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December 9, 2004
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GSIS
turns over P1-billion to national government; amount to help reduce
public sector indebtedness - GMA
...
THE
GOVERNMENT SERVICE INSURANCE SYSTEM (GSIS) remitted P 1-billion to the
National Treasury today as the government's dividend from GSIS's
operations.
GSIS
Chairman Bernardino R. Abes, (right photo)
GSIS President and General Manager Winston
Garcia, and members of the GSIS board of trustees turned over the
P1-billion check to President Gloria Macapagal-Arroyo in Malacañang
this morning.
...
Biggest
Government Dividend in 66 years
The
Amount is the biggest government dividend in 66 years. It came from the
income the GSIS generated from its General Insurance
Fund (GIF) where GSIS puts its earnings from government property
insurance as mandated by the GSIS Act of 1997.
Garcia
(left photo) explained that the GIF is different from the Social Insurance Fund
(SIF), where all the contributions of GSIS members are kept.
...
GMA
commends GSIS officials
President
Gloria Macapagal-Arroyo (below)
commended Abes and the other GSIS officials for
increasing profitability in the said 
government-owned and controlled
corporation (GOCC) and for the dividends remitted to the national
government.
"This
amount," the president said, "would greatly help in reducing
our public sector debt." The president also lauded the GSIS for
being one of the top performing GOCCs, aside from the Social Security
System (SSS).
...
First
in Eight Years
The
turnover to the government of its dividend from the GSIS operations was
the first in eight years. The last time the government got its dividend
from GSIS was in 1997 when it received P200 million.
Previous
to that in 1991, GSIS turned over P100 million as the national
government’s dividend from the system’s operations.
...
GSIS
board of Trustees took Oath of Office before the President
After
the simple turnover ceremony, members of the GSIS Board of Trustees,
headed by Abes as chairman, took their oath of office before the
President. They are Jesus I. Santos, Jesse Andres, Raul Serrano and
Reynaldo Palmeiry. (Excalibur News)
...
The
members of the GSIS board of trustees who took their oath before the
president (from left to right) Jesus I. Santos, Jesse Andres, Raul
Serrano and Reynaldo Palmeiry.
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top
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GSIS
board of trustees approves additional cash dividends for members; totals
over P1-billion for distribution this year
...
IT
WILL BE A MERRIER CHRISTMAS FOR MEMBERS OF THE Government
Service Insurance System (GSIS) following the approval by the state pension
fund’s board of trustees of an additional 30 percent cash dividend on top of
the P847 million approved
earlier last month.
GSIS
Board Chairman Bernardino R. Abes today said the additional cash dividend comes
from the Social Insurance Fund (SIF), the repository of all contributions of
GSIS members.
...
Other
members of the GSIS board of trustees (from left to right) Esperanza Ocampo,
Jocelyn Bolante, Raymundo Lapating and Nita Javier (corporate secretary).
...
Marketing
Commission and Administration Fees
Abes
said the SIF is on target to earn P1.696 billion from marketing commission and
administration fees this year, up from P1.677 in 2003. SIF collects marketing
commission and administration fees from the General Insurance Fund (GIF) as
administrator of the latter.
Abes
announced the additional cash dividends after the turnover to President Gloria
Macapagal-Arroyo in Malacañang this morning of P1 billion representing the
national government’s dividend from GSIS’ operations.
...
GSIS
finances in "most robust condition"
He
said that the dividends being distributed to both GSIS members and the national
government are concrete evidence that GSIS finances are in their "most
robust condition."
The
additional cash dividend to be given to compulsory life insurance policyholders
as of Dec. 31, 2003 amounts to P254.1 million. This will bring to more than P1
billion the total cash approved by the GSIS board for distribution this year.
Over
the last two years, the pension fund’s General Insurance Operations (GIO) has
generated substantial operating revenues, Abes said, adding that by December 3l
this year the GIO is expected to hit a record P3.8 billion.
He
pointed out that as a result of favorable income from its operations, the
General Insurance Fund (GIF) has accumulated an unassigned or unrestricted
surplus of P10.545 billion exclusive of reserves for losses, contingencies and
claims against policies in force.
(Excalibur
News)
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.... New
York insurance firm donates P1-million for relief, rehab effort
...
President
Arroyo today received
a P1-million donation
from the New York Life Insurance (NYLI) for the government’s relief and
rehabilitation operations in the flood-ravaged areas in Bicol, Southern Tagalog
and Central Luzon.
The donation was turned over to the President by NYLI
president Fred Sievert, who paid a courtesy call on her this morning in Malacañang.
The President then handed over the NYLI donation to
Defense Undersecretary Ernesto Carolina of the National Disaster Coordinating
Council (NDCC).
...
NYLI’s
plans to expand business in the country
Sievert also briefed the President on NYLI’s plans to
expand its insurance business in the country. "Our company is doing very
well in the Philippines and we are happy doing business here," Sievert
said. He told the President that NYLI would infuse fresh capital into its
Philippine operations.
The Chief Executive congratulated NYLI for its success
even as he thanked Sievert for his company’s social responsibility. "I
wish you more success doing business in the Philippines," she said.
Sievert said NYLI’s target is to join the circle of
the top five insurance companies in the country. He expressed confidence
that
this
objective is attainable given NYLI’s expansion program and additional capital
investment.
Witnessing the simple turnover ceremony of the P1
million check were Dave Skinner, NYLI (Philippines) CEO for Asian Region and
Executive Secretary Eduardo Ermita (left photo).
...
Outpouring
of support from the foreign community…
In an interview following the meeting with the
President, Carolina said the NYLI donation would boost the resources for the
relief operations in the flood-devastated areas.
"The President has expressed her appreciation for
the outpouring of support from the foreign community. The United Nations
Disaster Assessment Group (UNDAG) is here and they’ve been assessing the
situation in the calamity areas for the last three days," Carolina said.
He added that UNDAG has raised $500,000 from foreign
donors to fund relief and rehabilitation efforts in the areas hit by the
calamity.
Carolina said that the UN disaster assessment team
issued an appeal yesterday to other foreign organizations to extend assistance
to the disaster victims. "So, we can say that more funds are upcoming from
foreign sources," he added.
(Excalibur News)
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