MANILA, Philippines – The Government Service Insurance System (GSIS) is running after an estimated P30 billion in arrears and remittances from government-owned agencies and local government units (LGUs).
GSIS president and general manager Winston Garcia said the roughly P30 billion represents collectibles from delinquent state-agencies and LGUs. Garcia declined to reveal the names of these state entities.
“We are in active talks with them to reconcile the amount of arrears,” said Garcia, referring to the delinquent agencies.
Yesterday, the local government of Quezon City also settled the reconciled principal of its premium arrears with the pension fund worth P43 million.
The amount represents the arrears incurred by the Quezon City from 1997 to 2007, comprising of P35 million in employer’s share; P6 million in employees’ share; and P2 million in employee compensation.
QC mayor Feliciano Belmonte Jr. turned over the payment yesterday.
At the same time, Belmonte also turned over P7.629 million to GSIS for the acquisition of the 10,899-square meter Payatas property in Quezon City from the pension fund manager.
Garcia said the transaction would be beneficial for both the GSIS and the QC local government.
“The GSIS will be able to dispose of a property which has remained idle for the past 29 years and which has no prospects of appreciating in value on account of its use as a dumpsite,” he said.
For Quezon City, Garcia said the city government would now be able to legally own the property it uses as part of its Waste Management Program.
The city plans to use the property as an additional site for the Quezon City Materials Recovery and Volume Reduction Facility to solve the city’s garbage problem, and also consistent with the Ecological Solid Waste Management Act of 2000.
Belmonte earlier wrote to Garcia expressing the city’s desire to purchase the property.
The sale comprised two-thirds of the Payatas property, with the other one-third having been sold to the local government in 2005.
The sale resulted from the offer of the GSIS to sell Blocks 1, 2 and 3 of the Payatas Estate on October 14, 2002 which was accepted by the Quezon City government on March 21, 2005. –Iris C. Gonzales, Philippine Star
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