Mean Ignacio (held on September 6, 2011 at the Tower
Club Makati City)
2012 - Strategic Planning Seminar Workshop, conducted by Ms.
Alma Bella Z. Generao (held on November 07, 2012 at the
Nostalge Ortigas)
2013 - Strategic Planning Seminar Workshop, conducted by Ms.
Maria Lourdez Ortiz- Luis and Mr. Cesar P. Baltazar (held on
August 1-2, 2013 at the Tagaytay Highlands)
- Gender Sensitivity Workshop Seminar, conducted by the GSIS-
GAD on 18 December 2013 at the Narra Hall, 8th floor,
GSIS Main Building, Financial Center, Pasay City
2014 - Strategic Planning Seminar Workshop, conducted by Mr.
Gerardo A. Plana and Ms. Tess Villanueva (held on July 24-
25, 2014 at the Planta Hotel Bacolod)
2015 - Strategic Planning Session, July 23-24, 2015 at the Tagaytay
Highlands, Tagaytay City, Cavite

Trustee KARINA CONSTANTINO-DAVID is the Chairperson of the Corporate

Governance Committee of the Government Service Insurance System (GSIS).

Trustee David is also currently a Member of the Search Committee of the

Office of the President of the Philippines; the Chairperson of the People Power
Volunteers for Reform; the Chairperson of the Artists Welfare Project Inc.; a
Board Member of the International Institute for Public Ethics; a Member of the
Executive Committee of the Former Senior Government Official; the Board
Director of Harnessing Self-Reliant Initiatives and Knowledge; and a Board
Member of the Child Protection Network Foundation.

Prior to her appointment as GSIS Trustee, she was the Chairperson of both
the Civil Service Commission and Career Executive Service Board from 2001
to 2008; the Secretary of Housing and Chairperson of the Housing and Urban
Development Coordinating Council from 1998-1999; the Chairperson of the
Home Development Mutual Fund, Home Insurance and Guaranty Corporation,
National Home Mortgage and Finance Corporation, and Housing and Land
Use Regulatory Board; and the Undersecretary of the Department of Social
Welfare and Development.

Trustee David also served in the academe as a Professor of Community

Development and Sociology at the University of the Philippines (UP), Diliman.
She was involved in professional, civic and cultural associations such as
Abanse! Pinay,and Inang Laya, among others.

Trustee David received numerous awards for excellent public service including
World Banks Jit Gill Memorial Award for Outstanding Public Service in 2008,
House of Representatives Committee on Womens Most Outstanding Woman
in Public Service in 2008, and Province of Bulacans Gawad Dangal ng Lipi
Pinakamataas na Kategorya Paglilingkod Bayan in 2006.

Trustee David earned her degree in Sociology from UP Diliman in 1966 and
earned her masters degree in Economics and Social Studies from the Victoria
University of Manchester, England in 1974.

24 GSIS Annual Report


Age: 63
Date of First Appointment: September 24, 2013

Trainings / Seminars Attended:

2014 - Strategic Planning Seminar Workshop, conducted by Mr.

Gerardo A. Plana and Ms. Tess Villanueva (held on July 24-
25, 2014 at the Planta Hotel Bacolod)
- Orientation Course on Corporate Governance; conducted by
the Institute of Corporate Directors (held on March 6, 2014 at
the Manila Peninsula, Makati)
2015 - Resilience: Tools, Measurement and Application
Workshop hosted by USAID Regional Development Mission
Asia in partnership with the Rockefeller Foundation held on
October 4-15, 2015 at Bangkok, Thailand
- Strategic Planning Session, July 23-24, 2015 at the Tagaytay
Highlands, Tagaytay City, Cavite

Trustee ELISEA G. GOZUN graduated with a Bachelor of Arts from

Southwestern University in Cebu City in 1976. She completed units for a
masters degree in Environmental Management at the Philippine Womens
University in 1996. She was conferred Doctor of Environmental Management
(Honoris Causa) by Ramon Magsaysay Technological University in 2004 and
by Xavier University in 2008.

Aside from her current work at the GSIS, Trustee Gozun serves as Consultant
to several World Bank projects including the Climate Public Expenditure and
Institutional Review, Phil-Wealth Accounting and Valuation of Ecosystem
Services, and Green Print 2030 Phase II. She is also a consultant to
AECOM, which is a contractor for the United States Agency for International
Development on the Climate Resiliency Team Leader, Be Secure Project. She
has also worked with various UN Bodies, ADB, National Government Agencies
and Local Government Units.

Prior to her appointment as GSIS Trustee, she also served as Presidential

Assistant II on Climate Change from January 2011 to June 2013 and Secretary
of the Department of Environment and Natural Resources from December
2002 to September 2004.

Her passion for the environment brought her to many civil society organizations
serving as Chair of the Earth Day Network Philippines, the Earth Council Asia
Pacific Philippines, and the Philippine Council for Environmental Protection
and Sustainable Development which serves as the secretariat for the eco-
labeling program in the country. She also held top positions in the Solid
Waste Management Association of the Philippines, Partnership for Clean Air,
Philippine Business for Environment, Green Kalinga Program of the Gawad
Kalinga Foundation, Philippine Tropical Forest Conservation Foundation,
Worldwide Fund for Nature Philippines, and League of Corporate Foundations.
In the region, she chaired the Clean Air Initiative for Asian Cities Partnership

In 2007, she was recognized by the United Nations Environment Program

(UNEP) as the Champion of the Earth for Asia and the Pacific.

GSIS Annual Report 25


Age: 49
Date of First Appointment: October 20, 2010

Trainings / Seminars Attended:

2011 - Strategic Planning Seminar Workshop, conducted by Ms.

