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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 endeavor to empower our members to enable them to participate in the evolution of our institution.

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Contents

2 Vision and Mission

4 Report of the Officer in Charge

9 Empowering Members and Pensioners

10 Providing Excellent and Responsive Service

11 Insuring Government Assets

13 Sustaining Prudent Financial Stewardship

16 Developing Workforce Competence

18 Improving Information Capital

19 Giving Back to Society

21 Institutional Governance

27 Compliance with Commitments to GCG

31 Board of Trustees - October to December 2016

37 Roster of Membership of Governing Boards

39 Board of Trustees - As of October 2016

46 List of Directorships in GOCCs and PLCs

49 Senior Vice Presidents

50 Vice Presidents

52 Statement of Management’s Responsibility for Financial Statements

53 Independent Auditor’s Report

55 Statements of Financial Position

56 Statements of Comprehensive Income

57 Statements of Changes in Net Worth

58 Statements of Cash Flow

59 Branch and Extension Offices

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Report of the Officer in Charge

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Dear Members and Pensioners: “As you sow, so shall you reap.” The year 2016 saw your pension fund earning the fruits of the seeds of reforms it has sown in prior years toward a transparent, consultative, and member-focused GSIS. Allow me to share some of the highlights with you: In March, GSIS was conferred the prestigious Seal of Good Governance, an honor accorded by the Institute for Solidarity in Asia to public institutions that have transformed themselves through good governance.

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GSIS was awarded the seal based on its exceptional service, as evidenced by the Excellent rating under the Anti-Red Tape Act (ARTA) survey conducted by the Civil Service Commission, proactive approach in communicating to its internal and external stakeholders, and commitment to transform GSIS into a premiere pension fund institution and a center for providing world-class service to its stakeholders. Among an elite group of 14 Island of Good Governance (IGG) awardees, GSIS was the only government-owned and -controlled corporation that has thus far received the coveted Seal. Also in March, GSIS earned the International Organization for Standardization (ISO) 9001:2008 certification for its quality management system (QMS) on loan processing, another milestone in the history of the System. GSIS’s QMS for loan processing covered the application process up to the crediting of proceeds to the eCard or unified multipurpose identification (UMID) card. An ISO certification ensures that our loan processing standards are at par with the rest of the world.

At the same time, GSIS was also subjected to a rigorous audit for an ISO certification of a QMS on membership administration. An ISO certification on the membership process would guarantee the accurate disbursement of a loan or claim for the receipt of correct benefits you are entitled to. Our hard work eventually paid off in December when GSIS received a confirmation letter on the maintenance and upgrading of ISO certification 9001:2015 for loan processing and the conferment of ISO 9001:2015 for membership administration. In October, GSIS was conferred the esteemed ADP Service Excellence Company of the Year award from Asia CEO. Asia CEO Awards recognize distinctive and diverse achievements to highlight many of the most accomplished management teams and leaders in Southeast Asia. According to Asia CEO, “GSIS stood out by the depth and breadth of the transformational improvements it achieved resulting in dramatic increases in service levels to members across the entire nation.”

GSIS was the lone government entry finalist in the category among over

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30 private and public sector organizations, besting co-finalists IT firm Advanced World Systems, insurance company AIG Shared Services Business Processing (Philippines), news organization Thomson Reuters Manila, as well as business process outsourcing companies 24/7 Customer Philippines and Wipro BPO Philippines. In November, GSIS was recognized as a finalist in the Technology Innovation Award at the 7th World Pension Summit at The Hague, Netherlands. GSIS‘s winning entry, the Electronic Billing and Collection System (eBCS), is a web-based application that allows the pension fund to send its billing statements for premiums and loan amortizations to government agencies electronically and accept payments online. Through eBCS, GSIS improved its posting and collection efficiency and reduced operational costs.

To cap the year, GSIS was honored in December with an ASEAN GRC Award at the 2016 ASEAN Risk Awards held in Bali, Indonesia. The pension fund was recognized for its outstanding capability in conducting good governance, implementing risk management, and complying with government regulations.

KEY FINANCIAL OUTCOMES

On the financial front, GSIS is bigger than ever with total assets reaching more than a trillion pesos. The life of the fund remains stable at 34 years or until 2049. Our net income rose 17.94% to reach Php54.77 billion, compared to Php46.44 billion the prior year. For the fifth year in a row since 2011, the Commission on Audit granted an unqualified opinion on our financial statements which “present fairly in all material respects the financial position of GSIS…” BENEFIT ADMINISTRATION

GSIS released Php87.08 billion in social claims and benefits, slightly higher than the prior year’s level of Php85.94 billion. More importantly and due to the close monitoring of transactions, 98% of insurance claims transactions were processed within the prescribed turnaround time (TAT), higher than the target of 93%. Meanwhile, 99.97% of your loan proceeds were credited to your accounts within five work days upon approval of your agency authorized officer. A total of Php34.80 billion in various loans was also released to more than 1.1 million members and pensioners.

“As you sow, so shall you reap.”

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CHANGES IN LEADERSHIP

2016 is a bittersweet period of transition as we bid a heartfelt farewell to our outgoing Board of Trustees as well as our President and General Manager. Our remarkable achievements and successes would not have been possible without the astute guidance of our outgoing Board of Trustees who steered us and our institution through the challenges we faced over the years. For this, we sincerely express our appreciation to Chairman Renato T. de Guzman, Trustee Mario J. Aguja, Trustee Karina Constantino-David, Trustee Elisea G. Gozun, Trustee Geraldine Marie B. Berberabe-Martinez, Trustee Roman Felipe S. Reyes, and Trustee Gregorio T. Yu. We also thank President and General Manager Robert G. Vergara for his exceptional vision and leadership that played a crucial role in establishing a sustainable GSIS culture of responsive service, integrity, and innovation. Even as their official service has ended, their legacy of a transformed GSIS that has set the new bar for service excellence worthy of emulation by other government agencies, will remain our beacon as our institution continues to move forward. Thank you for leading us in this incredible journey of transformation. As we close one chapter and open another, it is our pleasure to welcome our new trustees -- Chairman Wilfredo C. Maldia; Trustee Jocelyn de Guzman Cabreza; Trustee Jonathan A. de la Cruz; Trustee Lt. Gen. Alan R. Luga, AFP (ret.); Trustee Anthony B. Sasin; and Trustee Nina Ricci Ynares-Chiongbian. We are confident that as seasoned executives in their own right, our new Board of Trustees will further take GSIS to greater heights, with more innovative policies and programs in the interest of our more than two million members and pensioners. And as always, I would like to salute TEAM GSIS whose dedication and passion to serve our stakeholders is unequivocal. You have made it possible for us to fulfill our time-honored commitment to realize a GSIS that is transparent, consultative, and member-focused. It is an honor and privilege to work and serve with you.

ATTY. NORA MALUBAY-SALUDARESOfficer in ChargeOffice of the President and General Manager

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EMPOWERING MEMBERS AND PENSIONERS

As part of our continuing commitment for a transparent, consultative, and member-focused GSIS, we continued to hold dialogues with members and pensioners, as well as with leaders and representatives of public sector unions.

In 2016, GSIS held a total of 108 dialogues across the country, double the target of 55 engagements for the year. The inputs and concerns of our members and pensioners from these dialogues paved the way for the implementation of reforms over the last six years, including the restoration of survivorship pension, the nonsuspension of loan privileges of members working in suspended agencies, and the increase in minimum basic monthly pension.

Last year, we piloted the electronic GSIS Member Online (eGSISMO), a web-based facility that allows members to view their service records and statement of loan accounts any time, any where by using their computers or tablets with Internet connection. In May this year, the facility was made fully available to members as part of the GSIS’s 79th anniversary celebration. To access eGSISMO, members may log on to http://egsismo.gsis.gov.ph and register using their Business Partner Number.

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PROVIDING EXCELLENT AND RESPONSIVE SERVICE

In 2016, 98.09 percent of social insurance claims’ transactions were processed within the prescribed turnaround time (TAT). These include retirement, separation, and disability claims at 98.27 percent; life insurance at 98.50 percent; and survivorship (non-member spouse) at 98.05 percent. All these claims transactions have a TAT of 90 days. Further, 97.72 percent of survivorship claims transactions (member spouse) were processed no more than 60 days, and 96.51 percent of funeral claims transactions within 30 days. At the same time, 99.97 percent of loan proceeds were credited to members’ account within five work days upon approval of their agency authorized officers.

Meanwhile, the number of “in process” transactions dropped from a high of 103,063 to 17,328, as of December 2016. This was attributed to the following: stricter monitoring of these transactions, the increased efficiency in posting and reconciliation of accounts, and the regular review of systems and processes to further streamline our procedures.

“In Process” Transactions

Year Beginning Incoming Closed Ending2010 694,790 591,727 103,0632011 103,063 1,385,453 1,375,638 112,8782012 112,878 3,110,261 3,079,344 143,7952013 143,795 3,499,882 3,570,133 73,5442014 73,544 2,902,421 2,947,189 28,7762015 28,776 2,295,348 2,291,388 32,7362016 32,736 3,208,856 3,224,264 17,328

We continued to gauge the satisfaction of our members on our service delivery through the conduct of a yearly customer feedback survey. From a rating of 86 percent the prior year, our satisfaction rating reached 92 percent this year from the feedback of nearly 4,000 respondents. The survey covered the following areas: programs and benefits, transaction processes, frontline and other service personnel, and facilities, including GWAPS kiosks and call center.

Results of the Customer Feedback Survey92%

86%

20162015

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INSURING GOVERNMENT ASSETS

As the insurer of government assets and other public properties with insurable interest, GSIS has effectively carried out its mandate to safeguard people and properties against loss or damage brought about by such perils as fire, flood, earthquake, and other untoward incidents.

In 2016, GSIS insured a total sum of Php1.2 trillion of government risks. Of the 2,173 total number of government agencies in the country, nearly 2,000 offices were insured, representing 88.27 percent. All government-owned and -controlled corporations (GOCCs) are now covered, a far cry from the 2012 status during which only 23 GOCCs or 1 percent of the total number of government offices had insurance coverage from GSIS.

