TRANSFORMATION

ANNUAL REPORT

2015
 Vision
We will continue to build
the Government Service Insurance System
as the premier pension fund institution
with a passion for providing world-class service
to its members.
The GSIS will be
transparent, autonomous,
and beyond public reproach.
Mission
To regain the trust and confidence
of our stakeholders, we will singularly pursue
the social mission of our charter
and promote an efficient organization
that is fully-automated and member-focused.
We will relentlessly strive for continual improvement
in our services driven by integrity, professionalism,
and a culture of public service.
We will sustain the financial viability of the System
and ensure its prolonged actuarial life,
for the benefit not only of our existing members,
but also the next generation
of government employees.
We will restore the pride of the GSIS
so as to retain and recruit staff that share
our commitment.
Finally, we will endeavour to empower our members
to enable them to participate
in the evolution of our institution.
2 GSIS Annual Report
Contents
3 Joint Message of the Chairman
and the President and General Manager
4 Empowering Members and Pensioners
7 Providing Excellent and Responsive Service
9 Sustaining Financial Viability
12 Insuring Government Properties
13 Strengthening the Human Capital
14 Fulfilling GSISs Corporate Social Responsibility
15 Providing Framework for Institutional Governance
18 Compliance with Commitments to GCG
19 Board of Trustees
32 Senior Vice Presidents
33 Vice Presidents
36 Letter to the Auditor
40 Independent Auditors Report
42 Statements of Cash Flow
43 Statements of Comprehensive Income
44 Statements of Financial Position
45 Statements of Changes in Net Worth
46 Branch and Extension Offices
 JOINT MESSAGE OF THE CHAIRMAN
AND THE PRESIDENT AND GENERAL MANAGER
The year 2015 represented the culmination of
our journey toward a more caring and responsive
social security institution. From Day One, we
were keenly aware that in order to transform,
we must put our stakeholders at front and
center of everything that we do by promising
to be transparent, consultative, and member-
focused. Thus, we undertook a comprehensive
review of our policies and adopted amendments
to make them more member-friendly. Service
responsiveness became the new barometer by
which all policies, programs, and procedures are
measured. The GSIS structure was streamlined
to promote faster decision-making across the
organization. A five-year road map under a new
vision and mission was drafted, supported by
a strategy map identifying courses of action to
attain the goal of providing the most responsive
service to our stakeholders.
The impact of our transformation through the
years is apparent in these record results: Back-
to-back recognition as the top-rated institution in
exemplary service in 2014 and 2015 under the
RENATO T. DE GUZMAN ROBERT G. VERGARA
Chairman President and General Manager (PGM)
Anti-Red Tape Act - Report Card Survey (ARTA-RCS)
administered by the Civil Service Commission, in
which 41 GSIS offices received the coveted Seal
of Excellence for exemplary service; enhanced
collection and posting efficiencies; increased claims
and benefits; consistently lengthened actuarial fund
life; and unqualified opinions by the Commission on
Audit on our financial statements since 2011. More
importantly, and as validated by the Governance
Commission for Government Owned or Controlled
Corporations (GCG), GSIS achieved a perfect rating
on its 2015 Performance Scorecard, meeting, if
not exceeding, every single target. This scorecard
focuses on strategic performance indicators that
measure the social impact and financial viability of
the institution.
For these record achievements, we would like to
thank, once again, our Board of Trustees, whose
invaluable wisdom, guidance, and direction continue
to drive our efforts towards service excellence. As
always, Team GSISs unwavering commitment,
dedication, and hard work made it possible to attain
our shared goals in 2015.
GSIS Annual Report 3
 EMPOWERING MEMBERS
AND PENSIONERS

Over the past five years, the conduct of face-to-face dialogues and consultations has invariably become
the main avenue through which GSIS engages its stakeholders. The insights gained from listening to our
members concerns served as vital inputs in determining Board priorities in reforming the System to provide
more responsive service. Moreover, through these dialogues, the System has engaged the widest cross-
section of its membership.

In 2015 alone, GSIS conducted a total of 92 consultations (approximately two dialogues every week)
attended by over 25,000 stakeholders. This is more than double the target of 42 dialogues for the year under
the GSIS Performance Scorecard. In fact, the dialogue in Bulacan on June 22, 2015 was attended by a
record 2,500 public servants.

4 GSIS Annual Report

To help ease the transition into retirement, GSIS
continued to hold pre-retirement seminars for over
39,000 retiring employees in 2015. The seminars
discuss the various retirement modes and advise
soon-to-be retirees to make informed decisions over
which retirement schemes are most appropriate
for them. At the same time, the System conducted
orientations on GSIS benefits and services, dubbed
GSIS 101, for 27,000 newly hired government
employees.
Aside from face-to-face engagements, GSIS leveraged
on advances in digital technology to empower its
members who can now review the history of their
loan records through the Statement of Loan Accounts
(SOLA). SOLA allows member-borrowers to validate
their record of payments, thus expediting the
processing of their benefits upon retirement. In 2015,
some 183,321 SOLAs were released to members 59
years old and above (first batch), 37,451 to members
50 to 58 years old (second batch), and 102,443 were
either emailed, printed and released, or copied to
flashdrives of members aged 40 to 49 years old (third
batch).
In 2015, we piloted a program to provide members with
direct online access to their records (that is, member
profile, premium contributions, and loan payments),
anytime and anywhere, called the Electronic GSIS
Member Online (eGSISMO). This platform will be
made fully available to members in May 2016.
To determine whether the reforms to provide better
service are indeed perceived and felt by members and
pensioners, GSIS once again engaged an independent
third-party consultant to undertake a customer
feedback survey (CFS) and focus group discussions
(FGDs). CFS and FGDs focused on measuring
dimensions of program and service responsiveness,
customer satisfaction, as well as awareness on policies
and programs and communication efforts. In 2015, the
overall satisfaction rating of members and pensioners
increased to 86.02%, higher than the prior years score
of 83%.
GSIS Annual Report 5
In another milestone, GSIS once again topped the Civil
Service Commissions 2015 Anti-Red Tape Act (ARTA)
survey that covered more than 1,000 agencies. With an
overall client satisfaction rating of 91.72%, GSIS garnered
the highest percentage of branch offices attaining a rating
of Excellent or 90% to 100% (47 out of its 57 offices
nationwide). Butuan branch office achieved the highest
score at 95.32%. Eighteen GSIS offices were conferred
the prestigious Citizens Satisfaction Center Seal of
Excellence Award (CSC-SEA) for exemplary service in
2015. Cabanatuan (93.05%), Bulacan (93.03%), Laguna
(92.71%), Pampanga (92.17%), Cauayan (91.56%),
and Tagum (91.36%) attained the Five-star CSC-SEA
symbolized by a wall-mountable glass seal and a cash
reward of Php100,000. Eleven branch offices earned Four
stars, represented by a wall-mountable glass seal and
Php25,000 cash reward, as follows: Butuan (95.32%),
Pagadian (95.04%), Tarlac (94.65%), Iloilo (93.45%),
Roxas (92.78%), Bacolod (92.56%), Dipolog (92.54%),
Aklan (92.05%),Boac (91.86%), Tuguegarao (91.76%), and
Zamboanga (90.39%). Iba (91.47%) received a Three star
CSC-SEA represented by a wall-mountable glass seal.
In November 2015, TV Rheinland Philippines Inc. (TRPI),
one of the leading third-party , International Organization
for Standardization(ISO) certifying bodies in the country,
audited the pension funds quality management system
(QMS) for loan processing to determine its compliance with
ISO norms. GSISs QMS covered the application process
up to the crediting of proceeds to the eCard or unified
multipurpose identification card (UMID) of members or
pensioners. After the rigorous audit, TRPI recommended
the conferment of ISO 9001:2008 certification to GSIS
for its QMS on loan processing. Next year, GSIS will
simultaneously pursue the upgrading of the ISO 9001:2008
to ISO 9001:2015 for its QMS on loan processing, as well
as ISO certification for its membership administration.
The latter covers the creation and updating of records
of members and pensioners, including survivorship
pensioners and dependents. The accurate disbursement of
a loan or claim depends on the creation and maintenance
of a members record in the GSIS database. It is therefore
crucial that this process be similarly ISO-certified to
reassure GSIS members that they will receive the correct
amount of claims and benefits.

GSIS Client Satisfaction Rating GSIS IS NOW ISO-CERTIFIED"

Based on ARTA Survey
NUMERICAL DESCRIPTIVE
YEAR REMARKS
RATING RATING

2012 73.82% Failed

Eight branch
offices received
2013 85.76% Good
the Seal of
Excellence
23 branch
offices received
2014 91.19% Excellent
the Seal of
Excellence
18 branch
offices received
2015 91.72% Excellent
the Seal of
Excellence

6 GSIS Annual Report

 PROVIDING EXCELLENT AND RESPONSIVE SERVICE
Ensuring Accurate Database
GSIS continues to ensure that the members database
and records are accurate and updated since these serve
as the primary basis for the grant of loans, the settlement
of claims, and the computation of retirement and other
social security benefits. Over the past years, GSIS started
deploying several IT interventions to address the chronic
concern of members over inaccurate records and statement
of accounts.
Processing Claims More Efficiently
In 2015, GSIS processed more than 96% of over 193,000
social insurance claims and benefits within the prescribed
turnaround time (TAT), exceeding its target of 92% as
committed to GCG. In the last quarter, the System
processed 97% of retirement claims within the 90-day
TAT; disability claims at 95%; life insurance claims at 98%;
survivorship for both non-member and member spouse at
97%; and funeral claims at 94%.

Government personnel in charge of approving and remitting Social Insurance Claims and Benefits
payments to GSIS now use the Electronic Billing and Processing Efficiency
Collection System (eBCS), a web-based application that
enables the pension fund to send its billing statements for Turn- Period
Around- %Within
premium and loan amortizations to government agencies Type of Claim Time (Date of Receipt TAT
electronically and accept payments online. eBCS ensures of Application)
(TAT)
the seamless and efficient posting of payments, ultimately
Retirement 90 Oct to Dec 2015 97%
resulting in the accurate computation of members benefits.
eBCS was adjudged a winner at the 2015 Government Disability 90 Oct to Dec 2015 95%
Best Practice Competition in October organized by the Life Insurance 90 Oct to Dec 2015 98%
Development Academy of the Philippines. The competition
sought to promote and showcase outstanding practices Survivorship
(Non-member 90 Oct to Dec 2015 97%
in public sector organizations and further strengthen Spouse)
excellence in the realm of public service. eBCS was also
a finalist at the 4th International Best Practice Competition Survivorship 60 Oct to Dec 2015 97%
(Member Spouse)
(IBPC) held in November, where 23 entries from all over
the world, both public and private organizations, competed. Funeral 30 Oct to Dec 2015 94%

The imminent deployment of eGSISMO in 2016 will further
enhance the accuracy of GSISs database by providing
members access to their records. Identified discrepancies
will be validated and corrected, if necessary.
Crucial to tracking TAT was the Transaction Monitoring
System (TMS), a key element in risk enterprise
management that provides information to enable GSIS to
manage risks, particularly those related to the processing
of members claims and benefits within the prescribed
period. The institutional resolve to address these pending
transactions reduced backlog dramatically. In 2015, GSIS
had pending and incoming members and pensioners
referrals of 2,324,124, out of which the System closed and
resolved 2,291,388 transactions, bringing down the backlog
to only 32,376. This is a far cry from the backlog in 2013,
which peaked at 3,643,677.

Reduction in TMS Transaction

Report Date Beginning Incoming Closed Ending
As of Dec 10 694,790 591,727 103,063
As of Dec 11 103,063 1,385,453 1,375,638 112,878
As of Dec 12 112,878 3,110,261 3,079,344 143,795
As of Dec 13 143,795 3,499,882 3,570,133 73,544
As of Dec 14 73,544 2,902,421 2,947,189 28,776
As of Dec 15 28,776 2,295,348 2,291,388 32,736

Officer-in-Charge VP Rachel T. Edjan shows

the trophy and certificate of participation
from the IBPC for the GSIS initiative, eBCS.

GSIS Annual Report 7

 GSIS sustained its efforts to reach out to delinquent agencies to settle their premium arrears by signing either a
memorandum of agreement (MOA) or memorandum of understanding (MOU). As of 2015, only 76 agencies remained
suspended from 315 in 2010.

315
Reduction in Suspended Agencies
September 2012: GSIS-DBM-
DepEd Tripartite Agreement
199
- Refunded premiums (government
share) deducted from life insurance
benefits of teaching and non-teaching
personnel, including those who retired

76 - Adjusted pensions and increased

benefits of active members

- As of 2015, around PhP1.43 billion

was refunded to 167,970 teaching
and non-teaching personnel.
2010 2013 2015

The System also upgraded its telecommunication lines and acquired additional bandwidth for its branch offices, particularly
those in remote areas, to expedite the processing of claims and benefits. Expanding the bandwidth provided fast and
reliable wide area network connections, increased GSIS employees productivity, and improved data sharing, resulting in
shorter processing period for claims and benefits.

Through these various initiatives, GSIS improved its posting efficiency from 83.5% in 2010 to 96.5% in 2015. The amount
of unposted premium payments was also reduced to Php2.7 billion by end of 2015 from Php2.9 billion the prior year.

