Government Service Insurance System
The Government Service Insurance System (Filipino: Paseguruhan ng mga Naglilingkod sa Pamahalaan, abbreviated as GSIS) is a government-owned and controlled corporation (GOCC) of the Philippines. Created by Commonwealth Act No. 186 and Republic Act No. 8291 (GSIS Act of 1997), GSIS is a social insurance institution that provides a defined benefit scheme under the law. It insures its members against the occurrence of certain contingencies in exchange for their monthly premium contributions.
Native name | Paseguruhan ng mga Naglilingkod sa Pamahalaan |
|---|---|
| Company type | Government-owned and controlled corporation (GOCC) |
| Industry | Insurance |
| Founded | November 14, 1936 |
| Founder | Commonwealth of the Philippines |
| Headquarters | GSIS Building, Financial Center, Diokno Boulevard, Pasay City , Philippines |
Key people |
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| Revenue | ₱311.3 billion (2023) |
Net income | ₱113.3 billion (2023) |
| Total assets | ₱1.7 trillion (2023) |
| Total equity | ₱606.5 billion (2020) |
| Website | www |
GSIS members are entitled to an array of social security benefits, such as life insurance benefits, separation or retirement benefits, and disability benefits.
GSIS is also the administrator of the General Insurance Fund by virtue of RA 656 (Property Insurance Law). It provides insurance coverage to government assets and properties that have government insurable interests.
It is not possible for non-government employees, self-employed or non-working persons to become members of the GSIS. Instead, they are covered by the Social Security System (SSS). Meanwhile government employees in addition to GSIS, can also become members of the SSS at their own cost.