Government agencies and local government units insured by GSIS

11.73%

88.27%

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At the end of 2016, only 11.73 percent of the total number of local government units (LGUs) and national government agencies (NGAs) remained uncovered, a substantial drop from the previous year’s 40.27 percent.

The significant improvement is attributed to the GSIS Insurance Group’s regular conduct of insurance caravans across the country in collaboration with branch offices. Caravans train agency budget and property officers in basic insurance, as well as reorient them on the mandate of GSIS and the various general insurance products it offers. GSIS also sought the assistance of audit and supervisory government agencies to remind other government offices to abide by Republic Act 656 (The Property Insurance Law).

GSIS has disbursed a total of Php679.55 million to indemnify government agencies for losses caused by natural catastrophes. The Philippine Ports Authority (PPA) was paid Php110.08 million to repair its earthquake-damaged government facilities. The Philippine Export-Import Credit Agency (PHILEXIM)

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received Php88.42 million for typhoon Glenda damages sustained by the assured’s building, machineries, and equipment in Sariaya, Quezon. Typhoon Yolanda-related claims of the Leyte provincial government and Tanauan LGU in Leyte were likewise settled in the amount of Php69.35 million and Php23.14 million, respectively.

To maintain transparency and good governance, GSIS continued to bid out reinsurance (RI) accounts through competitive bidding, generating Php97.82 million in savings. By 2017, GSIS is expected to provide NGAs and LGUs parametric insurance cover, which pays an insured on the basis of an occurrence of an event and not the magnitude of the resulting loss. Back in 2014, GSIS started joint discussions with the Department of Finance and the World Bank to prepare a joint catastrophe risk insurance program, the first of its kind in the country. The program is designed to grant immediate payout for postdisaster recovery of LGUs and other national government offices.

SUSTAINING PRUDENT FINANCIAL STEWARDSHIP

The year 2016 was full of surprises and political upheaval. This was the year of Brexit and the election of Donald Trump into the US presidency. Many European nations also saw the rise of anti-establishment sentiment and right-wing populist parties.

The Philippines, for its part, also had its presidential elections with Rodrigo Duterte emerging as the 16th President of the Republic in a landslide victory. Optimism prevailed over his push for further economic stability and renewed infrastructure spending.

It was in this backdrop that GSIS managed to register Php154.91 billion in revenues, compared to the Php139.65 billion in 2015. Total net income reached Php54.78 billion, compared to the Php46.44 billion in 2015. For the first time, GSIS broke through the milestone Php1-trillion mark, as total assets increased to Php1.01 trillion, up by 5.62 percent from the Php958.18 billion in 2015. This resulted in a longer fund life of 34 years or until year 2049. Our cash level remained strong at year-end at Php15.68 billion.

Net Income(in billion pesos)

46.1162.36 62.58

48.36

140.26

46.4454.78

2010 2011 2012 2013 2014 2015 2016

Total Assets(in billion pesos)

506.19566.71633.64

731.93789.22

908.66958.18 1.01

20102009 2011 2012 2013 2014 2015 2016

Longer Fund Life

2042(32 yrs)

2045(32 yrs)

2046(32 yrs)

2048(35 yrs)

2049(35 yrs) 2049

(34 yrs)

2010 2011 2012 2013 2014 2015

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GSIS’s investment in the Philippine Investment Alliance for Infrastructure (PInAI) has grown in 2016 by 20.46 percent to Php13.54 billion from Php11.24 billion. The growth was attributed to drawdowns for additional investments and increase in valuation, which was estimated at 6.17 percent and 14.29 percent, respectively. Two significant PInAI events that transpired in 2016 were (1) the Negros Island Solar Power, which has been operating at full capacity and selling power to the grid since its completion in March 2016; and (2) the Light Rail Manila Corporation, which has been able to increase the number of operating light rail vehicles to 100 by December 2016 from 77 in September 2015.

By 31 July 2016, the investment period for PInAI ended as agreed upon by GSIS and the other PInAI investors. By the said date, GSIS was able to participate in six PInAI investments – a wind farm, a petroleum and biofuel storage facility, a mass rail transit, two solar power plants, and a coal-fired power plant. As of 31 December 2016, PInAI activities were mainly focused on asset management and potential follow-on opportunities in relation to the six PInAI investments.

Overall, investment properties increased to Php62.67 billion from last year’s Php58.47 billion. Income on investment properties was lower mainly because there was an extraordinary item in 2015 which pertains to the Port Area Property that was reclassified from Other Assets account.

LRT Line 1 Extension

NLREC Wind Farm

GN Power Kauswagan

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Administrative Expense Loading Rate

5.955.02

3.5 3.75

2.08

4.02 3.76

2010 2011 2012 2013 2014 2015 2016

Total loan portfolio slightly grew by 0.70 percent to Php238.95 billion in 2016 from Php237.30 billion. Loan growth in 2016 was subdued due to lesser number of consolidated loans granted. Consolidated loans decreased by 16.6 percent to Php101.44 in 2016 from Php121.66 in 2015.

Social insurance claims and benefits slightly increased in 2016 to reach Php87.08 billion from Php85.94 billion the prior year, due in large part to the increase in monthly old-age pension and survivorship benefits.

Since 2010, our administrative expense loading remained at single digit level. In 2016, it was at 3.76 percent, significantly lower than the prescribed 12 percent under RA No. 8291 (The Government Service Insurance Act of 1997).

San Carlos Solar Farm

Philippine Coastal Storage

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DEVELOPING WORKFORCE COMPETENCE

GSIS continued to provide a supportive work environment for the professional development of its executives, middle management, and the rank and file. The Human Resources Office (HRO) implemented initiatives to help motivate and realize or actualize the potentials of the 2,696 dedicated men and women of the System, resulting in a stronger organizational culture of quality service and outstanding performance.

The year 2016 saw the full implementation of the Board-approved HR Development Framework and Implementation Plan (HRDFIP), also known as the HR Roadmap. The HR Roadmap provided a comprehensive approach to building a well-managed talent pipeline to ensure that employees are provided the support they need to increase the level of their engagement and commitment to GSIS. It integrated other initiatives on HR development, particularly the GSIS Competency Framework (CF), Employee Development Program, Leadership Development Program, and the GAwad LINGkod ng GSIS (GALING ng GSIS).

The annual competency assessment (CA) was done online for the first time in 2016, during which employees gave their self-ratings and prepared their Individual Development Plans (IDPs). Executives and officers also assessed themselves and their subordinates. The CA result was used in crafting the 2016 Training Plan, with the goal of strengthening employee competencies and provide more opportunities for professional development. The overall average competency score obtained last year was 3.27, which was submitted to the Governance Commission for Government Owned and Controlled Corporations (GCG) as part of the GSIS’s performance scorecard. The target organization-wide average rating was 3.28.

With the implementation of the 2016 Training Plan, almost 1,000 employees benefitted from the learning and development program interventions. The programs conducted ranged from the art of communicating, building blocks of business writing, effective communication skills, different thinking styles, achieving results, excellence in supervision, creativity in business, productivity management for supervisors, and leading a customer-focused organization. These courses were carefully selected to

address specific training needs and improve the core and organizational competencies of executives and employees as defined in the GSIS CF. The CF was established in 2015 to determine the required set of competencies that affect the quality of employees’ performance. It is the starting point in developing competency-based HR programs and systems.

GSIS also paid tribute to top performing employees with the maiden launch of the GAwad LINGkod (GALING) ng GSIS 2016, the reconstituted GSIS awards and recognition system. GALING consists of four categories: GALING Kawani, which is awarded to individuals for their outstanding, consistent, and dedicated work performance resulting in the successful implementation of an idea, contribution, or performance that is of significant value to GSIS; GALING Sangay, which is conferred to offices under the operations group for their exemplary performance in the previous year’s Anti-Red Tape Act Report Card Survey (ARTA-RCS) that the Civil Service Commission (CSC) conducts; GALING Pagbabago, which is granted to an employee or team whose ideas, suggestions, innovations, inventions, or program resulted in savings or benefits for GSIS and the government; and GALING Karunungan, which is given to employees who pursued professional development while working and without financial assistance from GSIS.

GSIS shall include in 2017 an additional type of incentive – GALING Pagkilala. It will recognize qualified officers and employees for their collective effort in contributing to GSIS’s achievement of awards and recognition of distinction from reputable local and international award-giving bodies, resulting in the furtherance of GSIS’s vision, mission, and corporate goals. GSIS also upgraded its corporate awareness program, dubbed Mikropono 2.0, which now includes activities in game format, expanded structured learning exercises, and case studies that encourage critical thinking, stir animated discussions, and elicit positive feedback. A total of 769 GSIS brand ambassador-employees participated in the seminar-workshop. Mikropono 2.0 will continue to run next year in other branch offices and the Head Office, with non-operations personnel as intended participants.

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Creativity of Business Course

GAwad LINGkod ng GSIS

Mikropono 2.0

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IMPROVING INFORMATION CAPITAL

To ensure that the processes of GSIS are at par with global standards, the System applied for an International Organization for Standardization (ISO) 9001:2008 certification for its quality management system (QMS) on loan processing. GSIS’s QMS for loan processing for members and pensioners covered the application process up to the crediting of proceeds via the eCard or unified multipurpose identification (UMID) card.

TUV-Rheinland Philippines (TUV-R), one of the leading third-party ISO certifying bodies in the country, audited the pension funds’ QMS for loan processing in November 2015 to determine its compliance with ISO standards. A total of 21 process owners and 13 internal auditors devoted hours of work to ensure that GSIS’s loan processes are aligned with ISO standards. In March, GSIS was successfully conferred the ISO certification, which assured member-borrowers that the System provides world-class service.

Recognizing that the accurate disbursement of a loan or claim will not be possible if a member’s record is not created and updated in the database, GSIS also applied for an ISO certification of its QMS on membership. An ISO certification on the membership process will ensure that this conforms to international standards to assure GSIS members that they are being paid the correct amount of benefits they are entitled to. Following a rigorous audit by TUV-R, GSIS’s ISO certification was upgraded to 9001:2015 for loan processing and membership administration.

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GIVING BACK TO SOCIETY

GSIS’s corporate social responsibility (CSR) efforts on education, environmental protection, cultural promotion, and gender fairness awareness were further expanded this year, creating more opportunities for GSIS to give back to society.