Posting Efficiency 96.5

95.3

90.3
87.3 87.2
83.5

2010 2011 2012 2013 2014 2015

30B
Unposted Payments

11B
8.9B

3.6B 2.9B 2.7B

2010 2011 2012 2013 2014 2015

8 GSIS Annual Report

Bringing Services Closer
As of December 2015, GSIS has a total of 858 GSIS
Wireless Automated Processing System (GWAPS)
kiosks deployed across the country, specifically in
provincial capitols, city halls, selected municipal offices,
large government agencies such as the Department of
Education, and GSIS branch offices. GWAPS kiosks
allow members to apply online for various GSIS loans,
such as the conso-loan, emergency loan, and policy loan.
They may also view their GSIS records and activate their
eCards in kiosks. Pensioners may likewise apply for a
pension loan through their eCards in the kiosk. Due to the
wider distribution of kiosks nationwide, members need
not visit any GSIS office for these transactions, saving
them valuable time and money. In June, GSIS signed an
agreement with SM to deploy GSISs most popular service
facility at SM Supermalls Government Services Center in
SM Manila, SM Cebu, SM Pampanga, SM North EDSA,
and SM Aura. These kiosks complement our presence in
Robinsons Malls.
The 50-seater, 24/7 GSIS Contact Center handled 350,688
calls in 2015, lower than the 368,157 calls received the
prior year.Eighty percent of the total calls were related to
members records, loans, and eCards. Ninety-nine percent
of these concerns were resolved as of December 2015,
as reflected in the TMS. Meanwhile, call center personnel
made more outbound calls (call-back requests made by
members and pensioners) in 2015, to reach 156,842 from
42,843 in 2014. Follow-up calls on claims and benefits,
requests for refund, employees compensation benefits,
and reconciliation of accounts accounted for 20% of the
remaining calls received. Due to the continued reconciliation
of records and improved processing of claims, follow-up
calls dropped 46% from 163,574 in 2014 to 88,952 in 2015.
In addition to call handling, GSIS call center personnel
attended close to 54,000 emails through gsiscares@gsis.
gov.ph .
The Skype Appointment System was also launched in 2015.
By logging on to the system found in the GSIS website,
pensioners abroad are able to schedule a video conference
(using Skype) with GSIS for their transactions such as
eCard enrolment, renewal, or replacement; eCard Plus or
unified multipurpose identification (UMID) card activation;
pension application; and annual renewal of active status or
ARAS (a requirement for continuous receipt of their pension
and other benefits). To date, a total of 5,943 appointments
have been arranged by GSIS in partnership with Pilipinas
Teleserv.
In compliance with the ARTA-RCS, GSIS continues to
upgrade its facilities in branch offices nationwide for the
greater comfort of its members and pensioners. The
System inaugurated its new branch office in Bohol where
stakeholders could now conveniently transact at the ground
floor, in stark contrast to the members service area at the
second floor of the former office. Dagupan and Butuan
branch offices were similarly rehabilitated during the year.

SUSTAINING FINANCIAL VIABILITY

Despite difficult market conditions in 2015, GSIS was able to register Php140.15 billion in revenues compared to
Php230.97 billion the prior year. Total comprehensive income reached Php48.39 billion compared to Php140.36 billion a
year ago. Total assets meanwhile further increased to Php958.20 billion, up by 5.62% from Php907.22 billion in 2014. The
increased assets of GSIS resulted in consistently lengthened fund life from 33 years (or until 2042) in 2009 to 34 years in
2015 (or until 2049). Our financial situation remained strong with cash position of Php38.97 billion at year-end.

Net Income 140.36

(in Billion Pesos)

62.36 62.58

46.11 48.36 46.94

2010 2011 2012 2013 2014 2015

GSIS Annual Report 9

 Growth in Assets 958.20
907.22
(in Billion Pesos)
789.22
731.93
633.64
566.71
506.19

2009 2010 2011 2012 2013 2014 2015

Fund Life of 34 years

2048 2049
2045 2046 2049
(35 yrs) (35 yrs)
(34 yrs) (34 yrs) (34 yrs)
2042
(32 yrs)

2010 2011 2012 2013 2014 2015

Claims and Benefits

(in Billion Pesos) 85.94
83.19 83.28

65.54
54.27
46.04

2010 2011 2012 2013 2014 2015

10 GSIS Annual Report

Numerous global concerns (US Fed rate hike fears,
Eurozone weakness/Greece bailout referendum, China
slowdown/Yuan devaluation, oil supply shocks) and
slower-than-expected Philippine growth plagued financial
markets. This led to a weak backdrop for stocks, bonds, and
currencies, especially in the emerging markets for 2015.
Global concerns and local disappointments contributed to
the weakness in the Philippine stock and bond markets,
and the local currency. The PSE index closed 3.9% lower at
6,952.08, while the US$/PHP ended at Php47.06 compared
to Php44.72 a year ago. Domestic interest rates rose by
12% on average across the yield curve and this affected
our fixed income portfolio which is heavily invested in
the domestic market. All together, these developments
contributed to the valuation loss in the funds equity, and
fixed income portfolio.
As of December 31, 2015, GSIS was fully invested in the
Philippine Investment Alliance for Infrastructure (PInAI),
with an estimated Php0.78 billion remaining for working
capital and potential follow-on investments. The total Net
Asset Value (NAV) grew from Php5.32 billion to Php11.24
billion or 111.34% in 2015. The growth was attributed to
drawdowns for additional investments and increase in
valuation which was estimated at 73.91% and 37.43%,
respectively.
Significant PInAI events that transpired in 2015 were as
follows:
On 15 June 2015, GSIS and other PInAI investors
acquired a 96% stake in the San Carlos Solar Energy
Inc. (Sacasol) project, a 45MW solar firm in San
Carlos City, Negros Occidental. The first 22MW is the
countrys first utility-scale solar power plant that started
generating power in June 2014, while the remaining
23MW expansion was completed on 24 August 2015;
and
On 14 September 2015, GSIS and other PInAI
investors acquired a 96% stake in the Negros Island
Solar Power Inc. (Islasol) project, an 80MW solar farm
spread across two sites located in La Carlota and
Manapla, Negros Occidental.
Another investment highlight was the significant increase
in gain on valuation on the funds investment properties
portfolio as the Philippine real estate market performed
spectacularly in 2015. According to figures from BSPs
residential real estate price index (REPI), which tracks
property prices across the country to assess how the
market is performing, overall growth during 2Q15, 3Q15,
and 4Q15 were 12.8%, 4.3%, and 5.1% year-on-year. 2015
external appraisals reflected positive increase on majority
of investment property assets. Increase in value was also
largely due to the reclassification of the Port Area property
located at the North Harbor, Manila Bay as investment
property of GSIS.
The System also continued to monetize part of its real
property assets. In June, it sold for Php270 million the
84-year old National Cultural Treasure Manila Metropolitan
Theater (The Met) to the National Commission for
Culture and the Arts (NCCA). As of 2015, GSIS has
disposed several big-ticket properties through an open and
competitive bidding process, including the landmark sale of
its two Fort Bonifacio properties that set a new benchmark
of Php500,000 per square meter in the area. GSIS earned
more than Php1 billion from the sale of these properties.
PGM Vergara and NCCA Chairman Felipe
M. de Leon Jr. shake hands as they seal the
deal transferring ownership of The Met.
GSIS Annual Report 11
GSISs loan portfolio grew by 8.87% from Php217.97 billion in 2014 to Php237.30 billion in 2015. This growth was largely
attributed to the implementation of the enhanced GSIS Enhanced Conso-Loan Plus Program. Some of the enhancements
include term extension from 6 to 10 years; increase in maximum loan amount; and amending the due date of the first
monthly amortization to remove the three-month grace period.

Improved Conso-Loan Program

Periods with Paid
New Maximum Loan Amount Old Maximum Loan Amount
Premiums
At least 15 years 12 Months of Basic Salary
10 Months of Basic Salary
At least 25 years 14 Months of Basic Salary

In the area of benefits, the System released over Php85.94 billion in claims, 3% higher than the prior years Php83.28
billion. Social insurance claims and benefits increased in 2015 primarily due to the granting of one-time benefit in
September 2015 for regular old-age and disability pensioners in the amount of Php2.3 billion. Moreover, GSIS approved
additional benefits, including the increase in the amount of funeral benefits from Php20,000 to Php30,000, and the grant of
Milestone Benefits to regular old-age and disability pensioners, excluding pensioners under RA No. 7699 (Portability Law),
which significantly contributed to the increase in social insurance benefits.

Additional Milestone Benefit for Pensioners

as of 1 September 2015 Starting 2 September 2015 onwards
Age Amount Age Amount
90-94 y/o Php 20,000 Pensioner who will turn 90 Php 20,000
95-99 y/o Php 50,000 Pensioner who will turn 95 Php 30,000
100 y/o and above Php 100,000 Pensioner who will turn 100 Php 50,000

At the same time, more than 1.4 million active members were granted a cash benefit (cash dividend) of Php185 million in
2015, lower than the previous years Php848 million, due to the decline in GSISs net income.

The System continued to be prudent in its administrative and operational expenses, which remained at single-digit levels
over the past five years, from 5.9% of total revenues in 2010 to nearly 4% in 2015, significantly below the prescribed
threshold of 12%.

INSURING GOVERNMENT PROPERTIES

In line with its mandate of insuring government properties,
GSIS released a total of Php874.5 million in claims paid to
various government offices in 2015. The top three claims RI Savings (vs 2010)
included the Bureau of Customs (Php230 million), the Land
Bank of the Philippines (Php49 million), and the Power
Sector Assets and Liabilities Management Corporation 672.12M
(Php45.8 million).
600.46M 598.72M
Further, GSIS insured more than half or 1,219 of 2,197
government offices in the country in 2015, triple the number
in 2014 and the highest posted since 2012. The Philippine
Coast Guard, the Philippine Navy Headquarters, and the
406.25M 414.07M
Commission on Elections led the three newly insured
government offices that paid the highest premiums. The
Civil Aviation Authority of the Philippines, which insured
its property a month before typhoon Yolanda struck in
November 2013, insured 49 additional airports, bringing
the total to 69. Over the four-year period from 2011 to 2015,
when GSIS conducted competitive bidding for reinsurance,
cumulative savings of more than Php2 billion have been
realized compared to 2010 premium levels.

