Government-owned and controlled corporation (GOCC)
Industry
Insurance
Founded
November 14, 1936; 87 years ago (1936-11-14)
Founder
Commonwealth of the Philippines
Headquarters
GSIS Building, Financial Center, Diokno Boulevard,
Pasay City
,
Philippines
Key people
Jose Arnulfo "Wick" Veloso (President, General Manager, and Acting Chairman)[1]
Revenue
₱311.3 billion[2] (2023)
Net income
₱113.3 billion[2] (2023)
Total assets
₱1.7 trillion[2] (2023)
Total equity
₱606.5 billion[2] (2020)
Website
www.gsis.gov.ph
The Government Service Insurance System (Filipino: Paseguruhan ng mga Naglilingkod sa Pamahalaan, abbreviated as GSIS) is a government-owned and controlled corporation (GOCC) of the Philippines. Created by Commonwealth Act No. 186 and Republic Act No. 8291 (GSIS Act of 1997), GSIS is a social insurance institution that provides a defined benefit scheme under the law. It insures its members against the occurrence of certain contingencies in exchange for their monthly premium contributions.
GSIS members are entitled to an array of social security benefits, such as life insurance benefits, separation or retirement benefits, and disability benefits.
GSIS is also the administrator of the General Insurance Fund by virtue of RA 656 (Property Insurance Law). It provides insurance coverage to government assets and properties that have government insurable interests.
It is not possible for non-government employees, self-employed or non-working persons to become members of the GSIS. Instead, they are covered by the Social Security System (SSS). Meanwhile government employees in addition to GSIS, can also become members of the SSS at their own cost.
^"GSIS Board elects veteran banker as GSIS chief – Government Service Insurance System". Government Service Insurance System – Maaasahan ng Lingkod Bayan. July 21, 2022. Retrieved September 28, 2022.
^ abcdGovernment Service Insurance System (February 19, 2024). Financial Performance Overview: A Year of Growth and Stabilit (PDF) (Report).
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