College scholarship grant

Four hundred (400) new scholars were selected under the GSIS Scholarship Program (GSP), which was twice the number of grantees in 2015. Dependents of single or childless married members, as well as children of permanent total disability (PTD) pensioners below 60 years old, are now eligible to the program. Further, 40 of the 400 slots were allotted to dependents of members belonging to three sectors, namely, solo or single parents, persons with disabilities (PWDs), and indigenous peoples (IPs).

Adopt-a-School Program

A total of 49 schools were adopted since the Adopt-a-School program was implemented in 2014. Each school was provided technology or physical facilities and infrastructure support package worth Php 200,000.

Brigada Eskwela

GSIS donated free school supplies; emergency and teachers’ kits; and painting materials, cleaning tools, and other clearing supplies. In the provinces, branch office personnel similarly carried out Brigada activities in their respective adopted schools.

Environmental awareness and protection

Lectures on water audit, alternative sources of energy, native trees, and saving our seas were organized for employees. GSIS volunteers likewise joined in the Orchestrated Cleanup along the Maricaban Creek in Pasay City, an activity led by the Environment Management Bureau under the Department of Environment and Natural Resources, and the Pasay City Environment and Natural Resources Office. A visit was also made to Pililla Wind Farm.

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National Teachers’ Month celebration

GSIS joined public and private schoolteachers from NCR in celebrating the National Teachers’ Day last September 30, where booths, service desks, and mobile kiosks were put up to serve delegates on the spot.

As an active member of the National Teachers’ Month Coordinating Council for four years now, GSIS continued to help organize events in coordination with DepED and the Metrobank Foundation Inc. These events included a three-day alternative national conference-workshop for teachers, which featured plenary discussions and parallel sessions that aimed to facilitate the learning and enrich the well-being of educators.

Gender and development

GSIS partnered with the Philippine Commission on Women (PCW) to host the second leg of the “We Make Change: Women Inspiring Women” forum, which featured the inspiring stories of Prima Ballerina Lisa Macuja-Elizalde; DIWA Party list Representative Emmeline Aglipay-Villar, chairperson of the Committee on Women and Gender Equality; Bataan First District Representative Geraldine Roman; and Atty. Jennifer Tauli-Corpuz of Tebtebba Foundation.

Art competition

Now on its 12th year, the GSIS art competition drew the largest number of entries since 2004 at over 800 artworks. The GSIS Museo ng Sining is now home to the winning artworks and selected entries, as they become part of the remarkable GSIS art collections.

Pensioners’ Day

As a way of giving back for dedicating their active years in public service, a total of 35 Pensioners’ Day programs were conducted nationwide with more than 6,600 retirees and pensioners in attendance. They were updated on the pension fund’s latest service innovations, as well as treated to wellness and other fun-filled activities.

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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 GSIS’s 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 function of the Nomination and Remuneration Committee, which is one of the Board Committees provided under GCG Memorandum Circular (M.C.) No. 2012 – 07, is exercised by the Corporate Governance Committee.

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, through Board Resolution No. 97 dated 26 September 2013 to include the functions of the Nomination and Remuneration Committee, and the second, through Board Resolution No. 148 dated 1 October 2015 to reflect the changes in the Chairmanship of the Committee to comply with GCG M.C. No. 2012 – 07 which mandated that the Chairman of the Board should also be the Chair of the Committee. The Charter of the Committee is being reviewed and assessed yearly.

All of the Trustees are members of the Committee. For quorum purposes however, the Trustees have designated among themselves four (4) core members. The Chairman of the Board shall chair the Committee.

The Trustees are responsible for ensuring good corporate governance in the GSIS. In doing so, they have demanded excellence not only from their employees but also from themselves. Each member of the GSIS Board rates his/her own performance, and that of his/her peers, where factors such as formulation of policies, attendance and active participation in meetings, fairness of judgment and careful evaluation of proposals and recommendations are taken into consideration.

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In 2016, the Committee conducted seven (7) meetings attended by the following members:

Trustee Number of meetings attended

Renato T. de Guzman (Chairman) 7

Robert G. Vergara (Core Member) 5

Karina Constantino-David (Core Member) 5

Elisea G. Gozun (Core Member) 7

Gregorio T. Yu (Member) 4

Roman Felipe S. Reyes (Member) 5

Mario J. Aguja (Member) 7

Romeo M. Alip (Member) 6

Geraldine Marie Berberabe-Martinez (Member) 7Jocelyn de Guzman-Cabreza* (Member) 2

Alan R. Luga** (Member)

*Vice Trustee Roman Felipe S. Reyes ** Vice Trustee Gregorio T. Yu

The Committee reviewed the GSIS Corporate Governance Manual and endorsed for the approval of the Board amendments to reflect the changes in the respective Charter of the GSIS’s Board Committees and its composition, in full compliance with the Code of Corporate Governance for GOCCs.

Likewise, the Committee reviewed the GSIS Board Protocols to make certain that the GSIS Board is fully compliant with the Code of Corporate Governance for GOCCs in transacting its business.

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 2017.

Human Resources Management and Development

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 Human Resources Framework and Implementation was endorsed by the Committee to the Board in 2016. It is a comprehensive approach to talent management with the end goal of increasing the level of employee engagement and commitment to GSIS, by providing them with the support that they need, and in the process, creating a professional, highly motivated, and competent workforce.

In line with its commitment to adopt a competitive selection and process, the Committee endorsed revisions to Policy and Procedural Guidelines (PPG) No. 248 – 13 on the Policy on the Administration of the New GSIS Recruitment Examination, and PPG No. 264 – 14 on the Policy on the Administration of the New GSIS Recruitment Examination for Managerial Positions.

The Committee likewise received monthly regular reports from the Human Resources Office on the list of vacant positions due to issued appointments and/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.

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Policy and Procedural Guidelines

To continuously improve GSIS efficiency and quality of service, the Committee reviewed and endorsed for the approval of the Board eleven (11) Policy and Procedural Guidelines (PPG) in 2016.

The Enhanced GSIS Scholarship Program; PPG on the Amended Guidelines on the Treatment of Premium Payments of Members Beyond the Mandatory Retirement Age of 65; and the PPG on the Processing of Life Insurance Claims are some of the policies endorsed by the Committee to empower GSIS members and pensioners. Administrative Cases

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.

The Committee approved and endorsed to the President and General Manager or the Board, as the case may be, nine (9) decisions, leaving no administrative case pending by the end of 2016.

2010 2011 2012 2013 2014 2015 2016

Number of Cases at the Start of the Year 27 13 19 32 21 12 5

Number of Cases Filed within the Year 19 21 32 15 17 13 4

Number of Cases Resolved within the Year

(19) Previous

Board

(14) Current Board

(15) (19) (26) (26) (20) (9)

Number of Cases Remaining at the End of the Year 13 19 32 21 12 5 0

Matrix of Administrative Cases 2010 – 2016

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 in all Information Technology (IT) matters.

The ROC operates under a written charter. The Committee meets at least once a month.

Previously all of the Trustees were members of the Committee but for quorum purposes, they have designated among themselves three (3) core members, and a Chairperson from among the core members.

The appointment of new Trustees in the last quarter of 2016 saw a shift in Committee membership and modification of rules with regard to the Trustees’ attendance in Committee meetings. The new Board still appointed among themselves the core members of each Committee. But this time, only the core members were required to attend Committee meetings.

The ROC sets risk policies and oversee System-wide risks but the tasks of accepting, controlling, and monitoring specific risks is delegated to the Management. The Risk Management Office monitors the risks and provides quarterly risk monitoring reports for the Social Insurance Fund (SIF) and General Insurance Fund (GIF) to the ROC.

The regular identification and updating of risks related to the SIF and GIF are ensured through the conduct of the Risk Control and Self-Assessment Surveys which are done biennially. Based on the RCSA surveys, heat maps with residual risks for the SI and GI Funds were generated to summarize these assessments after appropriate mitigating controls have been considered, and to prioritize the risks which should be monitored.

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In addition, the ROC, after due deliberation, endorsed to the Board for approval, the following:

1. Maximum Allowable Limits of Total School Fees per Semester per Edu-Child Category for S.Y. 2016-2017;

2. 2016 Distribution of the GSIS Optional Life Insurance Dividends to GSIS Unlimited Optional Life Insurance Policyholders;

3. 2015 Cash Benefits for the Compulsory Life Insurance Policies for 2016 Distribution; and

4. Transfer of Investment Management Agreement (IMA) Account from Maybank ATR Kim Eng Capital Partners, Inc. to ATRAM Trust Corporation

For 2016, the ROC had a total of six (6) meetings. Attendance was as follows:

Trustee(Outgoing)

Number of Meetings Attended (January-June)

Gregorio T. Yu (Chairman) 5

Robert G. Vergara (Core Member) 5

Roman Felipe S. Reyes (Core Member) 5

Geraldine Marie Berberabe-Martinez (Member) 6

Karina Constantino-David (Member) 4



Renato T. De Guzman (Member) 5

Elisea G. Gozun (Member) 6

Trustee(Newly-Appointed)

Number of Meetings Attended (December)

Wilfredo C. Maldia (Chair) 1

Alan R. Luga (Co-Chair) 1

Jocelyn D. Cabreza (Core Member) 1

Jonathan A. dela Cruz (Core Member) 1

Audit

The Audit Committee provides oversight of the GSIS’s internal audit function and exercises functional authority over the Internal Audit Services Office (IASO). IASO’s main responsibility is the appraisal of the soundness and adequacy of internal control in the various operations of the 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.

The IASO regularly submits its annual Plans and Programs to the Audit Committee for approval. In 2016, IASO has submitted a total of twenty-nine (29) reports involving FS review and audit/review of various operations of the GSIS. All IASO recommendations were regularly monitored as to the operating units concerned (OUC)’s compliance, until fully implemented and complied. A semi-annual compliance report was done to check on the status of compliance as of a cut-off date. Overall, the system of internal control employed by the GSIS is effective and adequate.