2011 2012 2013 2014 2015

12 GSIS Annual Report

 STRENGTHENING THE HUMAN CAPITAL
Recognizing that employees are the organizations
greatest asset, GSIS continued investing in the
professional development of its human resource (HR).
The year 2015 saw the emergence of a more focused,
strategic, and dynamic approach to HR development,
actively taking off towards a new path from a traditional
HR orientation of mere personnel administration.
As an offshoot of a third-party organizational diagnosis,
the HR Road Map was adopted, dubbed HR Development
Framework and Implementation Plan (HRDFIP). The
Plan served as GSISs comprehensive blueprint in talent
management by consolidating all related HRD programs
and initiatives into an integrated whole. It seeks to raise
the level of employee engagement and commitment to
quality service delivery by providing the HR support they
need, ultimately creating a professional, highly motivated,
and competent workforce.
In 2015, GSIS rolled out the GSIS Competency
Framework (CF), which is among HRDFIPs basic and
most important building blocks. The framework gave
rise to the Competency Profile that determines the
essential competencies required for effective performance
in specific job roles. On an annual basis, the Human
Resources Office (HRO) assesses the employees
training needs and the contents of training programs
and processes that will address the gap between the
employees current knowledge, skills, and attributes
and the competency requirements of their positions. In
a larger context, CF served as a crucial basis in the
selection, placement, promotion, and related personnel
movements in the organization.
During the year, alongside CF, GSIS replaced the task-
based job descriptions (JDs) with role-based JDs, which
now allow comparison of the relative worth of roles of
positions in the same job grade and set apart only those
that directly contribute to the GSISs business. Role-
based JDs also contain the required competencies and
the competency level of each role.
Toward the midyear, two HRD programs were
implemented in support of employee retention, another
building block of HRDFIP. One is the Employee
Development Program (EDP), which rationalized the
learning and development programs for GSIS officers and
employees. The other is the Leadership Development
Program (LDP), the GSISs succession plan, a systematic
mechanism of providing accelerated development
opportunities to high-potential and high-performing
employees who will eventually fill critical or key positions
in GSIS.
Jointly approved with the above-mentioned HR schemes
is the GSIS Cross-Training Program, which serves
as a means to develop and enhance the potentials of
employees by exposing them to other work functions in
GSIS.
In 2015, a total of 1,558 employees benefited from an
array of in-house cuts-across training programs, which
included program monitoring and evaluation, creating high
performing teams, personal mastery, different thinking
styles, negotiations skills, personal effectiveness, and
problem solving. New employees orientation sessions and
the values orientation program were regularly conducted
as well. Eight training programs on management and
leadership benefited a total of 26 batches of executives
and employees. Courses ranged from fundamentals
of leadership to building effective teams, to change
management, workplace coaching, people and conflict
management, and business process improvement.
In the early part of the year, the Group Performance
Assessment System was revised to include provisions
relative to the timeliness of compliance with Board and
Committee directives by offices and functional groups,
further boosting effectiveness and efficiency in the
organization.
Another component of the HRD Road Map was rationalized
the GSIS Awards and Recognition System (GARS). In
July, GARS was reconstituted into the GAwad LINGgkod
ng GSIS (GALING ng GSIS). GALING consists of four
categories that were designed to recognize executives
and employees, or groups of them, for their suggestions,
interventions, superior achievements, or extraordinary acts
that improved GSISs operations in particular and public
service in general:
l GALING Kawani awarded to individuals for consistent
and dedicated work performance, resulting in the
successful implementation of an idea, contribution, or
service that is of significant value to GSIS;
l GALING Sangay conferred on offices under the
Operations Groups for their exemplary performance
under the CSC ARTA-RCS;
l GALING Pagbabago granted to employees or teams
whose ideas, suggestions, innovations, inventions, or
programs resulted in savings or benefits for GSIS and
the government; and
l GALING Karunungan Incentive given to employees
who pursued professional development while working
and without GSISs financial assistance, such as
completing a bachelors degree, passing a licensure
exam, or landing in the top 10 of a licensure exam.
The second-year nationwide rollout of Mikropono 1.0,
GSISs corporate awareness seminar-workshop, in the
remaining 25 branch offices benefited a total of 492
employees. They were trained in vital GSIS policies,
programs, benefits, and reforms, enhancing further their
aptitude and confidence as GSISs brand ambassadors.
The programs upgraded version, Mikropono 2.0, was
completed in 2015 and readied for implementation in the
following year.
GSIS Annual Report 13
 FULFILLING GSISS CORPORATE
SOCIAL RESPONSIBILITY
Beyond the primary mandate of managing the pension
fund for public servants, GSIS endeavors to make a
positive contribution to society, particularly in the areas of
education, environment, gender equality and fairness, and
arts.
GSIS expanded the coverage of its scholarship program
for Academic Year 2015-2016 to include members from
special sectors that need assistance in sending their
dependents to school. A total of 20 of the 200 slots
in the GSIS Scholarship Program were allotted for
qualified dependents of persons with disabilities (PWDs),
indigenous people (IPs), and solo or single parents. Under
the program, GSIS shoulders up to Php20,000 of the
scholars actual cost of tuition and miscellaneous fees
per semester. Scholars also get a monthly stipend of
Php2,000. As of 2015, 629 active scholars are enrolled
in various schools nationwide. It is worthy to note that
since the GSP mechanics were revised in 2012 to make
the program more responsive, the discontinuance rate per
batch significantly dropped from 56.8% (Batch 14) in 2011
to an average of only 4.8% (covering Batches 15 to 18) in
2015.
For two years now, GSIS has partnered with the
Department of Education (DepEd) for the Adopt-a-School
and Brigada Eskwela programs. Under the Adopt-a-
School Program, which GSIS started implementing
in 2014, 49 schools in the poorest provinces or low-
income municipalities will be adopted by providing
them infrastructure or technology support amounting to
Php200,000 each. The number of schools for adoption
is broken down as follows: 17 schools in 2014, another
set of 17 in 2015, and 15 in 2016. DepEd assists GSIS in
identifying schools that need assistance.
In bayanihan fashion, GSIS executives and employees
nationwide shared their resources and volunteered to
clean up public schools in their respective areas as
part of National Schools Maintenance Week or Brigada
Eskwela held every third week of May. With the theme
Tayo para sa Kalinisan, Kaligtasan, at Kahandaan ng
Ating mga Paaralan (Stand for the Cleanliness, Safety,
and Preparedness of our Schools), the program enjoins
volunteers to help prepare public schools in time for the
opening of classes.
Further, GSIS implemented a series of activities to
celebrate the National Teachers Month (September 5 to
14 GSIS Annual Report
October 5) that culminated in the conduct of a three-day
teachers conference on environment, health, and history.
In the area of environment protection and for the second
year in a row, about 100 GSIS employees volunteered
in cleaning the Manila Bay of trash and debris during
the International Coastal Clean-up in September. The
collected debris are evaluated by the Department
of Environment and Natural Resources to increase
awareness, inspire recycling efforts, and shape policies.
Further, lectures on the environment were held for GSIS
employees as part of staff development, such as carbon
footprint, earth citizenship, and biological diversity.
As a firm advocate of women empowerment and gender
equality, GSIS partnered with the Philippine Commission
on Women to celebrate Womens Month in March.
These included a production of a first-ever all-women
music video of Lupang Hinirang and the conduct of
womens film festival and photo contest. In addition,
GSIS deployed a help desk at the Legal Services
Group to provide confidential assistance to women
employees and their children who are victims, or about
to become victims, of physical, sexual, psychological,
or economic abuse. GSIS also mandates the use of
gender-fair language by its officials and employees in
all GSIS documents, communications, issuances, and
publications.
Another highlight of CSR activities in 2015 was the
conduct of the annual GSIS Art Competition. This year,
the System received more than 600 entries from aspiring
artists based both here and abroad. It has also become
one of the more highly regarded art competitions in the
country due in part to GSISs long-standing partnership
with the Art Association of the Philippines, an art
organization that aims to advance and foster, and
promote the interests of those who work in the visual
arts. Every year, artists participate in three categories
-- representational (figurative), nonrepresentational
(abstract), and sculpture. The winning art pieces
automatically become part of the GSIS art collection for
public viewing at the GSIS Museo ng Sining.
And last but not least, GSIS continues to honor its
pensioners through the Pensioners Day, which is held in
May and December every year. In 2015, close to 13,000
pensioners nationwide were treated to a whole day of
fun, wellness, games, and entertainment.
 PROVIDING FRAMEWORK
FOR INSTITUTIONAL GOVERNANCE
GSIS is firmly committed to institutionalizing the principles
of good corporate governance throughout the entire
organization. The Board and Management thus work
hand in hand to promote good corporate governance
as an integral component of sound strategic business
management and transparency and accountability in all its
dealings. The GSISs Corporate Governance Statement
reads:
The GSIS shall be a transparent, independent,
accountable, upright and professional institution that
is beyond public reproach. It shall be governed by an
ethical and responsible Board and Management who
shall promote participatory governance, a culture of
public service, social responsibility and continual service
improvement, and ensure that the interests and rights of its
stakeholders are safeguarded and protected.
Governance
The Corporate Governance Committee assists the Board
in promoting and institutionalizing corporate governance
principles and practices in the organization. The Committee
is specifically responsible for planning, formulation,
and review of policies, systems, and processes; human
resource management; communication and stakeholder
relations; and corporate social responsibility.
The Committee also functions as the Nomination and
Remuneration Committee, a Board committee provided
under GCG Memorandum Circular (MC) No. 2012-07.
The Committee likewise reviews and monitors
administrative cases, and exercises oversight functions
over the Human Resources Office and Corporate Planning
Office.
The charter of the Committee was approved on 26 April
2012 through Board Resolution No. 72 and was amended
twice. The first amendment was made on 26 September
2013 through Board Resolution No. 97, which included in
its functions that of the Nomination and Remuneration
Committee. The second amendment was on 1 October
2015 through Board Resolution No. 148, which reflected the
changes in the Committee chairmanship in compliance with
GCG MC No. 2012-07. The GCG circular mandated that the
chairman of the Board should also be the Committee chair.
The charter of the Committee is reviewed and assessed
yearly.
All of the Trustees are members of the Committee. For
quorum purposes, however, the Trustees have designated
among themselves four core members. The chairman of
the Board shall chair the Committee.
In 2015, the Committee held 12 meetings, which were
attended by the following members:
Number of
Trustee
meetings attended
Renato T. de Guzman (Chairman) 6 be Imposed on GSIS Accounts for Collection; Constructive
Robert G. Vergara (Core Member) 11
Karina Constantino-David
12
(Core Member)
Elisea G. Gozun (Core Member) 12
Gregorio T. Yu (Member) 10
Roman Felipe S. Reyes (Member) 8
Mario J. Aguja (Member) 12
Romeo M. Alip (Member) 11
Geraldine Marie Berberabe-
12
Martinez (Member)
The Committee reviewed the GSIS Corporate Governance
Manual and endorsed, for the approval of the Board,
amendments to reflect the changes in the respective
charters of the GSISs Board committees and its
composition in full compliance with the Code of Corporate
Governance for GOCCs.
Likewise, the Committee reviewed the GSIS No Gift Policy
and the GSIS Quality Manual to ensure that GSIS actively
promote and pursue corporate governance reforms, and
to continuously observe principles of accountability and
transparency.
To ensure that the programs of the Management are
aligned with the strategic thrusts of the Board, the
Committee reviewed the proposed operational and
developmental plans and programs of all the functional
groups for the calendar year 2016.
In line with the thrust of the Board to develop GSIS
human resources, the Committee reviewed various
policies and programs designed to systematically change
the bureaucratic mind-set and lack of initiative among
executives and employees; promote the internalization
of the general policy direction and rationale adopted by
the Board for GSIS; and develop the capacity of all GSIS
personnel for them to become ambassadors of the GSIS
in such a way that they effectively communicate existing
programs and policy directions.
The GSIS Competency Framework, GSIS Employment
Development Program, GSIS Cross-Training Program, and
GSIS Leadership Development Program are among the
comprehensive development programs endorsed by the
Committee in 2015.
The Committee likewise received monthly regular reports
from the HRO on the list of vacant positions due to issued
appointments or separation from service and list of filled-up
positions due to issued appointments to monitor the staffing
percentage of GSIS to ensure its quality and continuous
service.
To continuously improve GSIS efficiency and quality of
service, the Committee reviewed and endorsed for the
approval of the Board 25 policy and procedural guidelines
(PPGs) in 2015.
Some PPGs endorsed by the Committee to empower GSIS
members and pensioners are as follows: Interest Rates to
Filing of Application for Separation Benefits; Omnibus Rules
on Loans Redemption Insurance Benefit; Enhanced GSIS
Consolidated Salary Loan Plus Program; Settlement of
GSIS Annual Report 15
Premium Arrearages of Seconded Members; and Treatment
of Loan Amortizations Deducted from a Member in Active
Service but Not Remitted to GSIS.
The Committee monitored the administrative cases on
appeal to the Civil Service Commission or the regular
courts through the regular monthly reports submitted by
the Legal Services Group. It also approved and endorsed
to the President and General Manager or the Board, as the
case may be, 20 decisions in administrative cases.
Risk Management
The Risk Oversight Committee (ROC) assists the Board
of Trustees in carrying out its responsibilities for policy
formulation and for oversight of System-wide risks,
including compliance with applicable laws and regulations.
It also performs oversight functions on all Information
Technology (IT) matters.
ROC operates under a written charter, which was last
amended on 27 August 2015 to reflect the change in
Committee chairmanship, as well as the requirement that
the ROC chairperson must have a background in finance
and investments.
All of the Trustees are members of the Committee. For
quorum purposes, however, the Trustees have designated
among themselves three core members, and a chairperson
from among the core members. Pursuant to its charter,
ROC shall meet at least once a month.
In 2015, ROC had a total of 10 meetings. Attendance was
as follows:
Number of
Trustee
meetings attended
Gregorio T. Yu (Chairman) 10
Robert G. Vergara (Core Member) 9 reflect the change in Committee chairmanship, as well
Roman Felipe S. Reyes
7
(Core Member)
Geraldine Marie Berberabe-
10
Martinez (Member)
Karina Constantino-David (Member) 9 once every two months.
Mario J. Aguja (Member) 10
Romeo M. Alip (Member) 10
Renato T. De Guzman (Member) 3 Corporate Governance Committee. Attendance was as
Elisea G. Gozun (Member) 10
The Risk and Control Self-Assessment (RCSA) was
implemented in connection with the Board of Trustees
initiative to promote corporate best practices. This was put
in effect through the Risk Management Office (RMO), and
was aimed at helping the Board and Management identify
and appraise inherent risks that are significant to the
Systems day-to-day operations.
The regular identification and updating of risks related to
the Social Insurance (SI) Fund and General Insurance (GI)
Fund are ensured through the conduct of the Risk Control
and Self-Assessment Surveys, which are done biennially.
Based on RCSA surveys, heat maps with residual risks
for SI and GI Funds were generated to summarize these
assessments after appropriate mitigating controls have
been considered, as well as prioritize the risks that should
be monitored.
16 GSIS Annual Report
The Risk Monitoring Reports for both SI and GI Funds were
reported by RMO on a quarterly basis to ROC. In turn,
the Committee issued appropriate directives to manage or
mitigate risks.
ROC also endorsed to the Board for approval, among
others, the following projects and initiatives:
1. Renewal of Investment Management Agreement (IMA)
with Bank of the Philippine Islands (Odyssey) and
Maybank ATR Kim Eng Capital Partners, Inc.;
2. Proposed Changes in the Appropriated Surplus of the
SI Fund and Administered Funds of GSIS, as of 31
December 2014;
3. Maximum Allowable Limits of Total School Fees per
Semester per Edu-Child Category for SY 2015-2016;
4. 2015 Christmas Cash Gift to Old-Age and Disability
Pensioners;
5. Proposed Change in the Maximum Loanable Amount
for the Policy Loan of Enhanced Life Policyholders; and
6. Cash Benefit in 2014 for Compulsory Life Insurance
Policies, which was distributed in 2015.
Audit
The Audit Committee assists the Board in fulfilling its
responsibilities for policy formulation and for oversight of
GSISs financial reporting process, the system of internal
control, the audit process, and the process for monitoring
compliance with laws, rules, regulations, and code of
conduct.
The Audit Committee operates under a written charter,
which was last amended on 10 September 2015, to
as other revisions to align it with the charters of the other
Board committees. All of the Trustees are members of the
Committee. For quorum purposes, however, the Trustees
have designated among themselves three core members,
and a chairperson from among the core members.
Pursuant to its charter, the Committee shall meet at least
In 2015, the Audit Committee had a total of 10 meetings.
Further, an additional meeting was jointly held with the
follows:
Number of
Trustee
meetings attended
Roman Felipe S. Reyes (Chairman) 10
Mario J. Aguja (Core Member) 10
Romeo M. Alip (Core Member) 10
Robert G. Vergara (Member) 9
Gregorio T. Yu (Member) 9
Geraldine Marie Berberabe-
10
Martinez (Member)
Karina Constantino-David (Member) 8
Renato T. De Guzman (Member) 4
Elisea G. Gozun (Member) 9
The Audit Committee exercises functional authority over the
Internal Audit Services Office (IASO) and provides oversight
of GSISs internal audit function. IASOs main responsibility
is the appraisal of the soundness and adequacy of
internal controls in the various operations of GSIS. This
responsibility is carried out through the conduct of audit
or reviews and presentation of its results through a report
submitted to the Audit Committee and the President and
General Manager.
IASO regularly submits its annual Plans and Programs
to the Audit Committee for approval. In 2015, IASO has
submitted a total of 29 reports involving review of the
financial statement and various operations of GSIS. All
IASO recommendations were regularly monitored as
to compliance and implementation by operating units
concerned (OUCs). A semiannual compliance report was
done to check on the status of compliance as of a cut-off
date. The results were presented to the Audit Committee,
and were also provided to the Corporate Planning Office,
which formed part of the OUCs group performance
appraisal. Overall, the system of internal control employed
by the GSIS is effective and adequate.
The Audit Committee monitored and reviewed the GSISs
monthly financial statements to ensure compliance with
financial reporting standards and fair presentation of the
Systems financial position. It endorsed to the Board
the Audited Financial Statements for the year 2014, and
monitored Managements actions to address issues raised
by the Commission on Audit.
Further, the Audit Committee, together with the Corporate
Governance Committee, reviewed the proposed Corporate
Operating Budget and the Plans and Programs for 2016.
Legal Management
The Legal Oversight Committee assists the GSIS Board
of Trustees in carrying out its quasi-judicial powers and
oversight responsibilities over big ticket accounts, and in
ensuring GSISs compliance with applicable laws, rules,
regulations, and procedures.
The Committee monitors, oversees, and recommends legal
strategies regarding big ticket accounts, which shall refer to
cases wherein any of the following factors is present:
1. Cases involving high-valued real estate properties that
are either owned, mortgaged, foreclosed, or claimed
by the GSIS with an appraised value of at least Fifty
Million Pesos (Php50,000,000);
2. Cases where the total claim (including damages
and fees) involved is at least Fifty Million Pesos
(Php50,000,000);
3. Cases that have substantial impact on or present a
threat to the actuarial solvency, policies, operations,
and reputation of the GSIS, as determined by the
PGM;
4. Criminal, civil, or administrative cases filed by or
against GSIS Trustees or officers (vice presidents and
up) in any court, tribunal, office, agency, or body in
connection with the performance of their official duties;
and
5. Other cases that may be classified by the Legal
Oversight Committee, in the exercise of its discretion,
as a big ticket case.
In addition, the Committee reviews quasi-judicial cases
elevated from the Committee on Claims (CoC) and
recommend to the Board actions to be taken in the
disposition thereof. It ensures the speedy, efficient, and
responsive dispensation of justice.
The charter of the Committee was approved on 9 February
2012 through Board Resolution No. 20 and was amended
twice. The first amendment, made on 12 December 2013
through Board Resolution No. 149, reflected the changes in
the composition of the Committee. The second amendment
was on 15 October 2015 through Board Resolution 154,
reflecting the changes in the chairmanship, as well as
clarifying the Committees authority and responsibility with
respect to review of quasi-judicial cases.
All of the Trustees are members of the Committee. For
quorum purposes, however, the Trustees have designated
among themselves three core members, and a chairperson,
who is a lawyer, from among the core members.
In 2015, the Committee conducted 10 meetings, which were
attended by the following members:
Number of
Trustee
meetings attended
Geraldine Marie Berberabe-
10
Martinez (Chairperson)
Gregorio T. Yu (Core Member) 8
Karina Constantino-David
10
(Core Member)
Renato T. de Guzman (Member) 4
Robert G. Vergara (Member) 10
Roman Felipe S. Reyes (Member) 9
Mario J. Aguja (Member) 10
Romeo M. Alip (Member) 10
Elisea G. Gozun (Member) 10
Big Ticket Cases. There were 45 cases identified by the
Committee as big ticket, for which the Legal Services Group
(LSG) submitted regular quarterly reports.
In 2015, LSG obtained favorable judgment in the case of
Harold I. Cuevas vs. Rosario Enriquez Vda. De Santiago,
Gregorio Enriquez Jr., GSIS, Antonio T. Vilar (Civil Case
No. 72885) and judgment by means of compromise in
the case of Industrial Bank of Korea, et al. vs. Domsat
Holdings, Inc., and GSIS (Civil Case No. 99-1853) where
the Court approved eight compromise agreements between
GSIS and eight reinsurers, while two more compromise
agreements are still pending for resolution.
Quasi-Judicial Cases. In 2015, the Committee reviewed
Policy and Procedural Guidelines No. 222-13 (Guidelines
on Appeals and Motions for Reconsideration), and
endorsed for approval of the Board amendments thereto.
Hence, PPG No. 300-15 (Amended Guidelines on
Appeals and Motions for Reconsideration) was approved,
which is an amendment of PPG No. 222-13, to further
clarify the quasi-judicial process and improve efficiency
in the disposition of cases by addressing the difficulties
encountered by petitioners with procedural requirements.
One of the significant changes directed by the Committee
is the File Anywhere Policy, which allows members and
pensioners to file their petition in any GSIS Branch Office
within the prescriptive period prescribed by the rules.
GSIS Annual Report 17
The Committee resolved 35 quasi-judicial cases in 2015 and referred three cases to CoC for proper disposition.
Yearly Status of Quasi-Judicial Cases
Number of Petition / MR at the start of the Year
Number of Petition / MR Filed
Number of Cases Resolved
Number of Cases Referred to COC
Number of Cases Remaining at the End of the Year
COMPLIANCE WITH COMMITMENTS TO GCG
GSIS achieved an overall rating of 100% across its key
strategic objectives under GCGs Performance Evaluation
System for government-owned and-controlled corporations
(GOCCs). Of importance:
1. On Empowering Members and Pensioners
Enjoying Social Protection.
1.1 A total of 92 dialogues were conducted for the
year attended by 25,626 participants, or a 119%
increase over the target of 42 dialogues with 1,260
attendees.
1.2 GSIS also provided increased benefits for the
year without impairing the life of the fund. These
included higher funeral benefit of Php30,000,
one-time benefit equivalent to one-month basic
pension or Php10,000, whichever is lower, and
the grant of milestone benefits to regular old-age
and disability pensioners.
2. On Providing Excellent and Responsive Service to
Members and Pensioners.
2.1 Out of 198,372 social insurance claim applications
received, including balance from last year,
194,023 were processed within TAT, translating to
97.81% processing efficiency rate, an improvement
from last years 93.11% rating.
2.2 About 99.96% or 1,424,302 of the total 1,424,913
loan applications received in 2015 were granted
within five work days from the Agency Authorized
Officer (AAO) approval. The total amount of gross
loans granted within the period reached more than
Php127.36 billion, 15% higher than the amount of
loans granted last year.
2.3 For two years in a row, GSIS topped the ARTA
survey conducted by the CSC, when 47 or 83%
of 57 BOs and EOs (the highest among all 1,114
frontline offices of the government) were rated
Excellent. The remaining 10 offices were rated
Good. The survey was conducted from March to
July 2015 in the Head Office and the two BOs in
NCR, 25 from Luzon, 14 from Visayas, and 15
from Mindanao. The average rating of these offices
was computed at 91.72%.
18 GSIS Annual Report
2015
(As of 31
2010 2011 2012 2013 2014 December
2015)
58 68 52 54 42 41
12 6 15 22 35 31
(2) (22) (13) (21) (35) (35)
(13) (1) (3)
68 52 54 42 41 34
3. On Streamlined and Efficient Processes. In 2015,
the total administrative and operating expense was
3.98%, lower than the target of 6%, which reflected
the prudent management of funds.
4. On Ensuring Updated and Accurate Database.
GSIS exceeded its 95% target by successfully posting
99.99% of monthly agency remittance within 90-day
TAT for the period September 2014 to August 2015.
Further, some 1,961,395 records out of 1,992,761
requests received within the period were created or
updated within five work days from receipt of request,
which is equivalent to a processing efficiency rate of
98.43%.
5. On Financial Stewardship and Sustaining
Actuarial Viability. The five-year rolling average of
total assets was 11.19%, higher than the target of
10%. Net underwriting income jumped 53.05% from
the target of 10% in 2014.
6. On Developing Workforce Competence. The
Competency Profile, which determines the skills and
proficiencies required for the effective performance in
specific job roles, was completed and confirmed by
the Board on 26 February 2015 per Board Resolution
No. 21. In relation to this, the first Annual Competency
Assessment was conducted in 2015 and completed
in December. This resulted in an average of 2.97
competency rating for all GSIS employees.
7. On Improving Information Capital. GSIS
established a QMS that conforms to ISO standard,
meeting thus the GCG requirement that GOCCs must
comply with Good Governance Conditions, which
includes the institutionalization of Government QMS
Standards. On November 2015, the third-party audit
was conducted by TV Rheinland Philippines Inc.,
which recommended the issuance of ISO Certification
9001:2008 to GSIS loan processing.
Whistle-Blowing Policy
The proposed Whistle-Blowing Policy was discussed
in the Corporate Governance Committee meeting on
January 28, 2013. The Committee agreed to put the
proposed policy on HOLD until the whistle-blowing law,
which shall set forth the rules on the allocation of funds
for rewards and other incentives for whistle-blowers, is
enacted.
 BOARD OF TRUSTEES

