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GSIS shortens benefit, loan processing period

By: September 06,2017 - 10:58 PM

THE state-run pension fund Government Service Insurance System has cut short the processing periods for members and retirees’ benefits.

“Retirement and life insurance claims are now being processed within 30 days from 90 days, even shorter than the prescribed 90-day processing time under the law,” GSIS chair Francisco T. Duque III said in a statement Wednesday.

For motor vehicle claims, processing was cut short to 40 days from 45 days previously, Duque added.

As for service loans, which include the conso-loan or salary loan, the processing period is now three days instead of five days, according to Duque.

Also, Duque said the GSIS will conduct financial literacy programs to better guide both new government entrants as well as retiring members.

“We will further help our members protect their hard-earned retirement benefits through the conduct of financial literacy programs in cooperation with the Civil Service Institute, the Philippine Deposit Insurance Corp. and other known financial literacy experts,” he said.

Duque nonetheless admitted there remain challenges that should still be addressed, such as “the need to improve the loan collection efficiency of agencies, particularly the Department of Education (DepEd), whose personnel accounts for more than half of the GSIS membership.”

“We are discussing a new program with DepEd that will help improve the financial capability of its personnel, and we hope to launch it within the year,” Duque said.

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TAGS: benefit, GSIS, loan, period, processing

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