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The Audit Committee reviews the monthly and annual financial statements of the GSIS, focusing particularly on Management’s certification as to the reliability of the financial statements, significant financial reporting issues and judgments made in connection with the preparation of the financial statements, any proposed or actual change/s in accounting policies and practices, significant adjustments resulting from audit, and compliance with accounting standards and applicable laws. It endorsed to the Board for approval the Audited Financial Statements for the year 2015 and monitored Management’s actions to address issues raised by the Commission on Audit.

Further, the Audit Committee, after due deliberation, endorsed the following to the Board:

1. The Proposed Changes in the Appropriated Surplus of the Social Insurance Fund and the Administered Funds of the GSIS as of 31 December 2015.

2. The 2015 Distribution of Cash Dividends to GSIS Optional Life Insurance Policyholders and the Appropriation of Funds.

3. The Proposed 2017 Corporate Operating Budget as recommended by the SVP, Controller Group, subject to the comments of the Committee during the meeting.

Legal Oversight

The Legal Oversight Committee assists the GSIS Board of Trustees in carrying out its quasi-judicial powers, oversight responsibilities over Big-Ticket Accounts and to ensure the GSIS’s 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:

a. Cases involving high-valued real estate properties that are either owned, mortgaged, foreclosed and/or claimed by the GSIS with an appraised value of at least Fifty Million Pesos (P50,000,000.00);

b. Cases where the total claim (including damages and fees) involved is at least Fifty Million Pesos (P50,000,000.00);

c. 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;

d. Criminal, civil and/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

e. 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 the 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, on 12 December 2013 through Board Resolution No. 149 to reflect the changes in the composition of the Committee, and second, on 15 October 2015 through Board Resolution 154 to reflect the changes in the Chairmanship as well as to clarify the Committee’s 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 (3) core members, and a Chairperson, who is a lawyer, from among the core members.

With the appointment of the new Board of Trustees in December 2016, the Committee membership was limited to the core members, such that, non-members may attend and observe the meeting, but are not required to do so.

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In 2016, the Committee conducted six (6) meetings attended by the following members:

Trustee No. of Meetings Present

Geraldine Marie Berberabe-Martinez (Chairperson) 6

Gregorio T. Yu (Core Member) 4

Karina Constantino-David (Core Member) 5

Renato T. de Guzman (Member) 2

Robert G. Vergara1 (Member) 3

Roman Felipe S. Reyes (Member) 5



Elisea G. Gozun (Member) 5

Jocelyn de Guzman-Cabreza2 (New Member) 1

Nina Ricci Y. Chiongbian3 (New Member) 1

Anthony B. Sasin4 (New Member) 1

1On official business during the 21 January 2016 Committee Meeting. 2Took oath of office on 25 October 2016; vice Trustee Roman Felipe Reyes. 3Took oath of office on 9 December 2016; vice Trustee Elisea G. Gozun. 4Took oath of office on 9 December 2016; vice Trustee Mario J. Aguja.

Big-Ticket Cases

There were forty-five (42) cases identified by the Committee as big-ticket, for which, the Legal Services Group (LSG) submits regular quarterly report.

In 2016, the LSG obtained a favorable judgment in the case of GSIS vs. Macamir Realty and Development Corporation (LRC No. LP 13-0074) for Petition for Issuance of Writ of Possession filed by GSIS over the foreclosed properties covered by Transfer Certificate Title Nos. T-102254, T-102255 and T-102256 of the Registry of Deeds for Las Piñas. On 17 February 2016, the Court issued the Writ of Possession in favor of GSIS.

The LSG likewise obtained a favorable 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 fourteen (14) compromise agreements between GSIS and eight fourteen (14) reinsurers. This is in addition to the eight (8) other compromise agreements approved in 2015.

Quasi-Judicial Cases

The Committee resolved twenty-three (23) quasi-judicial cases in 2016.

2010 2011 2012 2013 2014 2015

2016(As of 31

December 2016)

Number of Petition/MR at the Start of the Year 58 68 52 54 42 41 34

Number of Petition/MR Filed 12 6 15 22 35 31 29

Number of Cases Resolved (2) (22) (13) (21) (35) (35) (23)

Number of Cases Referred to COC (13) (1) (3) (0)

Number of Cases Remaining at the End of the Year 68 52 54 42 41 34 40

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COMPLIANCE WITH COMMITMENTS TO GCG

GSIS achieved an overall rating of 98.45 percent in its 2016 Scorecard covering seven Strategic Objectives corresponding to 16 Strategic Measures. A. SOCIAL IMPACT

Strategic Objective 1: Empowered Members and Pensioners Enjoying Social Protection

a. Dialogues Conducted. A total of 108 stakeholders and public sector union dialogues were conducted across

the country. b. Issues or Complaints Raised by Stakeholders and Resolution Rate. GSIS was able to resolve 95.98

percent of the 679 issues raised from these dialogues. c. Increase in Benefits without Impairing Actuarial Life. As part of its anniversary celebration in May 2016,

GSIS launched the Electronic GSIS Member Online or eGSISMO, a secure web-based member self-service facility that allows members to view their own member information, loan accounts, and claim records with GSIS. eGSISMO provides a seamless and greater convenience to members since they no longer need to visit a GSIS office to inquire on the status of their accounts. Further, through eGSISMO, members are empowered as they now have direct access to their records right at their fingertips.

B. STAKEHOLDERS Strategic Objective 2: Excellent and Responsive Service to Members and Pensioners

a. Social Insurance (SI) claims and benefits. Out of the 195,918 applications received, some 192,127 were processed within turnaround time (TAT), translating to 98.07 percent processing efficiency rate. Of those processed, 51,066 were retirement and disability claims paid within 90 work days (WDs); 100,277 and 9,954 were for life and survivorship claims (non-member spouse) processed within 90 WDs; 6,227 were survivorship claims (member spouse) within 60 WDs; and 24,603 were for funeral claims paid within 30 WDs.

Claim Type TAT Number of Claims Received

Processed within TAT

Processing Rate

Disability 90 1,980 1,916 96.77%Retirement 90 50,003 49,150 98.29%

51,983 51,066 98.24%Regular Life 90 101,931 100,277 98.38%Survivorship (non-member spouse) 90 10,135 9,954 98.21%

Survivorship (member spouse) 60 6,378 6,227 97.63%Funeral 30 25,491 24,603 96.52%TOTAL 195,918 192,127 98.07%

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b. Loans. A total of 1,073,427 or 99.97 percent of loan applications were credited to members’ accounts within 5 WDs upon approval of the agency authorized officer.

Loan Type Number of Loan Applications Received


Processing Rate

Consoloan 515,409 515,374 99.99%Regular Policy 283,407 283,289 99.96%Optional Policy 7,129 7,128 99.99%Emergency 225,840 225,698 99.94%Pension 37,713 37,699 99.96%Pension Emergency Loan 4,239 4,239 100.00%TOTAL 1,073,737 1,073,427 99.97%

c. Monthly Pension Payments. A total of 5,209,244 pensioners or 100 percent were paid within the first eight (8) days of the month.

Month Number of PensionersNumber of pensioners

paid w/in the first 8 days of the Month

January 423,045 423,045February 425,600 425,600

March 427,731 427,731April 429,601 429,601May 431,095 431,095June 432,469 432,469July 434,559 434,559

August 436,602 436,602September 439,440 439,440

October 441,448 441,448November 443,003 443,003December 444,651 444,651

Total 5,209,244 5,209,244

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d. Insurance claims. More than 94 percent or 2,601 claims for motor vehicle, fire, bonds, engineering, floater, marine cargo, marine hull, miscellaneous and personal accident insurance were paid within TAT from receipt of complete documents.

Type of Insurance Processing Time

Number of claims received


Processing Rate

Motor Car 45 2,250 2,184 97.07%Fire 30 115 62 53.91%Aviation 30 1 0 0.00%Bonds 30 14 14 0.00%Engineering 30 15 12 80.00%Floater 30 11 11 100.00%Marine Cargo 30 0 0 0.00%Marine Hull 30 1 0 0.00%Miscellaneous 30 93 79 84.95%Personal Accident 15 101 96 95.05%

TOTAL 2,601 2,458 94.50%

e. Client satisfaction rating. In 2016, the Civil Service Commission (CSC) that administers the ARTA Report Card Survey focused on local government units and other agencies involved with the “ease of doing business”. Thus, GSIS was excluded in the agencies that were surveyed for client satisfaction in 2016.

f. GSIS Client Feedback Survey (CFS). The 2016 CFS was conducted from 7 October to 7 November 2016, covering 3,319 members and 639 pensioners. GSIS achieved a score of 92.04 percent, 6.02 percent higher than the overall satisfaction rating obtained in 2015. CFS was conducted to obtain a measurement of the overall satisfaction rating given to GSIS by its members and pensioners, with focus on the following areas: programs and benefits; transaction processes; quality of service provided by frontline and other service personnel; use of GSIS facilities and GSIS kiosks; quality of service provided by GSIS Call Center Agents; and overall satisfaction score.

C. FINANCE

Strategic Objective 3: Financial Stewardship and Actuarial Viability Sustained and Optimized

a. Increase in Total Assets. The five-year rolling average for the increase in total assets decreased from 11.19%

in 2015 to 9.64% in 2016. This may be attributed to the decline in interest rates from 2012 to 2015, and the volatility of the stock market from 2015 to 2016.

b. Increase Net Underwriting Income (NUI). The NUI for 2016 of Php2.47 billion is 27% or Php518 million

higher than last years’ Php1.95 billion.

D. INTERNAL PROCESS

Strategic Objective 4: Streamlined and Efficient Processes Administrative Expense Loading. As of November 2016, the Gross Income (including Fees and Commissions)

of GSIS amounted to Php127,576,329,694.00 while the Administrative and Operating Expenses (less Depreciation) was only Php4,688,764,855.00. This resulted in an Administrative Expense Loading of only 3.68 percent.

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Strategic Objective 5: Updated and Accurate Database

a. Processing Time of Posting. A total of 99.99 percent of the amount remitted from October 2015 to September 2016 was posted within 85 days from receipt of remittance from agencies.

b. Members’ and Pensioners’ Records. A total of 99.64 percent or 3,110,895 out of 3,122,192 requests for

data creation or updating were implemented within 5 WDs upon receipt of request. This was higher than the targeted 95 percent under the scorecard.

