The initiative moved forward during the second Joint Coordinating Committee meeting of the GSIS–JICA Technical Cooperation Project on March 5.
The project, the GSIS said in a statement, aims to establish a standardized and science-based method for estimating the replacement cost of public assets insured by GSIS.
The system is expected to improve the accuracy of insurance coverage and enable more risk-based premiums for government properties nationwide.
Why it matters
GSIS President and General Manager Wick Veloso said the initiative addresses a persistent challenge faced by the government insurer.
“Many agencies still have incomplete or outdated property records,” Veloso said. “This project helps us establish a reliable baseline for valuing public assets and assessing the risks they face.”
GSIS insures thousands of government facilities across the country, including schools, hospitals, bridges, municipal halls, and other public infrastructure.
Accurate valuation plays a critical role in ensuring that damaged facilities can be rebuilt quickly and that government services can resume sooner after disasters.
Disaster risk financing strategy
JICA senior representative Nobuhiko Aoki said the collaboration also supports the Philippines’ broader Disaster Risk Financing Strategy.
The project will integrate hazard data from the GeoRiskPH platform, which provides nationwide information on earthquakes, volcanic activity, landslides, liquefaction, and other natural hazards.
Combining scientific hazard data with standardized valuation tools is expected to improve GSIS underwriting and ensure insurance premiums better reflect actual disaster risks.
The initiative is also aligned with the development of the General Insurance Information System (GIIS), a digital platform designed to support GSIS insurance operations through automated asset valuation and improved disaster risk analytics. —Ed: Corrie S. Narisma
