Philippines’ state insurer collaborates with JICA

The Technical Cooperation Project hopes to boost GSIS’ underwriting capabilities.

The Philippines’ Government Service Insurance System (GSIS) has teamed up with  Japan International Cooperation Agency (JICA) to to enlist specialists to help the pension fund grow its insurance business and continue to safeguard civil servants and government assets.

“This joint effort is not just about protecting the future of government assets. With a robust insurance framework, this collaborative mission is a pro-active approach in demonstrating the GSIS commitment to building a stronger and safer nation through sustainable infrastructure practices,” GSIS President and General Manager Wick Veloso, said in a joint press release.

Through the Technical Cooperation Project (TCP), hopes to boost GSIS’ underwriting capabilities, improve the capacity of its Insurance Group to calculate replacement costs and establish accurate insurance premium rates. 

The plan also aims to boost Information and Education Campaign (IEC) strategies to raise public awareness about the importance of insurance.

“There is a compelling need for us in the GSIS to harness advanced systems and innovative approaches. Consequently, we are very happy and grateful to the Government of Japan and JICA for initiating this project. We believe that we can learn a lot from Japan’s best practices in public insurance and their ability to inculcate widespread consciousness towards insurance among the general public.” GSIS Core Business Sector Acting Executive Vice President Jason Teng, also said in the press release.