Month No. of Requests Processed within TAT

Processing Rate

January 158,108 157,639 99.70%February 161,382 160,669 99.56%

March 183,177 182,339 99.54%April 358,299 357,327 99.73%May 324,860 324,020 99.74%June 283,449 283,268 99.94%July 208,291 208,241 99.98%

August 182,738 182,636 99.94%September 141,852 141,771 99.94%

October 327,724 326,623 99.66%November 354,589 353,007 99.55%December 437,723 433,355 99.00%

Total 3,122,192 3,110,895 99.64%

E. LEARNING ANG GROWTH

Strategic Objective 6: Developed Workforce Competence.

GSIS achieved an average competency rating of 3.27 for 2016.

Strategic Objective 7: Improved Information Capital QMS ISO Certification. GSIS applied for an ISO Certification of its Loans and Membership Administration

processes. Stage 1 Audit was conducted on 26 October 2016 and Stage 2 Audit was conducted 17-18 October 2016. TUV Rheinland Philippines sent its Confirmation Letter recommending GSIS for ISO 9001:2015 for Loans Processing and Membership Administration on 21 December 2016. GSIS received an ISO 9001:2015 Certificate for Loans Processing and Administration which is valid from 21 February 2017 to 17 February 2020.

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Board of TrusteesOctober to December 2016

Top row: Trustee Romeo M. Alip Chairman Wilfredo C. Maldia Trustee Jocelyn de Guzman-Cabreza Trustee Nina Ricci Ynares-Chiongbian

Bottom row: Trustee Jonathan de la Cruz Trustee Lt. Gen. Alan R. Luga, AFP (ret.) Trustee Anthony B. Sasin

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WILFREDO C. MALDIAChairman

Age: 68Date of First Appointment: December 9, 2016

Trainings / Seminars Attended:

2004 Executive Risk Management Training Program for Senior Management conducted on October 26, 2004 at Intercontinental Hotel, Makati City

2010 International Financial Literacy Briefings conducted on April 9 – 19, 2010 in New York, USA.

“The Premier Business Leadership Series” Conference held on October 26-28, 2010 in Las Vegas

2012 Forum on Financing Agriculture conducted by World Bank on 29 March 2012 in Kampala, Uganda

2015 Corporate Governance Seminar conducted by Center for Global Best Practices on July 15, 2015

2016 Anti-Money Laundering & Terrorist Financing Prevention Seminar conducted by BSP-AMLA Council in ROPALI Plaza, Ortigas in July 2016

Trustee WILFREDO C. MALDIA graduated with a Bachelor of Science degree in Agriculture, major in Agricultural Economics from the University of the Philippines Los Baños, Laguna in 1969. In 1979, he also completed his Bachelor’s degree in Commerce major in Accounting from the Polytechnic University of the Philippines, and immediately obtained his license as a Certified Public Accountant (CPA). He earned his Master’s degree in Business Administration from the Philippine Christian University in 1984.

Currently, Trustee Maldia holds various directorship positions in the private sector. He sits as an independent director in the Board of the First Valley Development Bank and as member of the Board of ROTECO, Yamang Lupa’t Dagat Corporation, and CEAM Corporation.

Prior to his appointment to the GSIS Board, he served as senior adviser to the Ropali Group of Companies, and as director of the Farmers Savings & Loan Bank, Inc. and Banco Alabang Inc. (A Rural Bank). He also worked as a consultant to the Asian Development Bank as financial & organizations specialist for Agricultural Development Bank of Nepal, Agricultural Credit Specialist for Bangladesh Krishi Bank, and as rural credit specialist of the Estanislao Lavin & Associates. He was likewise the financial specialist/expert of the Urban Integrated Consultants, Incorporated and Livestock Development Program Office (LDPO) & the Kilusang Kabuhayan at Kaunlaran (KKK). He also worked as Farm Manager at Universal Robina Corporation, a private company engaged in food manufacturing business.

Trustee Maldia has also worked in the government sector for about 40 years, of which, 36 years were spent at the Land Bank of the Philippines (LANDBANK). He started his career at LANDBANK as a senior project analyst in 1976 (for 3 years), after a short stint working as an agronomist and researcher in the Bureau of Plant Industry and Bureau of Agricultural Economics, respectively, from 1971 to 1974. With his passion to work, he consistently rose from the ranks. In 2007, he became the Executive Vice President and head of the LANDBANK’s Agrarian and Domestic Banking Sector (ADBS) covering the agrarian, banking and lending operations until his retirement in 2012. With his leadership, Trustee Maldia has developed and introduced various innovative lending programs in the field of agriculture and finance.

As ADBS head, he also chaired various committees, namely: Domestic Banking Loans Committee, Branch Operations Committee, Official Development Assistance Bids and Awards Committee, ADBS Sectoral Committee. He was likewise a member of the Board of LANDBANK subsidiaries (i.e, Masaganang Sakahan Incorporated and LANDBANK Insurance Brokerage Inc), and member of the Governing Board of the Agricultural Guarantee Fund Pool.

In 2008, he was recognized as one of the most distinguished alumni of the University of the Philippines – Los Baños.

ROMEO M. ALIPTrustee

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


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

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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.

JOCELYN DE GUZMAN-CABREZATrustee

Age: 60Date of First Appointment: October 25, 2016


2014 Public Corporate Governance- Land Bank of the Philippines

2011 Applied Treasury and ALM Best Practices2009 ICD Working Session on Corporate

Governance2008 Corporate Governance / Development of

Rating System2004 Regional Conference of the ASEAN

Confederation of the Institutes of Internal Auditors- The Institute of Internal Auditors-Philippines and Information Systems Audit and Control Association

2004 Risk Management in Banking – Sweden (sponsored by SIDA)

Trustee JOCELYN DE GUZMAN CABREZA comes to GSIS with impeccable professional credentials. A certified public accountant and a master’s degree holder, Trustee Cabreza was an Executive Vice President of Land Bank of the Philippines before her appointment to the GSIS Board. She was also a former Director of the Land Bank Resources Development Corp. and the Land Bank Countryside Development Foundation.

A seasoned banker, she is equipped with 37 years of extensive experience in various areas of banking and finance, internal audit operations and strategic policy formulation and implementation. She has established a track record of integrity, professionalism and strong work ethic in the corporate world.

Trustee Cabreza started her career as an auditor of Commission on Audit, assigned at the Philippine National Bank. In 1982, she joined Land Bank as branch accountant and steadily climbed the ladder to become EVP in 2012. As EVP/Sector Head for the Branch Banking Sector, she supervised the bank’s 362 branches and extension offices nationwide, remittance operations in 25 countries, credit card operations, electronic banking and conditional cash transfers operations. She is credited for the bank’s deposit growth of more than 100% during her term as EVP, enabling the bank to reach the trillion-peso mark in total assets. She attributed this feat to the support and cooperation of the employees.

Trustee Cabreza currently chairs the GSIS Audit Committee and is a member of the Risk Oversight Committee. She is also a Director of National Reinsurance Corp of the Philippines and Banco Laguna Inc.

Having risen from the ranks, the new trustee has a “heart for the people.” She believes that the most valuable asset of an organization is its people. She also considers her appointment as an opportunity to serve fellow government workers.

NINA RICCI YNARES-CHIONGBIANTrustee


Trustee NINA RICCI YNARES-CHIONGBIAN obtained her degree in Business Management from De La Salle University in 1993. She also attended law school at San Beda College of Law from 1993 to 1996.

After graduating from college, she began her career in the real estate industry. She also has a passion for food which led her to culinary classes, locally and abroad, namely at the Lorenzo de Medici Université in Florence, Italy in 2001 and at the Le Cordon Bleu in Florence, Italy. She is also an undergraduate at the Philippine School of Interior Design.

In 1992, she served as the Junior Philippine Women’s Club President-Binangonan Chapter until 1998. She eventually became her father’s chief of staff and liaison officer at the Governor’s Office during his term. Trustee Ynares-Chiongbian is currently serving as the Treasurer of the Manila Luxury Condominium Corporation and JNM Realty and Development Corporation.

She is the daughter of Former Governor Casimiro “Ito” Ynares, Jr. and incumbent Governor Rebecca “Nini” Alcantara–Ynares.

She is married to James Chiongbian II and a proud mother of 2 boys – James Roy III and Casimiro.

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JONATHAN A. DE LA CRUZTrustee


Trustee JONATHAN A. DE LA CRUZ is a veteran workers’ advocate, diplomat, journalist, management consultant, community organizer, and most notably, an outstanding member of the 14th and 16th Congress. With over thirty years of experience in both government and private sector, his life long passion has been the promotion of the welfare and well being of the Filipino workingman, particularly, (1) teachers, workers and other stakeholders in the educational sector and their families including parents and students, and (2) OFWs, who have been hailed as the country’s modern day heroes.

A product of the public schools, Trustee de la Cruz has been involved at a very young age in the promotion of pro-people causes. He was elected Ateneo de Manila University Student Council President and served concurrently as Editor-in-Chief of the school paper, GUIDON/PANDAYAN at the height of student activism in 1972. In 1973, he joined the staff of the Board of Investments (BOI) and in 1975, after the enactment of the Labor Code, he was enlisted by then Minister of Labor and Employment Blas F. Ople to join the agency becoming the youngest Director of the Bureau of Employment Services (BES) – the precursor of the Philippine Overseas Employment Administration (POEA). While still with the DOLE, de la Cruz was enlisted to take up a teaching job on economics at the University of the Philippines (Manila).

He also served as a member of the Governing Boards of the Overseas Employment Development Board (OEDB), the National Seaman Board (NSB) and the Workers Welfare Fund (WWF), all of whose functions have since been incorporated into the POEA and its twin, the Overseas Workers Welfare Administration (OWAA).

His pioneering initiatives under the Marcos administration through the guidance of then Minister Ople paved the way for a more orderly and organized deployment of OFWs and Filipino companies abroad by providing better protection and incentives for all of them. The rules, regulations and practices which Trustee de la Cruz introduced including, among others, the provision of mandatory pre-departure orientation programs for workers and their families, skills training and values formation and continuing education for all stakeholders in the overseas employment/services industry helped propel the program into the critical plank of the national economy that it is today and a model for many worker sending countries worldwide. For his untiring efforts in behalf of our OFWs and the working class, he was awarded the prestigious Ten Outstanding Young Men (TOYM) Award for Employment and Workers Welfare in 1981.