Chairman RENATO T. DE GUZMAN Vice Chairman and PGM ROBERT G. VERGARA

Trustee MARIO J. AGUJA Trustee ROMEO M. ALIP

Trustee KARINA CONSTANTINO-DAVID Trustee ELISEA G. GOZUN

Trustee GERALDINE MARIE B. BERBERABE-MARTINEZ Trustee ROMAN FELIPE S. REYES

Trustee GREGORIO T. YU Corporate Secretary MA. THERESA A. RAAGAS

GSIS Annual Report 19

 RENATO T. DE GUZMAN
Chairman

Age: 65
Date of First Appointment: June 26, 2015

Trainings / Seminars Attended:

2015 - Corporate Governance Seminar, conducted by the

Institute of Corporate Directors (held on 16 October 2015 at
the InterContinental Hotel Makati)

Chairman RENATO T. DE GUZMAN graduated with a degree in Bachelor of

Science in Management Engineering from Ateneo de Manila University. He
also holds two masters degrees: Business Administration (with distinction)
from Katholieke Universiteit Leuven, Belgium, and Management from McGill
University, Canada.

An accomplished banker, he spurred the growth of the private banking

business in Asia while the Chief Executive Officer of INGs Asia Private Bank
(IAPB) and subsequently, of the Bank of Singapore, after IABP was acquired
by Oversea-Chinese Banking Corporation (OCBC) in 2010 and renamed Bank
of Singapore. He was responsible for the development of Bank of Singapore
as Asias Global Private bank.

Because of his achievements in the world of banking, he received the ING

Leadership Award. He was also named Outstanding Private Banker in Asia
Pacific by Private Banker International in 2014, and Private Banker of the
Year by Asian Private Banker in 2015. He was also conferred the Lifetime
Achievement Award by WealthBriefingAsia. He was likewise named by Alpha
Magazine as one of the 25 Most Influential People in Southeast Asia.

20 GSIS Annual Report

ROBERT G. VERGARA
Vice Chairman and PGM

Age: 55
Date of First Appointment: September 20, 2010

Trainings / Seminars Attended:

2011 - Strategic Planning Seminar Workshop, conducted by Ms.

Mean Ignacio (held on September 6, 2011 at the Tower
Club Makati City)
2012 - Strategic Planning Seminar Workshop, conducted by Ms.
Alma Bella Z. Generao (held on November 7, 2012 at the
Nostalge Ortigas)
2013 - Strategic Planning Seminar Workshop, conducted by Ms.
Maria Lourdez Ortiz-Luis and Mr. Cesar P. Baltazar (held on
August 1-2, 2013 at the Tagaytay Highlands)
2014 - Strategic Planning Seminar Workshop, conducted by Mr.
Gerardo A. Plana and Ms. Tess Villanueva (held on July 24-
25, 2014 at the Planta Hotel Bacolod)
- Corporate Governance Seminar, March 22, 2014, SGV
- 10th ASEAN Finance Ministers Investor Seminar, May 20,
2014, Peninsula Hotel, Makati City
- AMUNDI World Investment Forum, June 5-6, 2014, Paris,
France
- Leadership Session by Harvard Prof. Ronald Heifetz,
August 15, 2014, Luna Bldg., Rockwell
- GSIS Strategic Planning Seminar, November 3, 2014,
Heritage Hotel, Manila
2015 - Management Action Planning Workshop, June 8, 2015,
Midas Hotel, Manila
- HR Roadmap Development Workshop, June 26, 2015, GSIS
- Corporate Governance Training, September 5, 2015, SGV
- 21st Session of the Conference of Parties to the United
Nations Framework on Climate Change and the side event
on Hydro-related Risks in Asia-Pacific and The Role of Disaster
Risk Finance and Insurance, November 30, 2015, Paris,
France

PGM ROBERT G. VERGARA graduated with double degrees in Management

Engineering and Mathematics from Ateneo de Manila University (magna cum
laude). He was President of the Management Engineering Student Association
and a Management Engineering Departmental Awardee.

In 1986, he obtained his masters degree in Business Administration from

Harvard Graduate School of Business Administration, with concentration on
general management, finance, and corporate strategy.

Prior to his appointment as PGM and Vice Chair of the GSIS BOT, he was the
Managing Director and Founding Partner of Cannizaro (Hong Kong) Capital
Partners Limited. He spent most of his career in Hong Kong where he was
also a Trader of IFM Trading Limited, Managing Director of IFM Asia Limited,
Principal of Morgan Stanley Dean Witter Asia Limited, Director or Dresdner
Kleinwort Wasserstein Securities (Asia) Limited, and Managing Director of
Lionhart (Hong Kong) Limited.

