The Government Service Insurance System (GSIS) on Tuesday said it was able to reduce its uncollected service loans from its members and pensions by double digits through improved collection efforts after being flagged by the Commission on Audit (COA).
In its annual audit report on GSIS for 2022, state auditors said the state pension fund’s “inefficient collection, management, and monitoring of its loans receivable account resulted in the accumulation of due and demandable loans receivable from both active and inactive members amounting to P45.583 billion as at December 31, 2022.”
The GSIS chief also noted that as of the first four months of 2023 “we reduced our due and demandable loans by P3.57 billion or 7.83% from its 2022 balances of P45.58 billion, bringing our April 2023 level down to P42.01 billion.” Veloso said the GSIS was able to substantially reduce the uncollected outstanding loans as a result of numerous measures the pension fund has instituted over the years.
In addition, GSIS has "undertaken extensive reconciliation of loan accounts to spot discrepancies and correct them promptly," Veloso said.
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