GSIS Under Veloso, Blancaflor Targets Faster Payouts After Magnitude 7.8 Quake
The Government Service Insurance System has set aside an initial ₱69.1 million in loss reserves to cover potential insurance claims from government properties damaged in the magnitude 7.8 earthquake that struck parts of Mindanao in early June, even as the state pension fund installs a new chairman at its board. The allocation is intended to respond to expected claims involving buildings, facilities, equipment and other public assets owned by national agencies and local government units.
Initial reports collected by GSIS indicate that 4,403 insurance policies with a total sum insured of ₱23.59 billion may have been affected by the quake, with General Santos City accounting for the largest concentration of insured properties. The Philippine Institute of Volcanology and Seismology recorded the tremor at 7:37 a.m. on June 8 and later upgraded its strength to magnitude 7.8 at a depth of 33 kilometers. Intensity VII was reported in General Santos City, while instrumental intensity VIII was recorded in Malapatan, Sarangani.
GSIS President and General Manager Jose Arnulfo “Wick” Veloso said the earthquake underscored the role of insurance in shielding government assets and sustaining public services in the aftermath of natural disasters. He urged agencies to regularly review their coverage and asset valuations to support faster recovery when calamities occur, stressing that insurance should be treated as a core risk management tool rather than a mere compliance requirement. The insurer’s General Santos branch has already conducted on-site inspections at Mindanao State University–General Santos, the General Santos City Government and the Municipality of Alabel to assess damage and help speed up the filing of claims.
The disaster response comes as GSIS welcomes Ricardo Blancaflor as chairperson of its board of trustees, succeeding Rodney del Rosario Jr. Veloso said management and the board are giving Blancaflor their full support as the institution seeks to strengthen its fund, expand benefits for members and pensioners and pursue innovations to improve public service. Blancaflor, a former director general of the Intellectual Property Office of the Philippines, brings a background in government service, legal work and policy leadership that GSIS is counting on as it navigates both its long-term mandate and near-term challenges such as large-scale disaster-related claims.
