GSIS settles PHP1B unpaid premiums with NPC

The Government Service Insurance System (GSIS) signed a landmark agreement with PSALM and NPC on Tuesday to settle over PHP1 billion in unpaid premium contributions from NPC's 2003 restructuring.

NPC President Fernando Martin Y. Roxas emphasized that the settlement will restore benefits to 1,233 former employees affected by power sector privatization and their families.

The agreement clears the full restructured obligation for qualified former NPC employees whose service periods were validated by the Commission on Audit.

GSIS granted a 60 percent condonation on accrued interest and will now begin recomputing and crediting service periods to enable eligible claimants to receive their retirement and insurance benefits.

PSALM President Dennis Edward dela Serna highlighted that this joint effort reflects fiscal responsibility, legal prudence, and social justice.

The signing ceremony was attended by representatives from PSALM, NPC, and GSIS, marking a significant step in addressing the financial obligations arising from NPC's restructuring.