Mean Ignacio (held on September 6, 2011 at the Tower
Club Makati City)
2012 - Strategic Planning Seminar Workshop, conducted by Ms.
Alma Bella Z. Generao (held on November 7, 2012 at the
Nostalge Ortigas)
2013 - Strategic Planning Seminar Workshop, conducted by Ms.
Maria Lourdez Ortiz-Luis and Mr. Cesar P. Baltazar (held on
August 1-2, 2013 at the Tagaytay Highlands)
2014 - Strategic Planning Seminar Workshop, conducted by Mr.
Gerardo A. Plana and Ms. Tess Villanueva (held on July 24-
25, 2014 at the Planta Hotel Bacolod)
- Corporate Governance Orientation Program for Government
Owned or Controlled Corporations (held on November 25,
2014 at the One Pacific Place, Makati City)
2015 - Corporate Governance and Risk Management for Banks and
Quasi-Banks (held on September 17-18, 2015 at the
Ateneo de Manila University, Graduate School of Business,
Salcedo Village, Makati City)
- Strategic Planning Session, July 23-24, 2015 at the Tagaytay
Highlands, Tagaytay City, Cavite

Trustee GERALDINE MARIE BERBERABE-MARTINEZ obtained her degree in

Philosophy from UP Diliman, and her Bachelor of Laws Degree (LLB) from San
Beda College. She chairs the Legal Oversight Committee of GSIS.

Prior to her GSIS appointment, she served as Provincial Board Member of

the 2nd District of Batangas from 1995 to 1998. The Center for Women in the
Municipality of Balayan, the establishment thereof she authored, won the 2000
Galing Pook (National) Award. She was also awarded as Woman Achiever by
the Provincial Government of Batangas in 2000.

She worked as Consultant at the Office of the Chairman of the Board of the
Philippine Development and Management Council, Chief Legal Counsel at the
Office of Senator Loren Legarda, Partner at the Pastrana Fallar Law Office,
Senior Vice President and Legal Officer of Advance Solutions Inc., and Manager
of the Marketing and Retirees Servicing Department of Philippine Leisure and
Retirement Authority.

As a women and childrens rights advocate, she also worked for COMBAT-VAW
or the Community-Based Approach to Violence Against Women Project, the
Womens Legal Bureau Inc., and PANLIPI, an NGO providing legal assistance
to indigenous cultural communities to defend their ancestral domain.

26 GSIS Annual Report


Age: 64
Date of First Appointment: September 20, 2010

Trainings / Seminars Attended:

2011 - Strategic Planning Seminar Workshop, conducted by Ms.

Mean Ignacio (held on September 6, 2011 at the Tower
Club Makati City)
2012 - Strategic Planning Seminar Workshop, conducted by Ms.
Alma Bella Z. Generao (held on November 7, 2012 at the
Nostalge Ortigas)
2013 - Strategic Planning Seminar Workshop, conducted by Ms.
Maria Lourdez Ortiz-Luis and Mr. Cesar P. Baltazar (held on
August 1-2, 2013 at the Tagaytay Highlands)
2014 - Strategic Planning Seminar Workshop, conducted by Mr.
Gerardo A. Plana and Ms. Tess Villanueva (held on July 24-25,
2014 at the Planta Hotel Bacolod)
- Corporate Governance Seminar; conducted by the Philippine
Securities Consultancy Corporation (held on May 19, 2014 at
the Dusit Thani Hotel, Ayala Center, Makati)
2015 - Orientation Course for Corporate Governance; conducted by
the Institute for Corporate Directors (held on April 29, 2015
at the Manila International Container Terminal, South Access
Road, Port Area, Manila)

Trustee ROMAN FELIPE S. REYES obtained his degree in Commerce major in

Accounting from San Beda College in 1972 and proceeded to take his Master
of Business Administration major in Finance in University of Detroit, Michigan,
USA, in 1975.

Aside from being a GSIS Trustee and Chairman of the Audit Committee, he
is a member of the Board of Directors of Philippine National Construction
Corporation. Trustee Reyes is also an independent director of Bank of
Commerce, Pasudeco, All-Asian Countertrade and RPN-9, and Chairman of
Reyes Tacandong and Co.

He was Senior Partner and Vice Chairman of SGV and Co., President of
Knowledge Institute and Supervisor of Ernst and Young New York. Trustee
Reyes also served as President of Bulacan Kaunlaran Foundation and Bulacan
Chapter of Philippine Institute of Certified Public Accountants.

Trustee Reyes received several awards and recognition for his community
service, which include Most Distinguished Bedan in 2004, Katangi-tanging Anak
ng Bocaue in 1999, and Outstanding Bulakeo Dangal ng Lipi in 1994, among

GSIS Annual Report 27


Age: 57
Date of First Appointment: September 20, 2010

2011 - Strategic Planning Seminar Workshop, conducted by Ms.

Mean Ignacio (held on September 6, 2011 at the Tower
Club Makati City)
2012 - Strategic Planning Seminar Workshop, conducted by Ms.
Alma Bella Z. Generao (held on November 7, 2012 at the
Nostalge Ortigas)
2013 - Strategic Planning Seminar Workshop, conducted by Ms.
Maria Lourdez Ortiz-Luis and Mr. Cesar P. Baltazar (held on
August 1-2, 2013 at the Tagaytay Highlands)
2014 - Strategic Planning Seminar Workshop, conducted by Mr.
Gerardo A. Plana and Ms. Tess Villanueva (held on July 24-25,
2014 at the Planta Hotel Bacolod)
- Corporate Governance Seminar, conducted by the Institute for
Corporate Directors (ICD) on 26 May 2014
- Corporate Governance Training, conducted by SGV and Co.
on 22 March 2014
2015 - Corporate Governance Seminar, conducted by the Institute for
Corporate Directors (ICD) on 22 June 2015

Trustee GREGORIO T. YU graduated summa cum laude in Economics under

the Honors Program of De La Salle University in 1978. Thereafter, he went on
to obtain a masters degree in Business Administration from Wharton School of
the University of Pennsylvania in 1983.

