MANILA, Philippines - Government employees are in for a holiday treat from the Government Service Insurance System (GSIS).
GSIS President and General Manager Robert Vergara said that the agency will disburse P1.19 billion cash benefit to qualified members.
Vergara said the amount is from the registered earnings from its social insurance fund.
The GSIS gained more than P93 billion in comprehensive income in 2012, higher by 27.3 percent against the P73.2 billion in the previous year due to better performance of its investments as well as collection of premium payments.
Vergara said the amount that will be released this year is 28 percent higher than last year's P930 million.
He said qualified members are those who have life insurance coverage enforced for at least a year.
He explained that members whose policies lapsed, matured or were terminated last year and who have defaulted on their salary and consolidated loans for at least a month and those who have unpaid premiums for at least 12 months as of end-December last year are not qualified for the cash gift.
He added that government employees who are employed in agencies that have been suspended as of end of December 2012 are also not qualified.
Vergara said the cash gift will automatically be credited to the members’ eCards or UMID starting December 17 until the 21st.
“Our servicing banks requested that the release of cash benefit be staggered within the five-day period to ensure that our members receive them before Christmas day and to avoid further delays,†Vergara added.