THE actuarial life of the Government Service Insurance System's (GSIS) pension fund was extended with an additional 28 years, now reaching until 2055.

This was the good news brought by GSIS senior vice president Josefina Valera in a press briefing Friday in Davao City.

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With investments in government security bonds and treasury bills, coupled with the very selective investment outlets, the actuarial life of GSIS's pension funds was extended to 2055 from its previous life span of only until 2027.

"We implemented a number of policies that helped extend the actuarial life," Valera said.

One of the policies being implemented is the premium-based policy of GSIS wherein its members are allowed to loan only in accordance with what they have contributed to the insurance system.

"We also prioritized lending out to our members," Valera said, adding that 40 percent of the loans have been granted to members.

The GSIS members are all employees of the government and government-owned and -controlled corporations.

At present, the funds of GSIS are pegged at about P490 billion of liquid assets.

Lourdes Dorado, GSIS vice president for Mindanao Operations, said they have also implemented a monthly billing system with government agencies in order to have an efficient collection of remittances.

"We also issue deficiency billing notices, so that they remit on time," Dorado said. (CPM)