In the private sector, he is currently the Chairman of CATS Motors Inc. He also
chairs the Executive Committee of the Philippine Bank of Communications
(PBCom), and sits as the Vice Chairman of Sterling Bank of Asia. Likewise,
Mr.Yu serves as a director of various companies, such as the Philippine
National Reinsurance Corporation, Philippine Airlines, Philequity Fund, I-Remit
Inc., UniStar Credit and Finance Corporation, Prople BPO, Vantage Equities,
Yehey Corporation, i-Ripple Inc., WSI Corporation, Nexus Technologies, and
Jupiter Systems Corporation. In addition, he is also Trustee of Xavier School
Inc., and Board Member of both Ballet Philippines and the Manila Symphony

Prior to his appointment as GSIS Trustee, Mr. Yu had also served as President
and CEO of Belle Corporation, Tagaytay Highlands International Golf Club
Inc., Tagaytay Midlands Golf Club, and the Tagaytay Highlands Country Club.
He was also the Vice Chairman of the APC Group and Philippine Global
Communication, and served as Director of the International Exchange Bank.
Mr. Yu started his career with the Chase Manhattan Bank Asia, based in Hong
Kong, as its Director for Corporate Finance and Vice President for Area Credit.

28 GSIS Annual Report

List of Directorships in GOCCs and PLCs
As of December 31, 2015

Length of Service
Name of Board of
Position Designation (As of December
31, 2015)
Renato T. De Guzman Chairman n Government Service 6 months
Insurance System (GSIS)
Independent Director n JG Summit Holdings Inc. 8 months
Director n Maybank (Malaysia)
Director n ICCP
Robert G. Vergara President & General n Government Service 5 years 3 months
Manager and Vice Insurance System (GSIS)

Director n Philippine Stock Exchange 5 years 3 months

[PSE] including:
Member l Securities Clearing
Corporation of the
Philippines [SCCP]
l Capital Market Committee
Vice Chairperson n National Reinsurance 5 years 3 months
Corporation of the Philippines
l Chairman, Nomination and
Compensation Committee
n Ex-officio [Sec. 5, RA 10121], 5 years 3 months
National Disaster Risk
Reduction and Management
Director n Philippine National 5 years 1 month
Construction Corporation
n Asian Forum Inc. 5 years
n Ex-officio, [EO 90] Housing 5 years 3 months
and Urban Development
Coordinating Council
n Ex-officio, Philippine 5 years 3 months
Aerospace Development
Corporation [PADC]
n Ex-officio, Philippine Health 5 years 3 months
Insurance Corporation
Independent Director n Sea Crest Master Fund 6 years
Director n Cabanatuan Electric 14 years

GSIS Annual Report 29

Karina Constantino- Trustee n Government Service 5 years 4 months
David Insurance System (GSIS)
Director n Manila Hotel 2 years 2 months
Member (Board of n Child Protection Network
Directors) Foundation
Director n Harnessing Self-Reliant 17 years
Initiatives and Knowledge
Gregorio T. Yu Trustee n Government Service 5 years 3 months
Insurance System (GSIS)
Director, Treasurer n National Reinsurance 5 years
Corporation of the Philippines
Member l Investment and Budget
Chairman n CATS Motors, Inc. 11 years
Chairman n CATS Asian Cars, Inc. 11 years
Chairman n CATS Automobile Corporation 11 years
Vice Chairman n Sterling Bank of Asia 9 years
Chairman l Executive Committee
Director n Philippine Bank of 4 years
Chairman l Executive Committee
Director n Philippine Airlines 4 years
Director n Unistar 3 years
Director n Glyph Studios, Inc. 4 years
Director n Iremit, Inc. 12 years
Director n Philequity Fund, Inc. 21 years
Director n Propole BPO, Inc. (formerly 9 years
Summersault, Inc.)
Director, Treasurer n CMB Partners, Inc. 12 years
Director n Jupiter Systems, Inc. 14 years
Director n Wordtext Systems, Inc. 14 years
Director n Yehey, Inc. 14 years
Director n R.S. Lim & Co., Inc. 18 years
President n Domestic Satellite 14 years
Corporation of the Philippines
Chairman & President n Lucky Star Network 21 years
Communications Corporation
Trustee n Xavier School, Inc. 17 years
Trustee n Xavier School Educational 18 years
and Trust Fund, Inc.
Chairman l Ways and Means 17 years
Member n Ballet Philippines 6 years
Member n Manila Symphony Orchestra 6 years
Director n Ripple E-business 5 years
International, Inc.

30 GSIS Annual Report

Roman Felipe S. Reyes Trustee n Government Service 5 years 3 months
Insurance System (GSIS)
Director n National Reinsurance 2 years 1 month
Corporation of the Philippines
Member l Underwriting Committee
l IT Special Board Committee
Independent Director n Pakistan International 1 year
Container Terminal Limited
Independent Director n FF Cruz & Co. Inc. 1 year
Trustee n San Beda College 1 year
Independent Director n Premium Leisure Corporation 2 years
Independent Director n Macawiwili Gold Mining and 2 years
Development Company, Inc.
Independent Director n Philippine Geothermal 3 years
Production Company
Chairman (Board of n Nicanor Reyes Memorial 4 years
Governors) Foundation
Chairman-on-leave n Reyes, Tacandong & Co. 5 years
Independent Director n Radio Philippines 5 years
Network(RPN) 9
Independent Director n Pampanga Sugar 5 years
Development Company
Independent Director n All Asian Countertrade 5 years
Independent Director n Rockwell Club 6 years
Geraldine Marie Trustee n Government Service 5 years 2 months
Berberabe-Martinez Insurance System (GSIS)
Chairperson n GSIS Family Bank [GFB] 5 years 1 month
Mario J. Aguja Trustee n Government Service 5 years 1 month
Insurance System (GSIS)
Director n GSIS Family Bank [GFB] 5 years 1 month
Member (Board of n Philippine Red Cross, General 7 years
Directors) Santos-Sarangani Chapter
Romeo M. Alip Trustee n Government Service 2 years
Insurance System (GSIS)
Elisea G. Gozun Trustee n Government Service 2 years
Insurance System (GSIS)
Director n Philippine National 1 year 11 months
Construction Corporation