He began his career as Assistant Manager of Citibank, N.A., Manila and also
worked as Summer Associate of Shearson Lehman Brothers in USA, and
Trader of IFM Trading Limited in England.

GSIS Annual Report 21

 MARIO J. AGUJA
Trustee

Age: 50
Date of First Appointment: October 31, 2010

Trainings / Seminars Attended:

2011 - Strategic Planning Seminar Workshop, conducted by Ms.

Mean Ignacio (held on September 6, 2011 at the Tower
Club Makati City)
2012 - Strategic Planning Seminar Workshop, conducted by Ms.
Alma Bella Z. Generao (held on November 7, 2012 at the
Nostalge Ortigas)
2013 - Strategic Planning Seminar Workshop, conducted by Ms.
Maria Lourdez Ortiz-Luis and Mr. Cesar P. Baltazar (held on
August 1-2, 2013 at the Tagaytay Highlands)
2014 - Strategic Planning Seminar Workshop, conducted by Mr.
Gerardo A. Plana and Ms. Tess Villanueva (held on July 24-
25, 2014 at the Planta Hotel Bacolod)
2015 - Corporate Governance and Risk Management (for Banks
and Quasi - Banks ); conducted by Ateneo de Manila
University and Ateneo - BAP Institute of Banking held on
September 17-18, 2015
- Financial Risk Management in Practice; conducted by Ateneo
de Manila University Graduate School of Business and Center
for Continuing Education held on November 28, December 5
and 12, 2015
- Strategic Planning Session, July 23-24, 2015 at the Tagaytay
Highlands, Tagaytay City, Cavite

Trustee MARIO MAYONG JOYO AGUJA obtained his undergraduate degree

in Sociology from the Mindanao State University, General Santos City (MSU-
GenSan) in 1986 and his masters degree in Sociology at the University of
the Philippines, Diliman in 1991. He was a graduate research fellow in the
field of Sociology at the Institute of Socio-Information and Communication
Studies, University of Tokyo, Japan from 1994 to 1996 and was a graduate
student in Comparative Culture with specialization in International Economics
and Development Studies at Sophia University, Japan from 1996 to 1998. He
obtained his doctorate degree in International Cooperation Studies from Nagoya
University, Japan in 2001.

He is currently a Professor at the Department of Sociology in MSU-GenSan

and concurrent Chairperson of the MSU-GenSan Faculty Union. He was
formerly President of the MSU System Faculty Confederation and at the same
time Faculty Regent from 2009 to 2010. He also served as Chairperson of the
Board of the Federation of Government Schools Employees Associations of the
Philippines.

He was actively involved with various civil society organizations. He was

formerly Executive Director of Building Alternative Rural Resource Institutions
and Organizing Services (BARRIOS Inc.), Assistant Project Officer of Enfant
et Development, Chairperson of Sustainable Integrated Area Development
Initiatives in Mindanao-Convergence for Asset Reform and Rural Development
(SIMCARRD Inc.) and a Member of the Board of Governors of the Philippine
Red Cross. He is also actively involved in various peace and education
advocacies for Mindanao.

Trustee Aguja was a member of the House of Representatives from 2002 to

2007 representing Akbayan Citizens Action Party.

22 GSIS Annual Report

ROMEO M. ALIP
Trustee

Age: 54
Date of First Appointment: September 24, 2013

Trainings / Seminars Attended:

2011 - Strategic Planning Seminar Workshop, conducted by Ms. Meann

Ignacio (held on September 6, 2011 at the Tower Club
Makati City)
2012 - Strategic Planning Seminar Workshop, conducted by Ms. Alma
Bella Z. Generao (held on November 7, 2012 at the Nostalge
Ortigas)
2013 - Strategic Planning Seminar Workshop, conducted by Ms. MAria
Lourdez Ortiz-Luis and Cesar P. Baltazar (held on August 1-2,
2013 at the Tagaytay Highlands)
2014 - Strategic Planning Seminar Workshop, conducted by Mr.
Gerardo A. Plana and Ms. Tess Villanueva (held on July 24-
25, 2014 at the Planta Hotel Bacolod)
- Orientation Course on Corporate Governance; conducted by
the Institute of Corporate Directors (held on March 6, 2014 at
the Manila Peninsula, Makati)
2015 - Strategic Planning Session, July 23-24, 2015 at the Tagaytay
Highlands, Tagaytay City, Cavite

Trustee ROMEO M. ALIP earned two degrees in Education from Magsaysay

Memorial College, namely, Bachelor in Elementary Education in 1986 and
Bachelor of Science in Education in 1989. He also completed his Master of Arts
in Education in Columban College in 1989. He obtained his doctorate degree in
Philosophy from Angeles University Foundation in 1993.

Currently, he is the President of the Philippine Association of Schools

Superintendents and Central Luzon Association of Schools Superintendent. He
is the Schools Division Superintendent for the Bulacan Division Office of the
Department of Education.

As a seasoned educator, Trustee Alip is a recipient of several awards, including

Meritorious and Outstanding Service Rendered to the Organization by the Boy
Scout of the Philippines in 2011, Top Achievers Award in the Medium-Sized
Division in the 2009 National Achievement Test, and Recognition Award for
Excellent Public Service from the Sangguniang Panlungsod ng Malolos in 2007.

GSIS Annual Report 23

 KARINA CONSTANTINO-DAVID
Trustee

Age: 69
Date of First Appointment: August 17, 2010

Trainings / Seminars Attended:

2011 - Strategic Planning Seminar Workshop, conducted by Ms.

Mean Ignacio (held on September 6, 2011 at the Tower
Club Makati City)
2012 - Strategic Planning Seminar Workshop, conducted by Ms.
Alma Bella Z. Generao (held on November 07, 2012 at the
Nostalge Ortigas)
2013 - Strategic Planning Seminar Workshop, conducted by Ms.
Maria Lourdez Ortiz- Luis and Mr. Cesar P. Baltazar (held on
August 1-2, 2013 at the Tagaytay Highlands)
- Gender Sensitivity Workshop Seminar, conducted by the GSIS-
GAD on 18 December 2013 at the Narra Hall, 8th floor,
GSIS Main Building, Financial Center, Pasay City
2014 - Strategic Planning Seminar Workshop, conducted by Mr.
Gerardo A. Plana and Ms. Tess Villanueva (held on July 24-
25, 2014 at the Planta Hotel Bacolod)
2015 - Strategic Planning Session, July 23-24, 2015 at the Tagaytay
Highlands, Tagaytay City, Cavite

Trustee KARINA CONSTANTINO-DAVID is the Chairperson of the Corporate

Governance Committee of the Government Service Insurance System (GSIS).

Trustee David is also currently a Member of the Search Committee of the

Office of the President of the Philippines; the Chairperson of the People Power
Volunteers for Reform; the Chairperson of the Artists Welfare Project Inc.; a
Board Member of the International Institute for Public Ethics; a Member of the
Executive Committee of the Former Senior Government Official; the Board
Director of Harnessing Self-Reliant Initiatives and Knowledge; and a Board
Member of the Child Protection Network Foundation.

Prior to her appointment as GSIS Trustee, she was the Chairperson of both
the Civil Service Commission and Career Executive Service Board from 2001
to 2008; the Secretary of Housing and Chairperson of the Housing and Urban
Development Coordinating Council from 1998-1999; the Chairperson of the
Home Development Mutual Fund, Home Insurance and Guaranty Corporation,
National Home Mortgage and Finance Corporation, and Housing and Land
Use Regulatory Board; and the Undersecretary of the Department of Social
Welfare and Development.

Trustee David also served in the academe as a Professor of Community

Development and Sociology at the University of the Philippines (UP), Diliman.
She was involved in professional, civic and cultural associations such as
Abanse! Pinay,and Inang Laya, among others.

Trustee David received numerous awards for excellent public service including
World Banks Jit Gill Memorial Award for Outstanding Public Service in 2008,
House of Representatives Committee on Womens Most Outstanding Woman
in Public Service in 2008, and Province of Bulacans Gawad Dangal ng Lipi
Pinakamataas na Kategorya Paglilingkod Bayan in 2006.

Trustee David earned her degree in Sociology from UP Diliman in 1966 and
earned her masters degree in Economics and Social Studies from the Victoria
University of Manchester, England in 1974.

24 GSIS Annual Report

ELISEA G. GOZUN
Trustee

Age: 63
Date of First Appointment: September 24, 2013

Trainings / Seminars Attended:

2014 - Strategic Planning Seminar Workshop, conducted by Mr.

Gerardo A. Plana and Ms. Tess Villanueva (held on July 24-
25, 2014 at the Planta Hotel Bacolod)
- Orientation Course on Corporate Governance; conducted by
the Institute of Corporate Directors (held on March 6, 2014 at
the Manila Peninsula, Makati)
2015 - Resilience: Tools, Measurement and Application
Workshop hosted by USAID Regional Development Mission
Asia in partnership with the Rockefeller Foundation held on
October 4-15, 2015 at Bangkok, Thailand
- Strategic Planning Session, July 23-24, 2015 at the Tagaytay
Highlands, Tagaytay City, Cavite

Trustee ELISEA G. GOZUN graduated with a Bachelor of Arts from

Southwestern University in Cebu City in 1976. She completed units for a
masters degree in Environmental Management at the Philippine Womens
University in 1996. She was conferred Doctor of Environmental Management
(Honoris Causa) by Ramon Magsaysay Technological University in 2004 and
by Xavier University in 2008.

Aside from her current work at the GSIS, Trustee Gozun serves as Consultant
to several World Bank projects including the Climate Public Expenditure and
Institutional Review, Phil-Wealth Accounting and Valuation of Ecosystem
Services, and Green Print 2030 Phase II. She is also a consultant to
AECOM, which is a contractor for the United States Agency for International
Development on the Climate Resiliency Team Leader, Be Secure Project. She
has also worked with various UN Bodies, ADB, National Government Agencies
and Local Government Units.

Prior to her appointment as GSIS Trustee, she also served as Presidential

Assistant II on Climate Change from January 2011 to June 2013 and Secretary
of the Department of Environment and Natural Resources from December
2002 to September 2004.

Her passion for the environment brought her to many civil society organizations
serving as Chair of the Earth Day Network Philippines, the Earth Council Asia
Pacific Philippines, and the Philippine Council for Environmental Protection
and Sustainable Development which serves as the secretariat for the eco-
labeling program in the country. She also held top positions in the Solid
Waste Management Association of the Philippines, Partnership for Clean Air,
Philippine Business for Environment, Green Kalinga Program of the Gawad
Kalinga Foundation, Philippine Tropical Forest Conservation Foundation,
Worldwide Fund for Nature Philippines, and League of Corporate Foundations.
In the region, she chaired the Clean Air Initiative for Asian Cities Partnership
Council.

In 2007, she was recognized by the United Nations Environment Program

(UNEP) as the Champion of the Earth for Asia and the Pacific.

GSIS Annual Report 25

 GERALDINE MARIE BERBERABE-
MARTINEZ
Trustee

Age: 49
Date of First Appointment: October 20, 2010

Trainings / Seminars Attended:

2011 - Strategic Planning Seminar Workshop, conducted by Ms.

Mean Ignacio (held on September 6, 2011 at the Tower
Club Makati City)
2012 - Strategic Planning Seminar Workshop, conducted by Ms.
Alma Bella Z. Generao (held on November 7, 2012 at the
Nostalge Ortigas)
2013 - Strategic Planning Seminar Workshop, conducted by Ms.
Maria Lourdez Ortiz-Luis and Mr. Cesar P. Baltazar (held on
August 1-2, 2013 at the Tagaytay Highlands)
2014 - Strategic Planning Seminar Workshop, conducted by Mr.
Gerardo A. Plana and Ms. Tess Villanueva (held on July 24-
25, 2014 at the Planta Hotel Bacolod)
- Corporate Governance Orientation Program for Government
Owned or Controlled Corporations (held on November 25,
2014 at the One Pacific Place, Makati City)
2015 - Corporate Governance and Risk Management for Banks and
Quasi-Banks (held on September 17-18, 2015 at the
Ateneo de Manila University, Graduate School of Business,
Salcedo Village, Makati City)
- Strategic Planning Session, July 23-24, 2015 at the Tagaytay
Highlands, Tagaytay City, Cavite

Trustee GERALDINE MARIE BERBERABE-MARTINEZ obtained her degree in

Philosophy from UP Diliman, and her Bachelor of Laws Degree (LLB) from San
Beda College. She chairs the Legal Oversight Committee of GSIS.

Prior to her GSIS appointment, she served as Provincial Board Member of

the 2nd District of Batangas from 1995 to 1998. The Center for Women in the
Municipality of Balayan, the establishment thereof she authored, won the 2000
Galing Pook (National) Award. She was also awarded as Woman Achiever by
the Provincial Government of Batangas in 2000.

She worked as Consultant at the Office of the Chairman of the Board of the
Philippine Development and Management Council, Chief Legal Counsel at the
Office of Senator Loren Legarda, Partner at the Pastrana Fallar Law Office,
Senior Vice President and Legal Officer of Advance Solutions Inc., and Manager
of the Marketing and Retirees Servicing Department of Philippine Leisure and
Retirement Authority.

As a women and childrens rights advocate, she also worked for COMBAT-VAW
or the Community-Based Approach to Violence Against Women Project, the
Womens Legal Bureau Inc., and PANLIPI, an NGO providing legal assistance
to indigenous cultural communities to defend their ancestral domain.

26 GSIS Annual Report

ROMAN FELIPE S. REYES
Trustee

Age: 64
Date of First Appointment: September 20, 2010

Trainings / Seminars Attended:

2011 - Strategic Planning Seminar Workshop, conducted by Ms.

