Manila: The Government Service Insurance System (GSIS) has set aside an initial PHP69.1 million in reserves to cover damage claims resulting from the magnitude 7.8 earthquake that recently impacted parts of Mindanao.

According to Philippines News Agency, the state insurer announced that the reserve addresses initial reports involving 4,403 insurance policies, collectively insured at PHP23.59 billion. General Santos City recorded the highest concentration of affected insured properties. GSIS President and General Manager Wick Veloso emphasized the significance of maintaining adequate insurance coverage to ensure uninterrupted government services following disasters.

Veloso stated that the earthquake accentuates the vital role of insurance in safeguarding government assets and maintaining public service continuity. He further urged agencies to regularly reassess their coverage and asset valuations to facilitate quicker recovery after disasters.

This initiative aligns with President Ferdinand R. Marcos Jr.'s directive for a comprehensive governmental response to disasters. GSIS is actively coordinating with national agencies and local government units as damage assessments are underway. To accelerate recovery efforts, GSIS teams have conducted on-site inspections at Mindanao State University-General Santos, General Santos City government, and the Municipality of Alabel to evaluate damage to insured facilities and assist with claims documentation.

Veloso noted that these inspections provide a better understanding of the damage extent and aid affected agencies in navigating the claims process. The objective is to ensure that legitimate claims are processed efficiently, allowing government services to resume without delay. GSIS indicated that the PHP69.1 million reserve might be adjusted as additional reports are validated and field inspections are finalized.