The Government Service Insurance System (GSIS) has set aside an initial ₱69.1 million in loss reserves to support recovery efforts following the magnitude 7.8 earthquake that struck parts of Mindanao. This action aligns with President Ferdinand Marcos Jr.’s directive for a whole-of-government response to the disaster.
A total of 4,403 insurance policies, covering assets valued at ₱23.59 billion, have been reported as affected. General Santos City recorded the highest number of insured properties impacted by the quake. GSIS teams have conducted on-site inspections at key locations including Mindanao State University – General Santos, the General Santos City Government, and the Municipality of Alabel to assess damage and assist with claims processing.
GSIS president and general manager Wick Veloso emphasized that insurance serves as a critical risk management tool, not just a regulatory requirement. He urged all government agencies and local government units to regularly review and update their insurance coverage and asset valuations. This ensures that public assets are sufficiently protected and that recovery can proceed quickly without straining public funds, especially as natural disasters become more frequent and severe.
The allocated reserve will be adjusted based on incoming damage reports and completed field assessments, while GSIS continues to coordinate with affected institutions to validate claims and restore public services efficiently.
