A total of P76.8 million was received by the Bogo City government from the Government Service Insurance System (GSIS) as payment for the insured properties that were damaged by super typhoon Yolanda.
The payments were released in three batches.
The first two payments were made early last year wherein Bogo City Mayor Celestino Martinez received P31.7 million for the structural damage of city hall and another P2.9 million for city hall’s damaged roof deck.
The third check worth P42.2 million was turned over by GSIS Cebu branch manager Maria Fatima Alvarez last Wednesday as settlement for the damaged furniture and fixtures inside the New Bogo City Hall building.
The GSIS branch also released insurance payments to other municipalities in northern Cebu that also suffered damage due to Yolanda. These include P6.5 million to Bantayan in Bantayan Island, and P200,000 to Tabogon town for its damaged high school building.
The GSIS is mandated to insure all properties, assets and interests of the government against any insurable risk.
“This is the new normal for government properties that it should be insured and not just rely on government funds for reconstruction,” said Alvarez.
Mitos Galicinao of GSIS Cebu branch said government insurance is cheaper than those policies offered by private firms since the local government is not required to pay for premium tax and documentary stamps.
Galicinao said the GSIS insurance covers government facilities against typhoons, earthquakes, fires and lightning strikes.
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