Mean Ignacio (held on September 6, 2011 at the Tower
Club Makati City)
2012 - Strategic Planning Seminar Workshop, conducted by Ms.
Alma Bella Z. Generao (held on November 7, 2012 at the
Nostalge Ortigas)
2013 - Strategic Planning Seminar Workshop, conducted by Ms.
Maria Lourdez Ortiz-Luis and Mr. Cesar P. Baltazar (held on
August 1-2, 2013 at the Tagaytay Highlands)
2014 - Strategic Planning Seminar Workshop, conducted by Mr.
Gerardo A. Plana and Ms. Tess Villanueva (held on July 24-25,
2014 at the Planta Hotel Bacolod)
- Corporate Governance Seminar; conducted by the Philippine
Securities Consultancy Corporation (held on May 19, 2014 at
the Dusit Thani Hotel, Ayala Center, Makati)
2015 - Orientation Course for Corporate Governance; conducted by
the Institute for Corporate Directors (held on April 29, 2015
at the Manila International Container Terminal, South Access
Road, Port Area, Manila)

Trustee ROMAN FELIPE S. REYES obtained his degree in Commerce major in

Accounting from San Beda College in 1972 and proceeded to take his Master
of Business Administration major in Finance in University of Detroit, Michigan,
USA, in 1975.

Aside from being a GSIS Trustee and Chairman of the Audit Committee, he
is a member of the Board of Directors of Philippine National Construction
Corporation. Trustee Reyes is also an independent director of Bank of
Commerce, Pasudeco, All-Asian Countertrade and RPN-9, and Chairman of
Reyes Tacandong and Co.

He was Senior Partner and Vice Chairman of SGV and Co., President of
Knowledge Institute and Supervisor of Ernst and Young New York. Trustee
Reyes also served as President of Bulacan Kaunlaran Foundation and Bulacan
Chapter of Philippine Institute of Certified Public Accountants.

Trustee Reyes received several awards and recognition for his community
service, which include Most Distinguished Bedan in 2004, Katangi-tanging Anak
ng Bocaue in 1999, and Outstanding Bulakeo Dangal ng Lipi in 1994, among
others.

GSIS Annual Report 27

 GREGORIO T. YU
Trustee

Age: 57
Date of First Appointment: September 20, 2010

2011 - Strategic Planning Seminar Workshop, conducted by Ms.

Mean Ignacio (held on September 6, 2011 at the Tower
Club Makati City)
2012 - Strategic Planning Seminar Workshop, conducted by Ms.
Alma Bella Z. Generao (held on November 7, 2012 at the
Nostalge Ortigas)
2013 - Strategic Planning Seminar Workshop, conducted by Ms.
Maria Lourdez Ortiz-Luis and Mr. Cesar P. Baltazar (held on
August 1-2, 2013 at the Tagaytay Highlands)
2014 - Strategic Planning Seminar Workshop, conducted by Mr.
Gerardo A. Plana and Ms. Tess Villanueva (held on July 24-25,
2014 at the Planta Hotel Bacolod)
- Corporate Governance Seminar, conducted by the Institute for
Corporate Directors (ICD) on 26 May 2014
- Corporate Governance Training, conducted by SGV and Co.
on 22 March 2014
2015 - Corporate Governance Seminar, conducted by the Institute for
Corporate Directors (ICD) on 22 June 2015

Trustee GREGORIO T. YU graduated summa cum laude in Economics under

the Honors Program of De La Salle University in 1978. Thereafter, he went on
to obtain a masters degree in Business Administration from Wharton School of
the University of Pennsylvania in 1983.

In the private sector, he is currently the Chairman of CATS Motors Inc. He also
chairs the Executive Committee of the Philippine Bank of Communications
(PBCom), and sits as the Vice Chairman of Sterling Bank of Asia. Likewise,
Mr.Yu serves as a director of various companies, such as the Philippine
National Reinsurance Corporation, Philippine Airlines, Philequity Fund, I-Remit
Inc., UniStar Credit and Finance Corporation, Prople BPO, Vantage Equities,
Yehey Corporation, i-Ripple Inc., WSI Corporation, Nexus Technologies, and
Jupiter Systems Corporation. In addition, he is also Trustee of Xavier School
Inc., and Board Member of both Ballet Philippines and the Manila Symphony
Orchestra.

Prior to his appointment as GSIS Trustee, Mr. Yu had also served as President
and CEO of Belle Corporation, Tagaytay Highlands International Golf Club
Inc., Tagaytay Midlands Golf Club, and the Tagaytay Highlands Country Club.
He was also the Vice Chairman of the APC Group and Philippine Global
Communication, and served as Director of the International Exchange Bank.
Mr. Yu started his career with the Chase Manhattan Bank Asia, based in Hong
Kong, as its Director for Corporate Finance and Vice President for Area Credit.

28 GSIS Annual Report

 List of Directorships in GOCCs and PLCs
As of December 31, 2015

Length of Service
Name of Board of
Position Designation (As of December
Trustees
31, 2015)
Renato T. De Guzman Chairman n Government Service 6 months
Insurance System (GSIS)
Independent Director n JG Summit Holdings Inc. 8 months
Director n Maybank (Malaysia)
Director n ICCP
Robert G. Vergara President & General n Government Service 5 years 3 months
Manager and Vice Insurance System (GSIS)
Chairman

Director n Philippine Stock Exchange 5 years 3 months

[PSE] including:
Member l Securities Clearing
Corporation of the
Philippines [SCCP]
l Capital Market Committee
Vice Chairperson n National Reinsurance 5 years 3 months
Corporation of the Philippines
[NRCP]
l Chairman, Nomination and
Compensation Committee
n Ex-officio [Sec. 5, RA 10121], 5 years 3 months
National Disaster Risk
Reduction and Management
Council
Director n Philippine National 5 years 1 month
Construction Corporation
[PNCC]
n Asian Forum Inc. 5 years
n Ex-officio, [EO 90] Housing 5 years 3 months
and Urban Development
Coordinating Council
n Ex-officio, Philippine 5 years 3 months
Aerospace Development
Corporation [PADC]
n Ex-officio, Philippine Health 5 years 3 months
Insurance Corporation
(PhilHealth)
Independent Director n Sea Crest Master Fund 6 years
Director n Cabanatuan Electric 14 years
Corporation

GSIS Annual Report 29

 Karina Constantino- Trustee n Government Service 5 years 4 months
David Insurance System (GSIS)
Director n Manila Hotel 2 years 2 months
Member (Board of n Child Protection Network
Directors) Foundation
Director n Harnessing Self-Reliant 17 years
Initiatives and Knowledge
(HASIK)
Gregorio T. Yu Trustee n Government Service 5 years 3 months
Insurance System (GSIS)
Director, Treasurer n National Reinsurance 5 years
Corporation of the Philippines
[PhilNaRe]
Member l Investment and Budget
Committee
Chairman n CATS Motors, Inc. 11 years
Chairman n CATS Asian Cars, Inc. 11 years
Chairman n CATS Automobile Corporation 11 years
Vice Chairman n Sterling Bank of Asia 9 years
Chairman l Executive Committee
Director n Philippine Bank of 4 years
Communications
Chairman l Executive Committee
Director n Philippine Airlines 4 years
Director n Unistar 3 years
Director n Glyph Studios, Inc. 4 years
Director n Iremit, Inc. 12 years
Director n Philequity Fund, Inc. 21 years
Director n Propole BPO, Inc. (formerly 9 years
Summersault, Inc.)
Director, Treasurer n CMB Partners, Inc. 12 years
Director n Jupiter Systems, Inc. 14 years
Director n Wordtext Systems, Inc. 14 years
Director n Yehey, Inc. 14 years
Director n R.S. Lim & Co., Inc. 18 years
President n Domestic Satellite 14 years
Corporation of the Philippines
Chairman & President n Lucky Star Network 21 years
Communications Corporation
Trustee n Xavier School, Inc. 17 years
Trustee n Xavier School Educational 18 years
and Trust Fund, Inc.
Chairman l Ways and Means 17 years
Committee
Member n Ballet Philippines 6 years
Member n Manila Symphony Orchestra 6 years
Director n Ripple E-business 5 years
International, Inc.

30 GSIS Annual Report

Roman Felipe S. Reyes Trustee n Government Service 5 years 3 months
Insurance System (GSIS)
Director n National Reinsurance 2 years 1 month
Corporation of the Philippines
[PhilNaRe]
Member l Underwriting Committee
l IT Special Board Committee
Independent Director n Pakistan International 1 year
Container Terminal Limited
Independent Director n FF Cruz & Co. Inc. 1 year
Trustee n San Beda College 1 year
Independent Director n Premium Leisure Corporation 2 years
Independent Director n Macawiwili Gold Mining and 2 years
Development Company, Inc.
Independent Director n Philippine Geothermal 3 years
Production Company
Chairman (Board of n Nicanor Reyes Memorial 4 years
Governors) Foundation
Chairman-on-leave n Reyes, Tacandong & Co. 5 years
Independent Director n Radio Philippines 5 years
Network(RPN) 9
Independent Director n Pampanga Sugar 5 years
Development Company
(PASUDECO)
Independent Director n All Asian Countertrade 5 years
Independent Director n Rockwell Club 6 years
Geraldine Marie Trustee n Government Service 5 years 2 months
Berberabe-Martinez Insurance System (GSIS)
Chairperson n GSIS Family Bank [GFB] 5 years 1 month
Mario J. Aguja Trustee n Government Service 5 years 1 month
Insurance System (GSIS)
Director n GSIS Family Bank [GFB] 5 years 1 month
Member (Board of n Philippine Red Cross, General 7 years
Directors) Santos-Sarangani Chapter
Romeo M. Alip Trustee n Government Service 2 years
Insurance System (GSIS)
Elisea G. Gozun Trustee n Government Service 2 years
Insurance System (GSIS)
Director n Philippine National 1 year 11 months
Construction Corporation
[PNCC]

GSIS Annual Report 31

 SENIOR VICE PRESIDENTS

Gloria Georgina DJ. JOTA Hilconeda P. ABRIL Gracita Gilda V. BOCANEGRA

Office of the President Controller Group Financial Management Group
and General Manager

Racquel D. Dionisio C. EBDANE JR. Juan Philip S. EVANGELISTA

DE GUZMAN-BUENSALIDA VisMin Group Information Technology
Corporate Services Group Services Group

Salvacion P. MATE Maria Obdulia V. PALANCA Severina L. RESURRECCION Nora MALUBAY-SALUDARES

Officer-in-Charge Insurance Group Actuarial and Risk NCR Group
Luzon Group Management Group

32 GSIS Annual Report

 VICE PRESIDENTS

Joseph Philip T. ANDRES Manuel P. ANG Erlinda D. BAARES

Visayas Office FI Systems Maintenance NCR Area II
and Other Accounting
Services Office

Juliet M. BAUTISTA Jean Rusela A. BENGO Leopoldo A. CASIO JR.

Internal Audit Application Marketing, Underwriting
Services Office Management Office and Claims Office

Flormin O. CONCEPCION Marilyn A. CONCEPCION Romeo G. DE LUNA JR. Rachel T. EDJAN

General Services Office Acting Vice President Acting Vice President Officer-in-Charge
Human Resources Office Treasury Operations Office South Luzon Office

GSIS Annual Report 33

 VICE PRESIDENTS

Apollo M. ESCAREZ Eduardo V. FERNANDEZ Giovanni G. GAN

Real Estate Asset North Luzon Office Frontline Services
Disposition and Technical Staff
Management Office

Sonia C. HOLGADO Margie A. JORILLO Joyce Corine O. LACSON

NCR Area I Corporate Litigation Office
Communications Office

Josefina C. MAITIM Valerie K. MARQUEZ Marlon E. MENDOZA

Office of the Chairman Risk Management Office IT Infrastructure Office

34 GSIS Annual Report

 VICE PRESIDENTS

Maria Joycelyn A. PANTALEON Neil Edwin C. PEREZ

Office of the Chairman Legal Affairs
Technical Staff

Jonathan C. PINEDA Jason C. TENG

Information Mindanao Office
Security Office

Allan S. YU Lucio L. YU JR.

Research Office Adjudication
and Policy Office

GSIS Annual Report 35

 LETTER TO THE AUDITOR

PASEGURUHAN NG MGA NAGLILINGKOD SA PAMAHALAAN

(GOVERNMENT SERVICE INSURANCE SYSTEM)
Financial Center, Pasay City, Metro Manila 1308

25 May 2016

HON. MICHAEL G. AGUINALDO

Chairperson
Commission on Audit (COA)
Commonwealth Avenue, Quezon City

Dear Chairperson Aguinaldo:

We are providing this letter in connection with your audit of the Government Service Insurance System
(GSIS) for the purpose of expressing an opinion as to whether the financial statements present fairly, in
all material respects, the financial position of the GSIS as at December 31, 2015 and 2014, and its
financial performance and cash flows for the years then ended in conformity with Philippine Financial
Reporting Standards (PFRS).

We understand that your audit was conducted in accordance with Philippine Public Sector Standards on
Auditing, which involves an examination of the accounting system, internal control and related data to
the extent you considered necessary in the circumstances, and is not designed to identify nor necessarily
be expected to disclose fraud, shortages, errors and other irregularities, should any exist.

Certain representations in this letter are described as being limited to matters that are material. Items
are considered material, regardless of size, if they involve an omission or misstatement of accounting
information that, in the light of surrounding circumstances, makes it probable that the judgment of a
reasonable person relying on the information would be changed or influenced by the omission or
misstatement.

