By Tracy Cabrera
GSIS, Pasay City — The Government Service Insurance System (GSIS) has teamed up with the Japan International Cooperation Agency (JICA) to standardize the valuation and risk assessment of public assets insured by the agency.
The collaboration was formalized during the 2nd Joint Coordinating Committee Meeting of the GSIS–JICA Technical Cooperation Project. The initiative aims to create a science-based, standardized method for evaluating government properties, improving the accuracy of insurance coverage, and aligning risk-based premiums nationwide.
GSIS President and General Manager Arnulfo “Wick” Veloso highlighted the importance of the project in addressing long-standing challenges in valuing public assets. “Many agencies still have incomplete or outdated property records. This project will help resolve this concern,” he said.
Veloso explained that GSIS covers thousands of government assets, including schools, hospitals, bridges, municipal halls, and other critical public infrastructure. Accurate valuation, he noted, is essential to ensure appropriate insurance coverage and expedite recovery of government services following disasters.
JICA Senior Representative Nobuhiko Aoki stressed the broader significance of the partnership, noting its contribution to the country’s Disaster Risk Financing Strategy. “As the primary insurer of public assets, GSIS plays a critical role, especially as climate-related disasters continue to pose growing fiscal and macroeconomic risks across the region,” Aoki said. “This joint venture will support the integration of hazard information from the GeoRiskPH platform, following an MoA signed between GSIS and the Philippine Institute of Volcanology and Seismology (PHIVOLCS).”
Veloso added that the GeoRiskPH platform will provide nationwide data on earthquakes, volcanic activity, landslides, liquefaction, and other natural hazards. By combining scientific hazard data with standardized valuation tools, GSIS aims to strengthen underwriting processes and ensure that insurance premiums reflect actual disaster risks.
“The initiative is aligned with the development of the General Insurance Information System (GIIS), a new digital platform that will support GSIS general insurance operations. Once integrated, the system is expected to enable automated asset valuation, more consistent underwriting, and improved analytics for disaster risk assessment,” Veloso concluded. ia/