In 1983, as the deployment of millions of Filipinos in the booming Middle East labor and services market grew to unprecedented levels he was asked to serve as the Director-General (with the rank of Deputy Minister and Ambassador-At-Large) of the Labor Center for Middle East and Africa covering 16 countries in the region and concurrently assigned as Deputy Chief of Mission of the Philippine Embassy in the Kingdom of Saudi Arabia. Within that period, he organized a number of trade and investments missions and pioneered in the development of bilateral labor and social services agreements with many of the host countries in the area.

Returning to the private sector in 1986, he served as adviser to various local government units (LGUs) in the fields of investments, trade and tourism. Since 1989, he became an active member of the working press and is presently a co-anchor of the daily morning radio show KARAMBOLA over DWIZ and wrote a regular column for Business Mirror, Tribune and People’s Journal.

Since 2009, upon his induction as a member of the House of Representatives, he has consistently infused the kind of vigor and creativity in the effort to enhance employment generation and productive and responsible relations among all stakeholders in the workplace. He actively participated in the enactment of various laws meant to enhance the welfare of our workers and their families such as the Pre-Need Code, the Amended Migrant Workers Act, CARPER, Amended Senior Citizens Act and the Second Salary Standardization Plan for government employees, among others.

After taking the reins of leadership of the ABAKADA Party List, Trustee de la Cruz actively initiated the setting up of libraries and reading centers nationwide, provided advise to organizations dedicated to skills training and values formation for out-of-school youth and initiated projects with various education and training institutions for the accelerated introduction of alternative learning systems (ALS).

An exemplary student leader, a dedicated public servant and an ardent advocate of workers welfare and societal reform, Trustee de la Cruz can provide the energy and spark needed to optimize the benefits due to GSIS stakeholders, our country and our people in an increasingly interdependent and globalized world.

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LT. GEN. ALAN R. LUGA, AFP (RET.)Trustee

Age: 58Date of First Appointment: November 16, 2016


2014 Professional Directors Program, conducted by the Institute for Corporate Directors (ICD) on August 28 – 29, 2014

2014 Basic Non-Life Insurance, conducted by AFP General Insurance Corporation

2014 to 2016 Strategic Planning Seminar Workshop,

conducted by Professor Jose Navarro. September 2014, September 2015, September 2016.

Trustee Lt. Gen. ALAN R. LUGA, AFP (ret.) obtained his Bachelor of Science Degree from the Philippine Military Academy in 1981. In 1994, he acquired his MBA units from the Ateneo de Manila University Graduate School of Business. He completed a master’s degree in Military Arts and Science at the US Army Command and General Staff College in 2002.

Trustee Luga is the current President and CEO of AFP General Insurance Corporation. He is also a member of the following insurance organizations: Insurance Institute for Asia and the Pacific, Inc., Philippine Insurers and Reinsurers Association, Philippine Insurers Club, and the Philippine Machinery Management Services Corp.

Prior to his appointment to the GSIS, he was the Vice Chief of Staff of the Armed Forces of the Philippines before his compulsory retirement on May 12, 2014 after 38 years of continued military service. From 2012 to 2013, he served as Commander of the AFP Southern Luzon Command. He was also the Commander of two Infantry Brigades (the 802nd Infantry Bde and the 1001st Infantry Bde) from 2008 to 2011 and the Commander for the 7th Infantry Division of the Philippine Army in 2012. He was a member of the GRP Peace Panel for the GRP-MILF Peace Talks as the Chairman of the ADHOC Joint Action Group, OPAPP in 2011 – 2012. In 2005 – 2006, he was the Chief of the AFP Command Center as well as the Secretary, Army General Staff. He was deployed as Deputy Commander of the Philippine Battalion for the International Forces in East Timor and later as Chief Plans of the Peace Keeping Force of UNTAET in East Timor from 1999 to 2001.

Trustee Luga has held various military and corporate positions. He was the Chairman of the Board of the Camp Aguinaldo Golf and Country Club from 2013 to 2014, and of the AFP Housing Board on the same years. He was also a member of the Board of Directors of the Riviera Sports & Country Club, Inc. from 2014 to 2016, and served as a member of the AFP Board of Generals from 2013 to 2014.

ANTHONY B. SASINTrustee


Trustee ANTHONY B. SASIN graduated with a degree in Bachelor of Science in Business Administration – Major in Management, from the Ateneo de Davao University.

Prior to his appointment, he served as Undersecretary for the Office of the Presidential Adviser for New Government (2007-2008); as Presidential Assistant for Regional Concerns (Southern Mindanao); and as Barangay Captain of Barangay 3A, Davao City (1971-1972).

In the private sector, Trustee Sasin was Executive Director for the Don Antonio Floirendo, Sr. Foundation; Executive Vice President for Industrial Relations Division of Anflo Management and Investment Corporation; President of Grand Aide Manpower Services, Inc.; and General Manager of Cougar Security Agency and Davao Motor Sales Corporation.

Currently, Trustee Sasin is the Management Consultant and a Member of the Board of Anflo Management and Investment Corporation. He is also the President of Masters Port Services, Inc. (MPSI).

Trustee Sasin is a staunch advocate and defender of workers’ rights and interests. He has been a member of the National Directorate of the Trade Union Congress Party (TUCP Partylist) since 2009 and was elected as its Vice President in March 2016.

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Roster of Membership of Governing BoardsAs of December 31, 2016

Name of Trustee Position Corporation / Company / AffiliationWilfredo C. Maldia Chairman

Director

Director

Director

Director

• Government Service Insurance System (GSIS)

• ROTECO [personal capacity]

• Yamang Lupa’t Dagat Corp. [personal capacity]

• CEAM Corp. [personal capacity]

• First Valley Development Bank [personal capacity

Romeo M. Alip Trustee • Government Service Insurance System (GSIS)

Jocelyn de Guzman Cabreza Trustee

Director


• National Reinsurance Corporation of the Philippines (NRCP)

Nina Ricci Ynares-Chiongbian Trustee

Board Member

Treasurer

Treasurer


• Manila Hotel (Dec. 2016-present)

• Manila Luxury Condominium Corporation, Pasig [2015- present] [personal capacity]

• JNM Realty & Development Corporation, Rizal [1996-present]

[personal capacity]

Jonathan A. de La Cruz Trustee

Director


• Philippine National Construction Corporation (PNCC)

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Lt.Gen. Alan R. Luga, AFP (Ret)

Trustee

Director

President and CEO


• National Reinsurance Corporation of the Philippines (NRCP)

• AFP General Insurance Corporation [personal capacity]

Anthony B. Sasin Trustee

Director

Management Consultant/ Director

President

Member


• Philippine National Construction Corporation (PNCC)

• Anflo Management & Investment

Corp. [2010-present] [personal capacity]

• Masters Port Services, Inc. [2006-present] [personal

capacity]

• National Directorate, Trade Union Congress of the Philippines [2009-present] [personal

capacity]

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BOARD OF TRUSTEESAs of October 2016

Top row: Trustee Romeo M. Alip Trustee Mario J. Aguja Chairman Renato T. de Guzman Vice Chairman and PGM Robert G. Vergara Trustee Karina Constantino-David

Bottom row: Trustee Elisea G. Gozun Trustee Geraldine Marie B. Berberabe-Martinez Trustee Roman Felipe S. Reyes Trustee Gregorio T Yu

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RENATO T. DE GUZMANChairman

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


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 master’s 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 ING’s 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 Asia’s 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.

ROBERT G. VERGARAVice Chairman and PGM

Age: 55 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)


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 master’s 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.

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MARIO J. AGUJATrustee

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





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 master’s 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.

KARINA CONSTANTINO-DAVIDTrustee

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



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


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.

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Trustee ELISEA G. GOZUN graduated with a Bachelor of Arts from Southwestern University in Cebu City in 1976. She completed units for a master’s degree in Environmental Management at the Philippine Women’s 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.

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 Bank’s Jit Gill Memorial Award for Outstanding Public Service in 2008, House of Representatives Committee on Women’s Most Outstanding Woman in Public Service in 2008, and Province of Bulacan’s 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 master’s degree in Economics and Social Studies from the Victoria University of Manchester, England in 1974.

ELISEA G. GOZUNTrustee Age: 63 Date of First Appointment: September 24, 2013



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


AR201641

GERALDINE MARIE BERBERABE-MARTINEZTrustee

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





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)


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

ROMAN FELIPE S. REYESTrustee

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





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.

AR2016 42

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 Bulakeño Dangal ng Lipi in 1994, among others.

GREGORIO T. YUTrustee

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





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 master’s 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.