GSIS Annual Report 31


Gloria Georgina DJ. JOTA Hilconeda P. ABRIL Gracita Gilda V. BOCANEGRA

Office of the President Controller Group Financial Management Group
and General Manager

Racquel D. Dionisio C. EBDANE JR. Juan Philip S. EVANGELISTA

DE GUZMAN-BUENSALIDA VisMin Group Information Technology
Corporate Services Group Services Group


Officer-in-Charge Insurance Group Actuarial and Risk NCR Group
Luzon Group Management Group

32 GSIS Annual Report


Joseph Philip T. ANDRES Manuel P. ANG Erlinda D. BAARES

Visayas Office FI Systems Maintenance NCR Area II
and Other Accounting
Services Office

Juliet M. BAUTISTA Jean Rusela A. BENGO Leopoldo A. CASIO JR.

Internal Audit Application Marketing, Underwriting
Services Office Management Office and Claims Office


General Services Office Acting Vice President Acting Vice President Officer-in-Charge
Human Resources Office Treasury Operations Office South Luzon Office

GSIS Annual Report 33


Apollo M. ESCAREZ Eduardo V. FERNANDEZ Giovanni G. GAN

Real Estate Asset North Luzon Office Frontline Services
Disposition and Technical Staff
Management Office

Sonia C. HOLGADO Margie A. JORILLO Joyce Corine O. LACSON

NCR Area I Corporate Litigation Office
Communications Office

Josefina C. MAITIM Valerie K. MARQUEZ Marlon E. MENDOZA

Office of the Chairman Risk Management Office IT Infrastructure Office

34 GSIS Annual Report


Maria Joycelyn A. PANTALEON Neil Edwin C. PEREZ

Office of the Chairman Legal Affairs
Technical Staff

Jonathan C. PINEDA Jason C. TENG

Information Mindanao Office
Security Office

Allan S. YU Lucio L. YU JR.

Research Office Adjudication
and Policy Office

GSIS Annual Report 35



Financial Center, Pasay City, Metro Manila 1308

25 May 2016


Commission on Audit (COA)
Commonwealth Avenue, Quezon City

Dear Chairperson Aguinaldo:

We are providing this letter in connection with your audit of the Government Service Insurance System
(GSIS) for the purpose of expressing an opinion as to whether the financial statements present fairly, in
all material respects, the financial position of the GSIS as at December 31, 2015 and 2014, and its
financial performance and cash flows for the years then ended in conformity with Philippine Financial
Reporting Standards (PFRS).

We understand that your audit was conducted in accordance with Philippine Public Sector Standards on
Auditing, which involves an examination of the accounting system, internal control and related data to
the extent you considered necessary in the circumstances, and is not designed to identify nor necessarily
be expected to disclose fraud, shortages, errors and other irregularities, should any exist.

Certain representations in this letter are described as being limited to matters that are material. Items
are considered material, regardless of size, if they involve an omission or misstatement of accounting
information that, in the light of surrounding circumstances, makes it probable that the judgment of a
reasonable person relying on the information would be changed or influenced by the omission or

Accordingly, we confirm, to the best of our knowledge and belief, as at May 25, 2016, the following
representations made to you during your audit:

A. Financial Statements and Financial Records

1. We acknowledge, as members of management of the GSIS, our responsibility for
the fair presentation of the financial statements. We believe the financial statements
referred to above present fairly, in all material respects, the financial position, financial
performance and cash flows of the GSIS in accordance with PFRS, and are free of
material misstatements, including omissions.
We have approved and authorized for issue the financial statements on 25 May

36 GSIS Annual Report

2. The significant accounting policies adopted in the preparation of the financial
statements are appropriately described in the Notes to the Financial Statements.

3. Each element of the financial statements is properly classified, described and disclosed
in accordance with PFRS.

4. We believe that the GSIS has a system of internal controls adequate to ensure that
transactions are properly authorized and recorded; assets are safeguarded against
unauthorized use or disposition and financial statements are accurately prepared in
accordance with PFRS.

B. Accounts for Clearing

As disclosed in the Notes to the Financial Statements, premiums and loans receivables are
presented net of the P2.697 billion accounts for clearing to reflect the most conservative
balance of the account. Accounts for clearing represent accumulated collections on both
premiums and loans which have yet to be posted to the individual members accounts
due to timing differences. These unposted payments are mostly remittances for: a) new
members whose personal data have not yet been submitted by the remitting agency to
GSIS and as such are not yet included in the GSIS database, and b) existing members
whose data updates have yet to be submitted to GSIS by their respective agencies (usually
pertains to salary increases due to promotion or salary adjustments).

The net balance of P2.697 billion in 2015 and P2.893 billion in 2014 of the Accounts
for Clearing is only 0.99% and 1.15%, respectively, of the P272.770 billion and
P252.453 billion Net Premiums and Loans Receivable as at December 31, 2015 and
2014 and 0.28% and 0.32%, respectively, of the P958.200 billion and P907.223
billion Total Assets as at December 31, 2015 and 2014.

Managements untiring and steadfast efforts to bring down and maintain the accounts
for clearing at a manageable level have been successful. Since 2011, various system
enhancements were implemented to improve the defined rules of posting and clearing
on a massive approach. These enhancements aimed to minimize, if not totally prevent,
the accumulation of accounts for clearing which was significantly reduced from P11.158
billion in 2011 to P2.697 billion in 2015. The GSIS has come to a point where the
transactions which comprise the remaining balance have to be scrutinized one by one.
This means having to go through every hundred or thousand peso remittance in prior
periods to make sure that the payment is posted to the correct individual member account.