Accordingly, we confirm, to the best of our knowledge and belief, as at May 25, 2016, the following
representations made to you during your audit:

A. Financial Statements and Financial Records

1. We acknowledge, as members of management of the GSIS, our responsibility for
the fair presentation of the financial statements. We believe the financial statements
referred to above present fairly, in all material respects, the financial position, financial
performance and cash flows of the GSIS in accordance with PFRS, and are free of
material misstatements, including omissions.
We have approved and authorized for issue the financial statements on 25 May
2016.

36 GSIS Annual Report

 2. The significant accounting policies adopted in the preparation of the financial
statements are appropriately described in the Notes to the Financial Statements.

3. Each element of the financial statements is properly classified, described and disclosed
in accordance with PFRS.

4. We believe that the GSIS has a system of internal controls adequate to ensure that
transactions are properly authorized and recorded; assets are safeguarded against
unauthorized use or disposition and financial statements are accurately prepared in
accordance with PFRS.

B. Accounts for Clearing

As disclosed in the Notes to the Financial Statements, premiums and loans receivables are
presented net of the P2.697 billion accounts for clearing to reflect the most conservative
balance of the account. Accounts for clearing represent accumulated collections on both
premiums and loans which have yet to be posted to the individual members accounts
due to timing differences. These unposted payments are mostly remittances for: a) new
members whose personal data have not yet been submitted by the remitting agency to
GSIS and as such are not yet included in the GSIS database, and b) existing members
whose data updates have yet to be submitted to GSIS by their respective agencies (usually
pertains to salary increases due to promotion or salary adjustments).

The net balance of P2.697 billion in 2015 and P2.893 billion in 2014 of the Accounts
for Clearing is only 0.99% and 1.15%, respectively, of the P272.770 billion and
P252.453 billion Net Premiums and Loans Receivable as at December 31, 2015 and
2014 and 0.28% and 0.32%, respectively, of the P958.200 billion and P907.223
billion Total Assets as at December 31, 2015 and 2014.

Managements untiring and steadfast efforts to bring down and maintain the accounts
for clearing at a manageable level have been successful. Since 2011, various system
enhancements were implemented to improve the defined rules of posting and clearing
on a massive approach. These enhancements aimed to minimize, if not totally prevent,
the accumulation of accounts for clearing which was significantly reduced from P11.158
billion in 2011 to P2.697 billion in 2015. The GSIS has come to a point where the
transactions which comprise the remaining balance have to be scrutinized one by one.
This means having to go through every hundred or thousand peso remittance in prior
periods to make sure that the payment is posted to the correct individual member account.

Currently, 98% of the average P9.750 billion monthly remittances received from
government agencies are posted to the members accounts immediately. The remaining
balance of the accounts for clearing is due mainly to the delay in the submission by the
agencies of the changes in the membership data of their employees resulting to a gap
between the time the open item is created and the posting of payment.

To ensure that the members receive the correct amount of benefits and/or loan proceeds,
members accounts are reconciled manually upon filing of retirement/life insurance claims
or loan applications.

C. GSIS Family Bank (GFB)

On May 13, 2016, the Monetary Board of the Philippines issued Resolution No. 826
placing GFB which is 99.57% owned by GSIS, under receivership with the Philippine
Deposit Insurance Corporation (PDIC). To date, GSIS is providing the necessary assistance
to PDIC in evaluating third party interest for the possible rehabilitation of GFB.

As at December 31, 2015 and 2014, the balance of GSIS investments in GFB was
P15.648 million and P51.325 million, respectively, or 0.00163% and 0.00566% of the
P958.200 billion and P907.223 billion total GSIS assets. Due to the immateriality of the
amount, the account was reclassified from investment in subsidiary to other assets and no
longer consolidated, based on the following principles:

GSIS Annual Report 37

 1. The Conceptual Framework for Financial Reporting, adopted by the Philippine
Financial Reporting Standards Council, carries forward the notion of materiality under
the element of relevance, one of two fundamental qualitative characteristics of useful
financial information. Materiality is an entity-specific aspect of relevance based on the
nature or magnitude of items to which the information relates.

2. The revised and redrafted Materiality in Planning and Performing an Audit (Philippine
Standard on Auditing 320), provides that:

a) Misstatements, including omissions, are considered to be material if they,

individually or in the aggregate, could reasonably be expected to influence the
economic decisions of users taken on the basis of the financial statements;

b) Judgments about materiality are made in light of surrounding circumstances, and
are affected by the size or nature of a misstatement, or a combination of both; and

c) Judgments about matters that are material to users of the financial statements are
based on a consideration of the common financial information needs of users as
a group. The possible effect of misstatements on specific individual users, whose
needs may vary widely, is not considered.

D. Fraud and Error

1. We acknowledge that we are responsible for the design and implementation of
internal controls to prevent and detect error. The management, likewise, discloses to the
GSIS Audit Committee and to the COA Supervising Auditor, all significant deficiencies
in the design and material weaknesses in the operation of internal controls that could
adversely affect its ability to record, process, and report financial data.

2. We have no knowledge of any fraud or suspected fraud that affects the GSIS financial
statements and involves:

o Management;
o Employees who have significant roles in internal controls; or
o Others where the fraud could have a material effect on the financial statements.

3. We believe that the effects of any unadjusted audit differences accumulated by you
during the current audit are immaterial, both individually and in the aggregate, to the
financial statements taken as a whole.

E. Compliance with Laws and Regulations

1. We are unaware of any violations or possible violation of laws or regulations the
effects of which should be considered for disclosure in the financial statements or as
basis of recording a contingent loss.

2. We are unaware of any known or probable instances of non-compliance with the

requirements of regulatory or governmental authorities, including their financial
reporting requirements, and there have been no communications from regulatory
agencies or government representatives concerning investigations or allegations
of non-compliance for the year under review, except as matters of routine, normal,
recurring nature, none of which involves any allegations of non-compliance with laws
or regulations that should be considered for disclosure in the financial statements or a
basis for recording a loss contingency.

38 GSIS Annual Report

F. Information Provided and Completeness of Information
and Transactions
1. We have provided you with:

a. Access to all information of which we are aware is relevant to the preparation of

the financial statements, such as records, documentation and other matters;
b. Additional information that you have requested from us for the purpose of the audit;
and
c. Unrestricted access to persons within GSIS from whom you determined it necessary
to obtain audit evidence.

2. All transactions have been recorded in the accounting records and are reflected in the
financial statements. There are no material transactions that have not been properly
recorded in the accounting records underlying the financial statements.

3. We have disclosed to you all tax opinions, correspondence with tax authorities, or
other appropriate information that served as support for the accounting of potentially
material matters.

4. We confirm that we have disclosed all known related party relationships and related
party transactions as well as related balances due to or from such parties at year-end.
These transactions have been measured and disclosed in the financial statements.

G. Recognition, Measurement and Disclosure

1. We believe that the significant assumptions underlying the fair value measurements
and disclosures used in the preparation of the financial statements are reasonable and
appropriate in the circumstances.

2. We have disclosed, and the GSIS has complied with, all aspects of contractual
agreements that could have a material effect on the event of non-compliance, including
all covenants, conditions or other requirements of all outstanding obligations.

H. Liabilities and Contingencies

All liabilities and contingencies have been disclosed to you and are appropriately
reflected in the financial statements.

To the best of our knowledge and belief, no other events have occurred subsequent to the reporting date
and through the date of this letter that would require adjustment to or additional disclosure in the afore-
mentioned financial statements.

Very truly yours,

ROBERT G. VERGARA HILCONEDA P. ABRIL

President and General Manager Senior Vice President
Controller Group

GSIS Annual Report 39

 INDEPENDENT AUDITORS REPORT

Republic of the Philippines

COMMISSION ON AUDIT
Commonwealth Avenue, Quezon City

The Board of Trustees

Government Service Insurance System
Financial Center, Pasay City

Report on the Financial Statements

We have audited the accompanying financial statements of the Government Service Insurance
System (GSIS), which comprise the statements of financial position as at December 31, 2015
and 2014 and the statements of comprehensive income, statements of changes in net worth
and statements of cash flows for the years then ended, and a summary of significant account-
ing policies and other explanatory information.

Managements Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial state-
ments in accordance with Philippine Financial Reporting Standards, and for such internal con-
trol as management determines is necessary to enable the preparation of financial statements
that are free from material misstatement, whether due to fraud or error.

Auditors Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with Philippine Public Sector Standards on Auditing.
Those standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from
material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditors judg-
ment including the assessment of the risks of material misstatement of the financial statements,
whether due to fraud or error. In making those risk assessments, the auditor considers internal
control relevant to the entitys preparation and fair presentation of the financial statements in
order to design audit procedures that are appropriate in the circumstances, but not for the pur-
pose of expressing an opinion on the effectiveness of the entitys internal control. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by management, as well as evaluating the overall presentation of
the financial statements.

40 GSIS Annual Report

We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our audit opinion.

Opinion

In our opinion, the financial statements present fairly, in all material respects, the financial
position of GSIS as at December 31, 2015 and 2014, and its financial performance and
its cash flows for the years then ended in accordance with Philippine Financial Reporting
Standards.

Emphasis of Matter

We, however, emphasize without qualifying our opinion, Note 7.4 to financial statements on
the Accounts for clearing net balance of P2.697 billion in 2015 and P2.893 billion in 2014
representing unposted collections of premiums and loans that have not yet been posted to the
individual members accounts and are presented as a deduction from the total Premiums and
loans receivable account. The unposted collections affect the accuracy of members privileges,
claims, and the validity of the affected subsidiary ledger accounts as of statement of financial
position date. The reconciliation of the general and subsidiary ledgers is on-going to ensure
that the members receive the correct amount of benefits and/or loan proceeds upon filing of
retirement/life insurance claims, loan application or upon request of those concerned.

We also draw attention to Notes 12.2 and 30.2 to financial statements on the reclassification
of the Systems 99.57 per cent ownership in the GSIS Family Bank amounting to P15.648
million and P51.325 million as at December 31, 2015 and 2014, respectively, to Other
assets account and no longer consolidated its financial statements due to the immateriality of
the amounts.

Report on the Supplementary Information Required Under Revenue Regulations 19-2011

and 15-2010

Our audits were conducted for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplementary information in Note 33 required under
Revenue Regulations 15-2010 and 19-2011 to the financial statements is presented for
purposes of filing with the Bureau of Internal Revenue and is not a required part of the basic
financial statements. Such supplementary information is the responsibility of management.
The information has been subjected to auditing procedures applied in our audit of the basic
financial statements. In our opinion, the supplementary information is fairly presented in all
material respects, in relation to the basic financial statements taken as a whole.

COMMISSION ON AUDIT

Atty. ROMARICO D. FULGENCIO

Supervising Auditor

May 25, 2016

GSIS Annual Report 41

 STATEMENTSDecember
OF 31,FINANCIAL POSITION
2015 and 2014
(In Philippine Peso)

2015 2014

ASSETS

Cash and cash equivalents 38,973,065,605 33,949,093,550

Premiums and loans receivable - net 272,770,291,144 252,452,913,268
Financial assets 567,666,897,747 569,763,333,645
Other receivables - net 7,200,459,569 7,502,725,384
Investment property 58,471,219,713 32,018,684,089
Property and equipment - net 12,061,901,123 10,671,927,507
Other assets 1,056,036,791 864,347,360

TOTAL ASSETS 958,199,871,692 907,223,024,803

LIABILITIES AND NET WORTH

LIABILITIES
Insurance liabilities 11,711,703,644 14,017,744,422
Other liabilities 9,675,857,485 5,622,991,591
Deferred credits 3,100,375,359 2,230,209,480

TOTAL LIABILITIES 24,487,936,488 21,870,945,493

NET WORTH
Surplus
Appropriated surplus 878,147,487,087 809,020,957,087
Unappropriated surplus 47,617,564,358 69,833,577,364
925,765,051,445 878,854,534,451

Revaluation surplus 7,946,883,759 6,497,544,859

TOTAL NET WORTH 933,711,935,204 885,352,079,310

TOTAL LIABILITIES AND NET WORTH 958,199,871,692 907,223,024,803

42 GSIS Annual Report

 STATEMENTS OF COMPREHENSIVE INCOME
For the Years Ended December 31, 2015 and 2014
(In Philippine Peso)

2015 2014

INCOME

Income from insurance 89,976,888,873 83,682,849,972

Income from loans 22,307,068,085 21,261,689,935
Income/(loss) from financial assets (1,944,574,335) 124,762,317,956
Income from investment property 26,462,626,968 2,854,069,245
Other income/(loss) 3,345,284,514 (1,592,756,773)

140,147,294,105 230,968,170,335

EXPENSES

Claims and benefits 85,939,994,751 83,275,403,441

Investment expenses 236,326,173 107,379,163
Insurance expenses 1,192,495,572 1,983,667,612
Personnel services 3,775,574,302 3,413,839,684
Operating expenses 2,059,860,189 1,831,792,111

93,204,250,987 90,612,082,011

NET INCOME 46,943,043,118 140,356,088,324

OTHER COMPREHENSIVE INCOME/(LOSS)

Items that will not be reclassified subsequently to profit or loss

Revaluation surplus 1,449,338,900 -

1,449,338,900 -

TOTAL COMPREHENSIVE INCOME 48,392,382,018 140,356,088,324

GSIS Annual Report 43

44
STATEMENTS OF CHANGES IN NET WORTH

GSIS Annual Report

For the Years Ended December 31, 2015 and 2014
(In Philippine Peso)

SURPLUS OTHER COMPREHENSIVE INCOME

TOTAL OTHER
TOTAL SURPLUS Net unrealized COMPREHENSIVE NET WORTH
Revaluation
Appropriated Unappropriated gains on INCOME
surplus
investments

Balance, January 1, 2015 809,020,957,087 69,833,577,364 878,854,534,451 - 6,497,544,859 6,497,544,859 885,352,079,310

