The Philippines’ Government Service Insurance System (GSIS) is moving to improve valuations and risk assessment of the thousands of public assets it insures by working with the Japan International Cooperation Agency.
The pension fund and the Japanese government agency aim to set up a standardised and science-based method to estimate the replacement cost of the assets, including hospitals, bridges, municipal halls and other public infrastructure.
According to Wick Veloso, president and general manager of GSIS, the project addresses a long-standing challenge faced by the pension fund.
“Many agencies still have incomplete or outdated property records. This project helps us establish a reliable baseline for valuing public assets and assessing the risks they face,” Veloso says in a statement on March 10 announcing the partnership with the Japanese agency.
GSIS manages retirement savings of civil servants, with 2 trillion pesos (US$33.97 billion) of assets under management as of end-2025.