Currently, 98% of the average P9.750 billion monthly remittances received from
government agencies are posted to the members accounts immediately. The remaining
balance of the accounts for clearing is due mainly to the delay in the submission by the
agencies of the changes in the membership data of their employees resulting to a gap
between the time the open item is created and the posting of payment.

To ensure that the members receive the correct amount of benefits and/or loan proceeds,
members accounts are reconciled manually upon filing of retirement/life insurance claims
or loan applications.

C. GSIS Family Bank (GFB)

On May 13, 2016, the Monetary Board of the Philippines issued Resolution No. 826
placing GFB which is 99.57% owned by GSIS, under receivership with the Philippine
Deposit Insurance Corporation (PDIC). To date, GSIS is providing the necessary assistance
to PDIC in evaluating third party interest for the possible rehabilitation of GFB.

As at December 31, 2015 and 2014, the balance of GSIS investments in GFB was
P15.648 million and P51.325 million, respectively, or 0.00163% and 0.00566% of the
P958.200 billion and P907.223 billion total GSIS assets. Due to the immateriality of the
amount, the account was reclassified from investment in subsidiary to other assets and no
longer consolidated, based on the following principles:

GSIS Annual Report 37

1. The Conceptual Framework for Financial Reporting, adopted by the Philippine
Financial Reporting Standards Council, carries forward the notion of materiality under
the element of relevance, one of two fundamental qualitative characteristics of useful
financial information. Materiality is an entity-specific aspect of relevance based on the
nature or magnitude of items to which the information relates.

2. The revised and redrafted Materiality in Planning and Performing an Audit (Philippine
Standard on Auditing 320), provides that:

a) Misstatements, including omissions, are considered to be material if they,

individually or in the aggregate, could reasonably be expected to influence the
economic decisions of users taken on the basis of the financial statements;

b) Judgments about materiality are made in light of surrounding circumstances, and
are affected by the size or nature of a misstatement, or a combination of both; and

c) Judgments about matters that are material to users of the financial statements are
based on a consideration of the common financial information needs of users as
a group. The possible effect of misstatements on specific individual users, whose
needs may vary widely, is not considered.

D. Fraud and Error

1. We acknowledge that we are responsible for the design and implementation of
internal controls to prevent and detect error. The management, likewise, discloses to the
GSIS Audit Committee and to the COA Supervising Auditor, all significant deficiencies
in the design and material weaknesses in the operation of internal controls that could
adversely affect its ability to record, process, and report financial data.

2. We have no knowledge of any fraud or suspected fraud that affects the GSIS financial
statements and involves:

o Management;
o Employees who have significant roles in internal controls; or
o Others where the fraud could have a material effect on the financial statements.

3. We believe that the effects of any unadjusted audit differences accumulated by you
during the current audit are immaterial, both individually and in the aggregate, to the
financial statements taken as a whole.

E. Compliance with Laws and Regulations

1. We are unaware of any violations or possible violation of laws or regulations the
effects of which should be considered for disclosure in the financial statements or as
basis of recording a contingent loss.

2. We are unaware of any known or probable instances of non-compliance with the

requirements of regulatory or governmental authorities, including their financial
reporting requirements, and there have been no communications from regulatory
agencies or government representatives concerning investigations or allegations
of non-compliance for the year under review, except as matters of routine, normal,
recurring nature, none of which involves any allegations of non-compliance with laws
or regulations that should be considered for disclosure in the financial statements or a
basis for recording a loss contingency.

38 GSIS Annual Report

F. Information Provided and Completeness of Information
and Transactions
1. We have provided you with:

a. Access to all information of which we are aware is relevant to the preparation of

the financial statements, such as records, documentation and other matters;
b. Additional information that you have requested from us for the purpose of the audit;
c. Unrestricted access to persons within GSIS from whom you determined it necessary
to obtain audit evidence.

2. All transactions have been recorded in the accounting records and are reflected in the
financial statements. There are no material transactions that have not been properly
recorded in the accounting records underlying the financial statements.

3. We have disclosed to you all tax opinions, correspondence with tax authorities, or
other appropriate information that served as support for the accounting of potentially
material matters.

4. We confirm that we have disclosed all known related party relationships and related
party transactions as well as related balances due to or from such parties at year-end.
These transactions have been measured and disclosed in the financial statements.

G. Recognition, Measurement and Disclosure

1. We believe that the significant assumptions underlying the fair value measurements
and disclosures used in the preparation of the financial statements are reasonable and
appropriate in the circumstances.

2. We have disclosed, and the GSIS has complied with, all aspects of contractual
agreements that could have a material effect on the event of non-compliance, including
all covenants, conditions or other requirements of all outstanding obligations.

H. Liabilities and Contingencies

All liabilities and contingencies have been disclosed to you and are appropriately
reflected in the financial statements.

To the best of our knowledge and belief, no other events have occurred subsequent to the reporting date
and through the date of this letter that would require adjustment to or additional disclosure in the afore-
mentioned financial statements.

Very truly yours,


President and General Manager Senior Vice President
Controller Group

GSIS Annual Report 39


Republic of the Philippines

Commonwealth Avenue, Quezon City

The Board of Trustees

Government Service Insurance System
Financial Center, Pasay City

Report on the Financial Statements

We have audited the accompanying financial statements of the Government Service Insurance
System (GSIS), which comprise the statements of financial position as at December 31, 2015
and 2014 and the statements of comprehensive income, statements of changes in net worth
and statements of cash flows for the years then ended, and a summary of significant account-
ing policies and other explanatory information.

Managements Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial state-
ments in accordance with Philippine Financial Reporting Standards, and for such internal con-
trol as management determines is necessary to enable the preparation of financial statements
that are free from material misstatement, whether due to fraud or error.

Auditors Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with Philippine Public Sector Standards on Auditing.
Those standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from
material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditors judg-
ment including the assessment of the risks of material misstatement of the financial statements,
whether due to fraud or error. In making those risk assessments, the auditor considers internal
control relevant to the entitys preparation and fair presentation of the financial statements in
order to design audit procedures that are appropriate in the circumstances, but not for the pur-
pose of expressing an opinion on the effectiveness of the entitys internal control. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by management, as well as evaluating the overall presentation of
the financial statements.

