JICA to help GSIS enhance protection of state assets

MANILA, Philippines — State-run Government Service Insurance System (GSIS) will receive assistance from the Japanese government to boost the protection of government assets and properties amid the prevalence of various disasters.

In a statement, GSIS and the Japan International Cooperation Agency (JICA), Japan’s bilateral aid agency, entered into a three-year partnership to improve protection of public properties and assets against calamities.

Under the agreement, JICA will support efforts of the GSIS in boosting protection of all the state insurable interests around the country.

JICA will also share its best practices in general insurance with the GSIS.

On the other hand, the GSIS will launch a property inventory mobile application to make it easy and more convenient for government property officers to register their agency’s properties online.

It should be noted that both countries are located in the Pacific Ring of Fire, which is the constant pathway of typhoons and earthquakes.

Given its peculiar location, Japan has enhanced its coping mechanisms to earthquakes. In return, the Asian country has also set out to help its neighboring countries survive catastrophes through cooperation projects.

JICA chief representative Sakamoto Takema emphasized that natural disasters are becoming more frequent and more severe due to climate change.

“The enhancement of GSIS’ ability to provide risk-based insurance premium is critical and must be prioritized,” Sakamoto said.

“This cooperation with the GSIS will be of great help to the Philippines in improving public insurance against disasters and protecting development gains from disaster risks in line with the Sendai Framework, which outlines the measures to prevent new damages, reduce disaster risks, and ensure fast recovery,” he said.

GSIS president and general manager Wick Veloso, for his part, said there is a compelling need to re-examine outdated practices, old insurance models, and archaic underwriting systems.

The GSIS is also working with the Department of Finance in building up capacity in all the aspects of public insurance including underwriting, loss control and management, insurance procurement, and developing strategies and promotional materials to raise awareness and promote public insurance.

Under the Property Insurance Law, GSIS is mandated to cover all assets and properties that have government insurable interests.

It provides insurance coverage, such as fire, engineering, marine hull and cargo, aviation, bonds, motor car and personal insurance.