AR201643

List of Directorships in GOCCs and PLCsAs of June 2016

Name of Board of Trustees Position Designation

Length of Service (As of December 31,

2015)Renato T. De Guzman Chairman

Independent DirectorDirector

n Government Service Insurance System (GSIS)n JG Summit Holdings Inc.n Maybank (Malaysia)n ICCP

6 months

8 months

Robert G. Vergara President & General Manager and Vice Chairman

Director

Member

Vice Chairperson

Director

Independent Director

n Government Service Insurance System (GSIS)

n Philippine Stock Exchange [PSE] including:l Securities Clearing

Corporation of the Philippines [SCCP]l Capital Market Committeen National Reinsurance

Corporation of the Philippines [NRCP]l Chairman, Nomination and

Compensation Committeen Ex-officio [Sec. 5, RA 10121],

National Disaster Risk Reduction and Management Council

n Philippine National Construction Corporation [PNCC]

n Asian Forum Inc.n Ex-officio, [EO 90] Housing

and Urban Development Coordinating Council

n Ex-officio, Philippine Aerospace Development Corporation [PADC]

n Ex-officio, Philippine Health Insurance Corporation (PhilHealth)

n Sea Crest Master Fundn Cabanatuan Electric

Corporation

5 years 3 months

5 years 3 months

5 years 3 months

5 years 3 months

5 years 1 month

5 years5 years 3 months

5 years 3 months

5 years 3 months

6 years14 years

Mario J. Aguja Trustee

DirectorMember (Board of Directors)


n GSIS Family Bank [GFB]n Philippine Red Cross, General

Santos-Sarangani Chapter

5 years 1 month

5 years 1 month

7 years

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Romeo M. Alip Trustee n Government Service Insurance System (GSIS)

2 years

Karina Constantino-David

Trustee

DirectorMember (Board of Directors)Director


n Manila Hoteln Child Protection Network

Foundationn Harnessing Self-Reliant

Initiatives and Knowledge (HASIK)

5 years 4 months2 years 2 months

17 years

Elisea G. Gozun Trustee

Director


n Philippine National Construction Corporation [PNCC]

2 years

1 year 11 months

Geraldine Marie Berberabe-Martinez

Trustee

Chairperson


n GSIS Family Bank [GFB]

5 years 2 months5 years 1 month

Roman Felipe S. Reyes

Trustee

Director

Member

Independent DirectorIndependent DirectorTrusteeIndependent DirectorIndependent DirectorIndependent DirectorChairman (Board of Governors)Chairman-on-leaveIndependent DirectorIndependent Director

Independent DirectorIndependent Director


n National Reinsurance Corporation of the Philippines [PhilNaRe]l Underwriting Committeel IT Special Board Committeen Pakistan International

Container Terminal Limitedn FF Cruz & Co. Inc.

n San Beda Collegen Premium Leisure Corporation

n Macawiwili Gold Mining and Development Company, Inc.

n Philippine Geothermal Production Company

n Nicanor Reyes Memorial Foundation

n Reyes, Tacandong & Co.n Radio Philippines

Network(RPN) 9n Pampanga Sugar

Development Company (PASUDECO)

n All Asian Countertrade

n Rockwell Club

5 years 3 months2 years 1 month

1 year

1 year

1 year2 years

2 years

3 years

4 years

5 years5 years

5 years

5 years

6 years

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Gregorio T. Yu Trustee

Director, Treasurer

Member

ChairmanChairmanChairman

Vice ChairmanChairmanDirector

ChairmanDirectorDirectorDirectorDirectorDirectorDirector

Director, TreasurerDirectorDirectorDirectorDirectorPresident

Chairman & President

TrusteeTrustee

ChairmanMemberMemberDirector

n Government Service Insurance System (GSIS)n National Reinsurance Corporation of the Philippines [PhilNaRe]l Investment and Budget

Committeen CATS Motors, Inc.n CATS Asian Cars, Inc.n CATS Automobile Corporationn Sterling Bank of Asial Executive Committeen Philippine Bank of Communicationsl Executive Committeen Philippine Airlinesn Unistarn Glyph Studios, Inc.n Iremit, Inc.n Philequity Fund, Inc.n Propole BPO, Inc. (formerly Summersault, Inc.)n CMB Partners, Inc.n Jupiter Systems, Inc.n Wordtext Systems, Inc.n Yehey, Inc.n R.S. Lim & Co., Inc.n Domestic Satellite Corporation of the Philippinesn Lucky Star Network Communications Corporationn Xavier School, Inc.n Xavier School Educational

and Trust Fund, Inc.l Ways and Means Committeen Ballet Philippinesn Manila Symphony Orchestran Ripple E-business International, Inc.

5 years 3 months5 years

11 years11 years11 years

9 years

4 years

4 years3 years4 years12 years21 years9 years

12 years14 years14 years14 years18 years14 years

21 years

17 years18 years

17 years6 years6 years

5 years

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Racquel D. DE GUZMAN-BUENSALIDA Corporate Services Group

Hilconeda P. ABRIL Controller Group

Dionisio C. EBDANE JR. VisMin Group

Gracita Gilda V. BOCANEGRA Financial Management Group

Juan Philip S. EVANGELISTA Information Technology

Services Group

Salvacion P. MATE Officer in Charge

Luzon Group

Maria Obdulia V. PALANCA Insurance Group

Nora MALUBAY-SALUDARES Officer in Charge

Office of the Presidentand General Manager

concurrent Senior Vice President NCR Group

Severina L. RESURRECCION Actuarial and Risk

Management Group

SENIOR VICE PRESIDENTS

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Joseph Philip T. ANDRES Visayas Office

Juliet M. BAUTISTA Internal Audit

Services Office

Flormin O. CONCEPCIONGeneral Services Office

Manuel P. ANG FI Systems Maintenance

and Other Accounting Services Office

Jean Rusela A. BENGO Application

Management Office

Erlinda D. BAÑARES NCR Area II

Leopoldo A. CASIO JR. Marketing, Underwriting

and Claims Office

VICE PRESIDENTS

Apollo M. ESCAREZ Real Estate Asset Disposition and

Management Office

Eduardo V. FERNANDEZ North Luzon Office

Rachel T. EDJAN Officer in Charge

South Luzon Office

Romeo G. DE LUNA JR.Acting Vice President

Treasury Operations Office

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Valerie K. MARQUEZ Risk Management Office

Sonia C. HOLGADO NCR Area I

Marlon E. MENDOZA IT Infrastructure Office

Margie A. JORILLO Corporate

Communications Office

VICE PRESIDENTS

Lucio L. YU JR. Adjudication

and Policy Office

Allan S. YUResearch Office

Jonathan C. PINEDA Information

Security Office

Jason C. TENGMindanao Office

Engelbert Anthony D. UNITEActing Vice President

Human Resources Office

Don Jomar M. OLEGARIO Acting Assistant Chief

Legal CounselLitigation Office

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STATEMENT OF MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL STATEMENTS

PASEGURUHAN NG MGA NAGLILINGKOD SA PAMAHALAAN(GOVERNMENT SERVICE INSURANCE SYSTEM)

Financial Center, Pasay City, Metro Manila 1308

The management of the GOVERNMENT SERVICE INSURANCE SYSTEM is responsible for the preparation and fair presentation of the financial statements for the years ended December 31, 2016 and 2015 in conformity with Philippine Financial Reporting Standards and reflect amounts that are based on the best estimates and informed judgment of management with an appropriate consideration to materiality.

In this regard, management maintains a system of accounting and reporting which provides for the necessary internal controls to ensure that transactions are properly authorized and recorded, assets are safeguarded against unauthorized use or disposition and liabilities are recognized.

The Commission on Audit, through its authorized representative, has examined the financial statements of the GSIS pursuant to Section 2, Article IX-D of the Philippine Constitution and Section 28 of the Presidential Decree No. 1445, otherwise known as the Government Auditing Code of the Philippines. The audit was conducted in accordance with Philippine Public Sector Standards on Auditing and the auditor has expressed its opinion on the fairness of presentation upon completion of such examination in its report to the members of the board.

Signed under oath:

NORA MALUBAY-SALUDARESOfficer In Charge Office of the President and General Manager

HILCONEDA P. ABRILSenior Vice President Controller Group

Signed this 6th day of June 2017

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INDEPENDENT AUDITOR’S REPORT

Republic of the PhilippinesCOMMISSION ON AUDIT

Commonwealth Avenue, Quezon City

The Board of TrusteesGovernment Service Insurance SystemFinancial 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, 2016 and 2015 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 accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

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

Auditor’s 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 auditor’s judgment 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 entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s 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.

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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, 2016 and 2015, 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 P5.244 billion in 2016 and P2.697 billion in 2015 representing unposted billings and collections of premiums and loans that have not yet been posted to the individual member’s accounts and are presented as a deduction from the total Premiums and loans receivable account. The unposted billings and collections affect the accuracy of members’ privileges, claims, and the validity of the affected subsidiary ledger accounts as of statement of condition 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.

Report on Other Legal and Regulatory Requirements

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 32 to the financial statements required under Revenue Regulations 15-2010 and 19-2011, as amended, 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 the 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. FULGENCIOSupervising Auditor

June 6, 2017

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STATEMENTS OF FINANCIAL POSITION

December 31, 2016 and 2015(In Philippine Peso)

2016 2015 Restated

ASSETS

Cash and cash equivalents 15,678,182,636 38,973,065,605

Premiums and loans receivable - net 274,061,017,873 272,770,291,144

Financial assets 641,184,867,179 567,662,191,222

Other receivables - net 5,603,764,326 7,185,126,236

Investment property 62,667,012,498 58,471,219,713

Property and equipment - net 11,276,819,923 12,061,901,123

Other assets 1,356,919,501 1,056,036,791

TOTAL ASSETS 1,011,828,583,936 958,179,831,834

LIABILITIES AND NET WORTH

LIABILITIES

Insurance liabilities 10,534,537,087 11,711,703,644

Other liabilities 10,812,688,692 9,675,857,485

Deferred credits 1,814,894,821 3,100,375,359

TOTAL LIABILITIES 23,162,120,600 24,487,936,488

NET WORTH

Surplus

Appropriated surplus 943,473,487,087 878,147,487,087

Unappropriated surplus 37,016,113,412 47,597,524,500

980,489,600,499 925,745,011,587

Revaluation surplus 8,176,862,837 7,946,883,759

TOTAL NET WORTH 988,666,463,336 933,691,895,346

TOTAL LIABILITIES AND NET WORTH 1,011,828,583,936 958,179,831,834

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STATEMENTS OF COMPREHENSIVE INCOME

For the Years Ended December 31, 2016 and 2015(In Philippine Peso)

2016 2015 Restated

INCOME

Income from insurance 97,689,116,148 89,976,888,874

Income from loans 22,538,387,001 22,307,068,085

Income/(loss) from financial assets 30,198,200,096 (2,446,599,706)

Income from investment property 4,178,530,500 26,462,626,968

Other income 301,456,533 3,345,284,514

154,905,690,278 139,645,268,735

EXPENSES

Claims and benefits 87,078,954,258 85,939,994,751

Investment expenses 232,838,164 236,326,173

Insurance expenses 1,630,125,943 1,192,495,572

Personnel services 4,033,298,364 3,775,574,302

Operating expenses 7,152,884,637 2,059,860,189

100,128,101,366 93,204,250,987

NET INCOME 54,777,588,912 46,441,017,748

OTHER COMPREHENSIVE INCOME

Items that will not be reclassified subsequently to profit or loss

Revaluation surplus 229,979,078 1,449,338,900

229,979,078 1,449,338,900

TOTAL COMPREHENSIVE INCOME 55,007,567,990 47,890,356,648

AR2016 54

STATEMENTS OF CHANGES IN NET WORTH


Surplus Total surplus Revaluation

surplus Net worth Appropriated Unappropriated

Balance, January 1, 2016 878,147,487,087 47,597,524,500 925,745,011,587 7,946,883,759 933,691,895,346