40 GSIS Annual Report

We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our audit opinion.


In our opinion, the financial statements present fairly, in all material respects, the financial
position of GSIS as at December 31, 2015 and 2014, and its financial performance and
its cash flows for the years then ended in accordance with Philippine Financial Reporting

Emphasis of Matter

We, however, emphasize without qualifying our opinion, Note 7.4 to financial statements on
the Accounts for clearing net balance of P2.697 billion in 2015 and P2.893 billion in 2014
representing unposted collections of premiums and loans that have not yet been posted to the
individual members accounts and are presented as a deduction from the total Premiums and
loans receivable account. The unposted collections affect the accuracy of members privileges,
claims, and the validity of the affected subsidiary ledger accounts as of statement of financial
position date. The reconciliation of the general and subsidiary ledgers is on-going to ensure
that the members receive the correct amount of benefits and/or loan proceeds upon filing of
retirement/life insurance claims, loan application or upon request of those concerned.

We also draw attention to Notes 12.2 and 30.2 to financial statements on the reclassification
of the Systems 99.57 per cent ownership in the GSIS Family Bank amounting to P15.648
million and P51.325 million as at December 31, 2015 and 2014, respectively, to Other
assets account and no longer consolidated its financial statements due to the immateriality of
the amounts.

Report on the Supplementary Information Required Under Revenue Regulations 19-2011

and 15-2010

Our audits were conducted for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplementary information in Note 33 required under
Revenue Regulations 15-2010 and 19-2011 to the financial statements is presented for
purposes of filing with the Bureau of Internal Revenue and is not a required part of the basic
financial statements. Such supplementary information is the responsibility of management.
The information has been subjected to auditing procedures applied in our audit of the basic
financial statements. In our opinion, the supplementary information is fairly presented in all
material respects, in relation to the basic financial statements taken as a whole.



Supervising Auditor

May 25, 2016

GSIS Annual Report 41

2015 and 2014
(In Philippine Peso)

2015 2014


Cash and cash equivalents 38,973,065,605 33,949,093,550

Premiums and loans receivable - net 272,770,291,144 252,452,913,268
Financial assets 567,666,897,747 569,763,333,645
Other receivables - net 7,200,459,569 7,502,725,384
Investment property 58,471,219,713 32,018,684,089
Property and equipment - net 12,061,901,123 10,671,927,507
Other assets 1,056,036,791 864,347,360

TOTAL ASSETS 958,199,871,692 907,223,024,803


Insurance liabilities 11,711,703,644 14,017,744,422
Other liabilities 9,675,857,485 5,622,991,591
Deferred credits 3,100,375,359 2,230,209,480

TOTAL LIABILITIES 24,487,936,488 21,870,945,493

Appropriated surplus 878,147,487,087 809,020,957,087
Unappropriated surplus 47,617,564,358 69,833,577,364
925,765,051,445 878,854,534,451

Revaluation surplus 7,946,883,759 6,497,544,859

TOTAL NET WORTH 933,711,935,204 885,352,079,310

TOTAL LIABILITIES AND NET WORTH 958,199,871,692 907,223,024,803

42 GSIS Annual Report

For the Years Ended December 31, 2015 and 2014
(In Philippine Peso)

2015 2014


Income from insurance 89,976,888,873 83,682,849,972

Income from loans 22,307,068,085 21,261,689,935
Income/(loss) from financial assets (1,944,574,335) 124,762,317,956
Income from investment property 26,462,626,968 2,854,069,245
Other income/(loss) 3,345,284,514 (1,592,756,773)

140,147,294,105 230,968,170,335


Claims and benefits 85,939,994,751 83,275,403,441

Investment expenses 236,326,173 107,379,163
Insurance expenses 1,192,495,572 1,983,667,612
Personnel services 3,775,574,302 3,413,839,684
Operating expenses 2,059,860,189 1,831,792,111

93,204,250,987 90,612,082,011

NET INCOME 46,943,043,118 140,356,088,324


Items that will not be reclassified subsequently to profit or loss

Revaluation surplus 1,449,338,900 -

1,449,338,900 -

TOTAL COMPREHENSIVE INCOME 48,392,382,018 140,356,088,324

GSIS Annual Report 43


GSIS Annual Report

For the Years Ended December 31, 2015 and 2014
(In Philippine Peso)


Appropriated Unappropriated gains on INCOME

Balance, January 1, 2015 809,020,957,087 69,833,577,364 878,854,534,451 - 6,497,544,859 6,497,544,859 885,352,079,310

Net income - 46,943,043,118 46,943,043,118 - - - 46,943,043,118
Increase in appropriation 69,126,530,000 (69,126,530,000) - - - - -
Dividends declared - (32,526,124) (32,526,124) - - - (32,526,124)
Additions during the year - - - - 1,449,338,900 1,449,338,900 1,449,338,900

Balance, December 31, 878,147,487,087 47,617,564,358 925,765,051,445 - 7,946,883,759 7,946,883,759 933,711,935,204


Balance, January 1, 2014 661,809,487,087 76,730,959,040 738,540,446,127 11,742,604,663 6,497,544,859 18,240,149,522 756,780,595,649
Net income - 140,356,088,324 140,356,088,324 - - - 140,356,088,324
Increase in appropriation 147,211,470,000 (147,211,470,000) - - - - -
Dividends declared - (42,000,000) (42,000,000) - - - (42,000,000)
Deductions during the - - - (11,742,604,663) - (11,742,604,663) (11,742,604,663)

Balance, December 31, 809,020,957,087 69,833,577,364 878,854,534,451 - 6,497,544,859 6,497,544,859 885,352,079,310

For the Years Ended December 31, 2015 and 2014
(In Philippine Peso)

