NextGen Day

The leadership of the Government Service Insurance System (GSIS) reaffirmed on Tuesday that it would continue to pursue unpaid loans from 21 private entities totaling P2.1 billion, according to the COA report.

Wick Veloso, president, and general manager of GSIS, stated that while other cases are pending in other courts, ongoing discussions with the corporations are ongoing.

Veloso added that the collateral for these loans has previously been secured by GSIS.

“Yung iba po rito, itong 21 na pribadong kompanya, na-possess na namin yung mga collateral. Nasa paghahawak na amin. I think the other one is a korte. We now have the collateral from all 21 of these entities, which are backed by real estate and covered by GSIS. In the courts are others. But the GSIS has already secured all of this real estate, he stated in a radio interview.

In a recent report, COA encouraged the GSIS to recover all unpaid loans from its delinquent debtors, including the largest unpaid loan of PHP600 million from 1997.

Veloso acknowledged that the GSIS’s unpaid loans were PHP74 billion in 2016.

But he noted that it dropped to PHP35.6 billion during the first four months of 2023.

“Sinisigurado po namin na isa-isa po naming sinusuri at sinusuyod po namin lahat ng may pagkautang po sa amin,” the speaker said. We guarantee that we carefully examine each borrower. Yun pong nakakausap namin binibigyan po namin ng. People that we have reached out to have the opportunity to participate in our programme for reconciliation and forgiveness,” Veloso added.

We hired more collection agents nationwide to speed up the collection process, he continued. “Nagdagdag din po kami ng mga collection agents across the country,” he said.

The GSIS director pointed out that this was also stated in the COA report that praised the state pension fund for its “continuous actions in enhancing its system to achieve a more effective collection facility.”

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