Additions/Provisions:

Net income - 54,777,588,912 54,777,588,912 - 54,777,588,912

Increase in appropriation 65,326,000,000 (65,326,000,000) - - -

Dividends declared - (33,000,000) (33,000,000) - (33,000,000)

Other comprehensive income - - - 229,979,078 229,979,078

Balance, December 31, 2016

943,473,487,087 37,016,113,412 980,489,600,499 8,176,862,837 988,666,463,336

Balance, January 1, 2015 809,020,957,087 70,315,562,876 879,336,519,963 6,497,544,859 885,834,064,822

Additions/Provisions:

Net income - 46,441,017,748 46,441,017,748 - 46,441,017,748

Increase in appropriation 69,126,530,000 (69,126,530,000) - - -

Dividends declared - (32,526,124) (32,526,124) - (32,526,124)

Other comprehensive income - - - 1,449,338,900 1,449,338,900

Balance, December 31, 2015 878,147,487,087 47,597,524,500 925,745,011,587 7,946,883,759 933,691,895,346

AR201655

STATEMENTS OF CASH FLOW


2016 2015

CASH FLOWS FROM OPERATING ACTIVITIES

Receipt of premiums 95,389,485,215 86,727,107,397

Receipt from other receivable 364,402,487 243,900,151

Contributions to ECC and OSHC (92,062,167) (76,788,967)

Other miscellaneous receipts 377,807,806 8,245,723,092

Payment of claims and benefits (86,686,537,114) (86,128,187,952)

Payment of reinsurance premiums (1,400,643,094) (2,888,646,514)

Payments for operating expenses (5,723,110,790) (5,101,605,186)

NET CASH PROVIDED BY OPERATING ACTIVITIES 2,229,342,343 1,021,502,021

CASH FLOWS FROM INVESTING ACTIVITIES

Net loan releases (3,540,658,260) (16,845,532,882)

Receipt of earnings from loans 19,179,099,159 17,533,120,009

Net investment placements (72,183,834,108) (36,456,022,118)

Receipt of earnings from investments 31,043,834,798 29,026,211,365

Receipt of earnings from investment property 462,131,185 242,022,556

Purchase of information technology resources (310,882,256) (340,132,280)

Purchase/payments for capital expenditures (173,915,830) (157,196,616)

NET CASH USED IN INVESTING ACTIVITIES (25,524,225,312) (6,997,529,966)

NET DECREASE IN CASH AND CASH EQUIVALENTS

(23,294,882,969) (5,976,027,945)

CASH AND CASH EQUIVALENTS BEGINNING 38,973,065,605 44,949,093,550

CASH AND CASH EQUIVALENTS, END 15,678,182,636 38,973,065,605

AR2016 56

HEAD OFFICE

GSIS Building, Financial Center Roxas Boulevard, Pasay City 1308 Tel. No.: (02) 976-4900; 479-3600

NCR OPERATIONS

Pasig Extension 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. AlvarezOfficer in ChargeM. 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 Arlene M. Villanueva 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 Marvin B. MercadoHead Brgy. Sto Niño, Nautical HighwayCalapan City 5200 Tel. No.: (043) 288-1770

Mamburao Extension Office Miler B. Masicat Head Capitol Road, Brgy. 9 Payompon, Purok Maligaya Mamburao, 5106 Occidental Mindoro Tel. No.: (043) 711-0004

Bayombong Branch Office Ana Maria F. Fedelis Officer in Charge UBAP Bldg., NVSU Compound Don Domingo Maddela 3700Nueva Vizcaya Tel. No.: (0915) 332-3961

Bulacan Branch Office Leon Ma E. Fajardo Manager The Cabanas Km. 44-45, McArthur Highway Longos, Malolos City 3000 Tel. No.: (02) 859-0213

Cabanatuan Branch Office Mabel A. de GuzmanManager NFA Compound Maharlika Highway Cabanatuan City 3100 Tel. No.: (044) 958-9702

Cauayan Branch Office Araceli A. SantosManager Tagaran, Cauayan City 3305 Tel. No.: (078) 652-1127 Fax No.: (078) 652-1042

Dagupan Branch Office Josefina B. Abao Manager PNR Site, Mayombo Dist.Dagupan City 2400Tel. No.: (075) 522-0436; 523-7511

Laguna Branch Office Ireen I. Dimaano Manager Brgy. Biñan, Pagsanjan 4008 Laguna Tel No.: (049) 501-6955 Laoag Branch Office Levi S. Olivar Jr.Manager Brgy. 23, P. Paterno St.Laoag City 2900 Tel. No.: (077) 772-0053 La Union Branch Office Quintin S. Bañez Manager Bugayong Bldg., Quezon Avenue Brgy. Catbangen San Fernando City 2500 Tel. No.: (072) 242-6893; 687-0377

Legazpi Branch Office Erwin R. Roallos Officer in Charge Alternate Road, Bitano Legazpi City 4500 Tel. No.: (052) 480-4685

Virac Extension OfficeJohnson V. Dating Head P Araojo Shopping Arcade Cavinitan, Virac 4800 Catanduanes Tel. No.: (0928) 836-6564

Lucena Branch Office Maria Carmencita M. Ong Manager GSIS Bldg., Maharlika Highway Brgy. Isabang, Lucena City 4301 Tel. No.: (042) 710-7772; 373-6358

Boac Extension Office Eleanor C. Espina Head R.E.B. Abetria Bldg. Santol, Boac 4900 Marinduque Tel. No.: (042) 332-2460

Naga Branch Office Joselito C. Roldan Sr. Manager Del Rosario, Naga City 4400 Tel. No.: (054) 472-1250; 472-6184

Palawan Branch Office Marina J. Ignacio Manager Nat’l Highway, Brgy. San Miguel Puerto Princesa City 5300 Tel. No.: (048) 433-2579

Pampanga Branch Office Joel R. Defeo Manager Sindalan, San Fernando City 2000 Tel. No.: (045) 455-1261

Sorsogon Branch Office Maybelle B. Chommog ManagerFlores St., Capitol Compound Sorsogon City 4700 Tel. No.: (0917) 672-1970

Masbate Extension Office Jenny R. Marifosque Head Susana Bldg., Masbate City Hall Compound Brgy. Kalipay, Masbate City 5400 Tel. No.: (0939) 583-4538

Tarlac Branch Office Roberto L. Meneses Manager Urquico Oval, San Roque Tarlac City 2300 Tel. No.: (045) 982-9866

Tuguegarao Branch Office Eva T. Gammad Officer in Charge Carig, Tuguegarao City 3500 Tel. No.: (078) 396-0650; 396-0673

BRANCH AND EXTENSION OFFICES

AR201657

VISAYAS OPERATIONS Bacolod Branch Office Ma. Fatima R. Alvarez ManagerAraneta St., Brgy. Tangub Bacolod City 6100 Tel. No.: (034) 704-1815

Bohol Branch Office Grace P. Rada Manager CPG North Avenue, Cogon DistrictTagbilaran 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 Ocaña Head JRC Bldg. Brgy. Songco Borongan 6800, Eastern Samar

Catarman Extension Office Hector B. Uy Head J. P. Rizal St., Catarman 6400 Northern Samar Tel. No.: 0917-3188872

Cebu Branch Office Ma. Vilma L. Fuentes 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 HeadYuvallos Bldg., D. Veloso St.Walingwaling Subdivision, PuntaOrmoc City 6541 Tel. No.: (053) 255-7901

MINDANAO OPERATIONS

Butuan Branch Office Marciana M. BataManager Libertad, Butuan City 8600 Tel. No.: (085) 341-5029; 342-1650 (085) 815-4640

Cagayan de Oro Branch Office Rosalinda G. Mendoza Manager Mayor P.N. Roa St., Brgy. CarmenCagayan de Oro City 9000 Tel. No.: (088) 858-5818

Cotabato Branch Office Bai Cerynea B. Aquino Manager Gov. Gutierrez Avenue Cotabato City 9600 Tel. No.: (064) 421-1168; 421-3215

Davao Branch Office Ma. Cecilia G. Vega Manager McArthur Highway, Matina Davao City 8021 Tel. No.: (082) 296-2431; 299-0141

Dipolog Branch Office Willa G. Mangubat Manager Minaog, Dipolog City 7100 Tel. No.: (065) 917-5232; 917-5226

General Santos Branch Office Deity U. Manampan Manager LLIDO Bldg., Santiago Boulevard Gen. Santos City 9500 Tel. No.: (083) 887-2677

Iligan Branch Office Alexis D. Arumpac Manager Yima Bldg., Ramiro corner Badelles Sts. 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) 577-5109

Malaybalay Branch Office Erwin E. Casicas Manager Onda Bldg. Sayre Highway Casisang, Malaybalay City 8700 Tel. No.: (088) 813-4711; 813-0581

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. TalitaManager G/F Parkway Bldg. National Highway Surigao City 8400 Tel. No.: (086) 826-9113

Tandag Extension Office Marygen M. Buladaco Head JTP Bldg., Capitol Rd. Brgy. Telaje, Tandag City 8300 Tel. No.: (086) 211-4423

Tagum Branch Office Eldie P. LozarieOfficer in Charge Osmeña St., Tagum City 8100 Tel. No.: (084) 655-6168

Zamboanga Branch Office Ma. Melissa R. Espano Manager Moret Field, Baliwasan Zamboanga City 7000 Tel. Nos.: (062) 991-1258

Basilan Extension Office Luisito T. Sabado Head Valderosa St., Isabela City 7300Tel. No.: (0915) 125-7605

AR2016 58

AR201659

GSIS Building, Financial Center, Roxas Boulevard, Pasay City 1308Contact Center: (+632) 847-4747

Email: [email protected]

ARANNUAL REPORT

2016

vision - gsis.gov.ph · certification for its quality management system (qms) on loan processing,...

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