2015 2014


Receipt of premiums 86,727,107,397 82,320,849,410
Receipt from other receivable 243,900,151 4,218,210,385
Contributions to ECC and OSHC (76,788,967) (57,288,178)
Other miscellaneous receipts 8,245,723,092 11,964,952,591
Payment of claims and benefits (86,128,187,952) (88,261,571,652)
Payment of reinsurance premiums (2,888,646,514) (1,751,100,456)
Payments for operating expenses (5,101,605,186) (4,695,567,997)


Net loan releases (16,845,532,882) (12,336,718,010)
Receipt of earnings from loans 17,533,120,009 13,551,353,588
Net investment placements (36,456,022,118) (30,981,507,079)
Receipt of earnings from investments 29,026,211,365 33,515,535,959
Receipt of earnings from investment property 242,022,556 1,346,837,282
Purchase of information technology resources (340,132,280) (348,513,622)
Purchase/payments for capital expenditures (157,196,616) (114,512,436)
NET CASH PROVIDED BY (USED) IN INVESTING (6,997,529,966) 4,632,475,682

NET CHANGE IN CASH AND CASH EQUIVALENTS (5,976,027,945) 8,370,959,785

CASH AND CASH EQUIVALENTS BEGINNING 33,949,093,550 25,578,133,765

Add: Adjustments due to reclassification in 2014 11,000,000,000 -
44,949,093,550 25,578,133,765

CASH AND CASH EQUIVALENTS, END 38,973,065,605 33,949,093,550

GSIS Annual Report 45

CENTRAL OFFICE Bayombong Branch Office Virac Extension Office
Maybelle B. Chommog Johnson V. Dating
GSIS Building, Financial Center Manager Head
Roxas Boulevard, Pasay City 1308 UBAP Bldg., NVSU Bayombong Compound Capitol Compound, Virac 4800
Tel. No.: (02) 976-4900; 479-3600 Don Domingo Maddela 3700 Catanduanes
Nueva Vizcaya Tel. No.: (0928) 836-6564;
Tel. No.: (0915) 332-3961; (0927) 416-4321 (052) 811-1212
Bulacan Branch Office Lucena Branch Office
Pasig Branch Office Maria Carmencita M. Ong Marivel B. Peraz-Corpuz
Lolita M. Pureza Manager Manager
Manager The Cabanas GSIS Bldg., Maharlika Highway
Km 44-45, McArthur Highway Brgy. Isabang, Lucena City 4301
3F Elements@Rosemarie Bldg.
Longos, Malolos City 3000 Tel. No.: (042) 710-7772; 373-6358
Pasig Boulevard corner Rosemarie Lane
Tel. No.: (02) 859-0213
Brgy. Kapitolyo, Pasig City 1600
Fax No.: (044) 792-0611 Boac Extension Office
Tel. No.: (02) 859-0218

Cabanatuan Branch Office

Eleanor C. Espina
Quezon City Branch Office Head
Noel C. Alvarez Mabel A. de Guzman R.E.B. Abetria Bldg.
Acting Manager Manager Santol, Boac 4900 Marinduque
NFA Compound Tel. No.: (042) 332-2460
M. Geronimo Bldg.
Maharlika Highway
746 Mindanao Avenue
Cabanatuan City 3100 Naga Branch Office
Tandang Sora, Quezon City
Tel. No.: (044) 958-9702
Tel. No.: (02) 859-0265 Josefina B. Abao
Cauayan Branch Office Manager
Del Rosario, Naga City 4400
LUZON OPERATIONS Araceli A. Santos Tel. No.: (054) 472-1250; 472-6184
Tagaran, Cauayan City 3305 Palawan Branch Office
Baguio Branch Office Tel. No.: (078) 652-1127
Isagani E. del Rosario Fax No.: (078) 652-1042 Marina J. Ignacio
Manager Manager
3F EDY Bldg., 143 Kisad Road Natl Highway, Brgy. San Miguel
Dagupan Branch Office Puerto Princesa City 5300
Baguio City 2600
Tel. No.: (074) 446-8060 Joselito C. Roldan Sr. Tel. No.: (048) 433-2579
PNR Site, Mayombo District Pampanga Branch Office
Bataan Branch Office Dagupan City 2400
Purisima A. Sta. Isabel Tel. No.: (075) 522-0436; 523-7511 Roberto L. Meneses
Acting Manager Acting Manager
San Ramon Dinalupihan 2110, Bataan Sindalan, San Fernando City 2000
Laguna Branch Office Tel. No.: (045) 455-1261
Tel. No.: (047) 636-1482; 636-1481
Ireen I. Dimaano
Iba Extension Office Manager Sorsogon Branch Office
Brgy. Bian
Frederick E. Efe Pagsanjan 4008, Laguna Leon Ma E. Fajardo
Head Tel No.: (049) 501-6955 Manager
PEO Compound, Sitio Balili Flores St., Capitol Compound
Barangay Palanginan Sorsogon City 4700
Laoag Branch Office Tel. No.: (0917) 562-6800; (0919) 834-5182
Iba 2201, Zambales
Tel No.: (0998) 174-7665 Levi S. Olivar Jr.
Manager Masbate Extension Office
Brgy. 23, P. Paterno St.
Batangas Branch Office Jenny R. Marifosque
Laoag City 2900
Celeste E. Ferreras Tel. No.: (077) 772-0053 Head
Manager Susana Bldg., Masbate City Hall Compound
Alangilan, Batangas City 4200 Brgy. Kalipay, Masbate City 5400
La Union Branch Office Tel. No.: (0939) 583-4538
Tel. No.: (043) 723-4345; 723-4123
Quintin S. Baez
Calapan Extension Office Manager Tarlac Branch Office
Bugayong Bldg., Quezon Avenue
Shirley R. Duhan Brgy. Catbangen Arlene M. Villanueva
Head San Fernando City 2500 Manager
Ubas St. Lalud, Calapan City 5200 Tel. No.: (072) 242-6893; 687-0377 Urquico Oval, San Roque
Tel. No.: (043) 288-2491 Tarlac City 2300
Tel. No.: (045) 982-9866
Legazpi Branch Office
Mamburao Extension Office Joel R. Defeo
Miler B. Masicat Tuguegarao Branch Office
Head Alternate Road, Bitano Eden P. Seno
Capitol Road, Brgy. 9 Legazpi City 4500 Manager
Payompon, Purok Maligaya Tel. No.: (052) 480-4685 Carig, Tuguegarao City 3500
Mamburao 5106 Occidental Mindoro Tel. No.: (078) 396-0650; 396-0673
Tel. No.: (043) 711-0004

