The Government Service Insurance System (GSIS) said it has 65 prime properties that can be considered for joint venture (JV) agreements with the private sector.
Jose Arnulfo Veloso, GSIS president and general manager, said the pension fund is planning to open some of its big-ticket projects for the said JV.
“We will have an announcement on how it can be fast tracked, that we can have a fair bidding for them to participate (in) so there will be JV projects. We will not sell these properties, we will have a partnership with the private sector,” Veloso told reporters last Friday.
According to Veloso, the bidding process will not solely focus on the price or rates.
“(We will also) consider what type of projects can be done and how it can benefit our members. There are a lot, there are 65 prime properties,” Veloso said.
For its smaller properties such as foreclosed houses, the pension fund intends to sell these to those who would like to have their own homes, he added.
However, Veloso said as of now, this is only available to government employees.
“I would like to see, maybe we can also (offer) some to the private sector, if possible,” Veloso said.
“The more that we’re able to get money to be able to invest, the more that we will be able to help our members,” he added.
According to Veloso, the GSIS’ fund life is 31 years.
“I think it has been steady at that level of 31 years. (We should look at) how we can further extend it, that is something we will work on,” Veloso said.
In its website, big-ticket properties acquired by GSIS that are currently available for lease include some lots in Pasig and Quezon City, some warehouse units in Pasig and a billboard structure in Muntinlupa.
Meanwhile, Veloso said the GSIS is ready to implement the proposed rightsizing of the budget department should the National Government Rightsizing Program be passed into law.
“But I just want to share that it will be difficult for us, because can you imagine, there will be less (premium) contributions that will be collected,” Veloso said, referring to the impact of a reduction in government personnel should it be needed.
“But if the government thinks that this is necessary for the citizens… then we will abide,” he added.
On the proposed reform of the military and uniformed personnel pension system, Veloso said GSIS is willing to be fund manager since that is part of its job, thus the pension fund will try to expand for those who will need its expertise.
“It’s still in the Senate. But should there be a discussion on that, we will ensure that we will provide support in the management,” Veloso said.
Veloso however said that it will require a capital infusion.
“That is needed because there is no contribution, we cannot give the funds of the government, (intended) for our (civilian) employees,” he said.