Additions/Provisions:
Net income - 46,943,043,118 46,943,043,118 - - - 46,943,043,118
Increase in appropriation 69,126,530,000 (69,126,530,000) - - - - -
Dividends declared - (32,526,124) (32,526,124) - - - (32,526,124)
Additions during the year - - - - 1,449,338,900 1,449,338,900 1,449,338,900

Balance, December 31, 878,147,487,087 47,617,564,358 925,765,051,445 - 7,946,883,759 7,946,883,759 933,711,935,204

2015

Balance, January 1, 2014 661,809,487,087 76,730,959,040 738,540,446,127 11,742,604,663 6,497,544,859 18,240,149,522 756,780,595,649
Additions/Provisions:
Net income - 140,356,088,324 140,356,088,324 - - - 140,356,088,324
Increase in appropriation 147,211,470,000 (147,211,470,000) - - - - -
Dividends declared - (42,000,000) (42,000,000) - - - (42,000,000)
Deductions during the - - - (11,742,604,663) - (11,742,604,663) (11,742,604,663)
year

Balance, December 31, 809,020,957,087 69,833,577,364 878,854,534,451 - 6,497,544,859 6,497,544,859 885,352,079,310

2014
 STATEMENTS OF CASH FLOW
For the Years Ended December 31, 2015 and 2014
(In Philippine Peso)

2015 2014

CASH FLOWS FROM OPERATING ACTIVITIES

Receipt of premiums 86,727,107,397 82,320,849,410
Receipt from other receivable 243,900,151 4,218,210,385
Contributions to ECC and OSHC (76,788,967) (57,288,178)
Other miscellaneous receipts 8,245,723,092 11,964,952,591
Payment of claims and benefits (86,128,187,952) (88,261,571,652)
Payment of reinsurance premiums (2,888,646,514) (1,751,100,456)
Payments for operating expenses (5,101,605,186) (4,695,567,997)
NET CASH PROVIDED BY OPERATING ACTIVITIES 1,021,502,021 3,738,484,103

CASH FLOWS FROM INVESTING ACTIVITIES

Net loan releases (16,845,532,882) (12,336,718,010)
Receipt of earnings from loans 17,533,120,009 13,551,353,588
Net investment placements (36,456,022,118) (30,981,507,079)
Receipt of earnings from investments 29,026,211,365 33,515,535,959
Receipt of earnings from investment property 242,022,556 1,346,837,282
Purchase of information technology resources (340,132,280) (348,513,622)
Purchase/payments for capital expenditures (157,196,616) (114,512,436)
NET CASH PROVIDED BY (USED) IN INVESTING (6,997,529,966) 4,632,475,682
ACTIVITIES

NET CHANGE IN CASH AND CASH EQUIVALENTS (5,976,027,945) 8,370,959,785

CASH AND CASH EQUIVALENTS BEGINNING 33,949,093,550 25,578,133,765

Add: Adjustments due to reclassification in 2014 11,000,000,000 -
44,949,093,550 25,578,133,765

CASH AND CASH EQUIVALENTS, END 38,973,065,605 33,949,093,550

GSIS Annual Report 45

 BRANCH AND EXTENSION OFFICES
CENTRAL OFFICE
GSIS Building, Financial Center
Roxas Boulevard, Pasay City 1308
Tel. No.: (02) 976-4900; 479-3600
NCR OPERATIONS
Pasig Branch Office
Lolita M. Pureza
Manager
3F Elements@Rosemarie Bldg.
Pasig Boulevard corner Rosemarie Lane
Brgy. Kapitolyo, Pasig City 1600
Tel. No.: (02) 859-0218
Quezon City Branch Office
Noel C. Alvarez
Acting Manager
M. Geronimo Bldg.
746 Mindanao Avenue
Tandang Sora, Quezon City
Tel. No.: (02) 859-0265
LUZON OPERATIONS
Baguio Branch Office
Isagani E. del Rosario
Manager
3F EDY Bldg., 143 Kisad Road
Baguio City 2600
Tel. No.: (074) 446-8060
Bataan Branch Office
Purisima A. Sta. Isabel
Acting Manager
San Ramon Dinalupihan 2110, Bataan
Tel. No.: (047) 636-1482; 636-1481
Iba Extension Office
Frederick E. Efe
Head
PEO Compound, Sitio Balili
Barangay Palanginan
Iba 2201, Zambales
Tel No.: (0998) 174-7665
Batangas Branch Office
Celeste E. Ferreras
Manager
Alangilan, Batangas City 4200
Tel. No.: (043) 723-4345; 723-4123
Calapan Extension Office
Shirley R. Duhan
Head
Ubas St. Lalud, Calapan City 5200
Tel. No.: (043) 288-2491
Mamburao Extension Office
Miler B. Masicat
Head
Capitol Road, Brgy. 9
Payompon, Purok Maligaya
Mamburao 5106 Occidental Mindoro
Tel. No.: (043) 711-0004
46 GSIS Annual Report
Bayombong Branch Office Virac Extension Office
Maybelle B. Chommog Johnson V. Dating
Manager Head
UBAP Bldg., NVSU Bayombong Compound Capitol Compound, Virac 4800
Don Domingo Maddela 3700 Catanduanes
Nueva Vizcaya Tel. No.: (0928) 836-6564;
Tel. No.: (0915) 332-3961; (0927) 416-4321 (052) 811-1212
Bulacan Branch Office Lucena Branch Office
Maria Carmencita M. Ong Marivel B. Peraz-Corpuz
Manager Manager
The Cabanas GSIS Bldg., Maharlika Highway
Km 44-45, McArthur Highway Brgy. Isabang, Lucena City 4301
Longos, Malolos City 3000 Tel. No.: (042) 710-7772; 373-6358
Tel. No.: (02) 859-0213
Fax No.: (044) 792-0611 Boac Extension Office
Cabanatuan Branch Office
Eleanor C. Espina
Head
Mabel A. de Guzman R.E.B. Abetria Bldg.
Manager Santol, Boac 4900 Marinduque
NFA Compound Tel. No.: (042) 332-2460
Maharlika Highway
Cabanatuan City 3100 Naga Branch Office
Tel. No.: (044) 958-9702
Josefina B. Abao
Cauayan Branch Office Manager
Del Rosario, Naga City 4400
Araceli A. Santos Tel. No.: (054) 472-1250; 472-6184
Manager
Tagaran, Cauayan City 3305 Palawan Branch Office
Tel. No.: (078) 652-1127
Fax No.: (078) 652-1042 Marina J. Ignacio
Manager
Natl Highway, Brgy. San Miguel
Dagupan Branch Office Puerto Princesa City 5300
Joselito C. Roldan Sr. Tel. No.: (048) 433-2579
Manager
PNR Site, Mayombo District Pampanga Branch Office
Dagupan City 2400
Tel. No.: (075) 522-0436; 523-7511 Roberto L. Meneses
Acting Manager
Sindalan, San Fernando City 2000
Laguna Branch Office Tel. No.: (045) 455-1261
Ireen I. Dimaano
Manager Sorsogon Branch Office
Brgy. Bian
Pagsanjan 4008, Laguna Leon Ma E. Fajardo
Tel No.: (049) 501-6955 Manager
Flores St., Capitol Compound
Sorsogon City 4700
Laoag Branch Office Tel. No.: (0917) 562-6800; (0919) 834-5182
Levi S. Olivar Jr.
Manager Masbate Extension Office
Brgy. 23, P. Paterno St.
Jenny R. Marifosque
Laoag City 2900
Tel. No.: (077) 772-0053 Head
Susana Bldg., Masbate City Hall Compound
Brgy. Kalipay, Masbate City 5400
La Union Branch Office Tel. No.: (0939) 583-4538
Quintin S. Baez
Manager Tarlac Branch Office
Bugayong Bldg., Quezon Avenue
Brgy. Catbangen Arlene M. Villanueva
San Fernando City 2500 Manager
Tel. No.: (072) 242-6893; 687-0377 Urquico Oval, San Roque
Tarlac City 2300
Tel. No.: (045) 982-9866
Legazpi Branch Office
Joel R. Defeo
Tuguegarao Branch Office
Manager
Alternate Road, Bitano Eden P. Seno
Legazpi City 4500 Manager
Tel. No.: (052) 480-4685 Carig, Tuguegarao City 3500
Tel. No.: (078) 396-0650; 396-0673

VISAYAS OPERATIONS
Bacolod Branch Office
Ma. Vilma L. Fuentes
Manager
Araneta St., Brgy. Tangub
Bacolod City 6100
Tel. No.: (034) 704-1815
Bohol Branch Office
Grace P. Rada
Manager
DBP Bldg.
CPG North Avenue, Cogon District
Tagbilaran City 6300
Tel. No.: (038) 501-0579; 235-5208
Catbalogan Branch Office
Rene C. Cinco
Manager
del Rosario St.
Catbalogan City 6700
Tel. No.: (055) 251-5496
Borongan Extension Office
John Vianney DG Ocaa
Head
JRC Bldg. Brgy. Songco
Borongan 6800, Eastern Samar
Telefax: (055) 261-3522
Catarman Extension Office
Hector B. Uy
Head
J. P. Rizal St., Catarman 6400
Northern Samar
Tel. No.: (055) 251-8519
Cebu Branch Office
Ma. Fatima R. Alvarez
Manager
Leon Kilat St.
Cebu City 6000
Tel. No.: (032) 253-2940
Dumaguete Branch Office
Mercedes VPE Enriquez
Manager
National North Road
Dumaguete City 6200
Tel. No.: (035) 422-4032; 225-0370
Iloilo Branch Office
Eleanor D. Gregorio
Manager
Sto. Rosario corner Zamora Sts.
Iloilo City 5000
Tel. No.: (033) 335-0638
Aklan Extension Office
Ronie N. Abella
Head
Leyson-Escalona Bldg.
Roxas Avenue Ext.
Brgy. Andagao
Kalibo 5600, Aklan
Tel. No.: (036) 268-9379
Antique Extension Office
Leo F. Frigillano
Head
G/F AML Bldg.
Dalipe corner Atabay Sts.
San Jose 5700, Antique
Tel. No.: (036) 540-9596
Maasin Branch Office
Igmidio F. Ponay Jr.
Manager
Servacio Bldg., R. Kangleon St.
Brgy. Mantahan, Maasin City 6600
Tel. No.: (053) 570-8011; 381-3786
Roxas Branch Office
Glorietta B. Dublas
Manager
A. Belo St., Roxas City 5800
Tel. No.: (036) 621-2018
Tacloban Branch Office
Sol A. Orcullo
Manager
Marasbaras, Tacloban City 6500
Tel. No.: (053) 323-2506
Ormoc Extension Office
Mark Leo C. Tabao
Head
Yuvallos Bldg., D. Veloso St.
Walingwaling Subdivision, Punta
Ormoc City 6541
Tel. No.: (053) 255-7901
MINDANAO OPERATIONS
Butuan Branch Office
Marciana M. Bata
Manager
Libertad, Butuan City 8600
Tel. No.: (085) 341-5029
Cagayan de Oro Branch Office
Ma. Cecilia G. Vega
Manager
Mayor P.N. Roa St., Brgy. Carmen
Cagayan de Oro City 9000
Tel. No.: (088) 858-5818
Cotabato Branch Office
Rosalinda G. Mendoza
Manager
Gov. Gutierrez Avenue
Cotabato City 9600
Tel. No.: (064) 421-1168
Davao Branch Office
Bai Cerynea B. Aquino
Acting Manager
McArthur Highway, Matina
Davao City 8000
Tel. No.: (082) 296-2431
Dipolog Branch Office
Willa G. Mangubat
Manager
Minaog, Dipolog City 7100
Tel. No.: (065) 212-2308
General Santos Branch Office
Deity U. Manampan
Manager
LLIDO Bldg., Santiago Boulevard
Gen. Santos City 9500
Tel. No.: (083) 301-7065
Iligan Branch Office
Alexis D. Arumpac
Manager
Yima Bldg., Badelles St.
Iligan City 9200
Tel. Nos.: (063) 221-8698
Kidapawan Branch Office
Sonia B. Gutierrez
Manager
1/F Dimano Bldg., National Highway
Kidapawan City 9400
Tel. Nos.: (064) 577-5111
Malaybalay Branch Office
Erwin E. Casicas
Manager
Onda Bldg. Sayre Highway
Casisang, Malaybalay City 8700
Tel. No.: (088) 813-4711
Pagadian Branch Office
Leoncito S. Manuel
Manager
Jaloux Bldg., Purok Subida
Dao, Pagadian City 7016
Tel. No.: (062) 214-4475
Surigao Branch Office
Belen E. Talita
Acting Manager
G/F Parkway Bldg.
National Highway
Surigao City 8400
Tel. No.: (086) 826-9113
Tandag Extension Office
Marygen M. Buladaco
Head
Capitol Rd., Brgy. Telaje
Tandag City 8300
Tel. No.: (086) 211-4423
Tagum Branch Office
Eldie P. Lozarie
Acting Manager
Osmea St., Tagum City 8100
Tel. No.: (084) 655-6168
Zamboanga Branch Office
Ma. Melissa R. Espano
OIC
Moret Field, Baliwasan
Zamboanga City 7000
Tel. Nos.: (062) 991-1258
Basilan Extension Office
Luisito T. Sabado
Head
Valderosa St., Isabela City 7300
Tel. Nos.: (062) 200-3176
GSIS Annual Report 47
 ANNUAL REPORT

2015

GSIS Building, Financial Center, Roxas Boulevard

Pasay City 1308
Contact Center: (+632) 847-4747
Email: gsiscares@gsis.gov.ph
www.gsis.gov.ph