46 GSIS Annual Report

VISAYAS OPERATIONS Antique Extension Office General Santos Branch Office
Leo F. Frigillano Deity U. Manampan
Bacolod Branch Office Head Manager
Ma. Vilma L. Fuentes G/F AML Bldg. LLIDO Bldg., Santiago Boulevard
Manager Dalipe corner Atabay Sts. Gen. Santos City 9500
Araneta St., Brgy. Tangub San Jose 5700, Antique Tel. No.: (083) 301-7065
Bacolod City 6100 Tel. No.: (036) 540-9596
Tel. No.: (034) 704-1815 Iligan Branch Office
Maasin Branch Office Alexis D. Arumpac
Bohol Branch Office Igmidio F. Ponay Jr. Manager
Grace P. Rada Manager Yima Bldg., Badelles St.
Manager Servacio Bldg., R. Kangleon St. Iligan City 9200
DBP Bldg. Brgy. Mantahan, Maasin City 6600 Tel. Nos.: (063) 221-8698
CPG North Avenue, Cogon District Tel. No.: (053) 570-8011; 381-3786
Tagbilaran City 6300 Kidapawan Branch Office
Tel. No.: (038) 501-0579; 235-5208 Roxas Branch Office Sonia B. Gutierrez
Glorietta B. Dublas Manager
Catbalogan Branch Office Manager 1/F Dimano Bldg., National Highway
Rene C. Cinco A. Belo St., Roxas City 5800 Kidapawan City 9400
Manager Tel. No.: (036) 621-2018 Tel. Nos.: (064) 577-5111
del Rosario St.
Catbalogan City 6700 Tacloban Branch Office Malaybalay Branch Office
Tel. No.: (055) 251-5496 Sol A. Orcullo Erwin E. Casicas
Manager Manager
Borongan Extension Office Marasbaras, Tacloban City 6500 Onda Bldg. Sayre Highway
John Vianney DG Ocaa Tel. No.: (053) 323-2506 Casisang, Malaybalay City 8700
Head Tel. No.: (088) 813-4711
JRC Bldg. Brgy. Songco Ormoc Extension Office
Borongan 6800, Eastern Samar Mark Leo C. Tabao Pagadian Branch Office
Telefax: (055) 261-3522 Head Leoncito S. Manuel
Yuvallos Bldg., D. Veloso St. Manager
Catarman Extension Office Walingwaling Subdivision, Punta Jaloux Bldg., Purok Subida
Hector B. Uy Ormoc City 6541 Dao, Pagadian City 7016
Tel. No.: (053) 255-7901 Tel. No.: (062) 214-4475
J. P. Rizal St., Catarman 6400
Northern Samar Surigao Branch Office
Tel. No.: (055) 251-8519 MINDANAO OPERATIONS Belen E. Talita
Acting Manager
Cebu Branch Office Butuan Branch Office G/F Parkway Bldg.
Ma. Fatima R. Alvarez Marciana M. Bata National Highway
Manager Manager Surigao City 8400
Leon Kilat St. Libertad, Butuan City 8600 Tel. No.: (086) 826-9113
Cebu City 6000 Tel. No.: (085) 341-5029
Tel. No.: (032) 253-2940 Tandag Extension Office
Cagayan de Oro Branch Office Marygen M. Buladaco
Dumaguete Branch Office Ma. Cecilia G. Vega Head
Mercedes VPE Enriquez Manager Capitol Rd., Brgy. Telaje
Manager Mayor P.N. Roa St., Brgy. Carmen Tandag City 8300
National North Road Cagayan de Oro City 9000 Tel. No.: (086) 211-4423
Dumaguete City 6200 Tel. No.: (088) 858-5818
Tel. No.: (035) 422-4032; 225-0370 Tagum Branch Office
Cotabato Branch Office Eldie P. Lozarie
Iloilo Branch Office Rosalinda G. Mendoza Acting Manager
Eleanor D. Gregorio Manager Osmea St., Tagum City 8100
Manager Gov. Gutierrez Avenue Tel. No.: (084) 655-6168
Sto. Rosario corner Zamora Sts. Cotabato City 9600
Iloilo City 5000 Tel. No.: (064) 421-1168 Zamboanga Branch Office
Tel. No.: (033) 335-0638 Ma. Melissa R. Espano
Davao Branch Office OIC
Aklan Extension Office Bai Cerynea B. Aquino Moret Field, Baliwasan
Ronie N. Abella Acting Manager Zamboanga City 7000
Head McArthur Highway, Matina Tel. Nos.: (062) 991-1258
Leyson-Escalona Bldg. Davao City 8000
Roxas Avenue Ext. Tel. No.: (082) 296-2431 Basilan Extension Office
Brgy. Andagao Luisito T. Sabado
Kalibo 5600, Aklan Dipolog Branch Office Head
Tel. No.: (036) 268-9379 Willa G. Mangubat Valderosa St., Isabela City 7300
Manager Tel. Nos.: (062) 200-3176
Minaog, Dipolog City 7100
Tel. No.: (065) 212-2308

GSIS Annual Report 47



GSIS Building, Financial Center, Roxas Boulevard

Pasay City 1308
Contact Center: (+632) 847-4747