Wednesday, July 23, 2008 GSIS told to review business ventures
A MILITANT teachers group on Tuesday asked Government Service Insurance System (GSIS) president Winston Garcia to review the insurance body's business ventures to make sure that it is for the benefit of its 1.5 million members.
The Teachers Dignity Alliance's (TDC) call came amidst the plan of GSIS to take over the lucrative car insurance industry in the country through the Compulsory Third Party Liability (CTPL).
"It's about time that Garcia should review the business ventures he entered into in behalf of GSIS since some of them might not be beneficial to the GSIS members," said TDC chairman Benjo Basas.
But Basas did not provide a list of business ventures that the insurance body has entered into.
Earlier, Garcia said GSIS will push through with plans to enter into the car insurance business adding that with the new CTPL scheme, the days of swindlers who issue bogus car insurance are over.
He said with the scheme, the government will stand to earn P2.5 billion on an annual basis while bringing down the cost to car owners of insurance transaction.
According to Basas, the GSIS chief should resign if he fails to review the policies and institute measures.
"Instead of pestering its members by spending GSIS funds to advance his and his political patron's interest, he should vacate his post," he said.
GSIS spokesperson Estrella Elamparo said there is nothing "irregular" in the policies made and all considerations have been taken to ensure that it will redound to the benefits of its members.
She said any investment made has undergone thorough study by the GSIS investment board.
"We respect their concern but their fear is unfounded considering that our investment has paid off and our record is very good in that respect," she added.
Elamparo said they welcome any suggestion from its members but to suggest a review when the current policies are paying off is not a sound move. (AH/Sunnex)
