GSIS COMPLEX, Pasay City — Affirming the tenet of 'growing stronger together' with the advocacy of sharing commitment in service, the Government Service Insurance System (GSIS), Power Sector Assets and Liabilities Management (PSALM) and National Power Corporation NPC have forged a tripartite memorandum of agreement to work hand-in-hand in resolving the long-standing issue on premium contributions with compassion and integrity.

According to GSIS president Jose Arnulfo, 'Wick' Veloso, the tripartite agreement will finalize the settlement of over ₱1 billion in unremitted premium contributions arising from the NPC’s 2003 restructuring.

Veloso disclosed that the MOA settlement covers the full restructured obligation for qualified former NPC employees, whose service periods have been validated by the Commission on Audit (COA). GSIS also granted a 60 percent condonation on accrued interest in accordance with board-approved guidelines.

“Ang ginawa natin ngayon ay hindi lamang nagbibigay ng pag-asa sa mga tao mula sa PSALM at NPC, kundi nagpapahayag din ng mensahe sa lahat ng nagsisilbi sa gobyerno: Gagawin natin ang lahat upang masuklian ang kanilang tapat na serbisyo sa bayan,” he pointed out.

In reaction, PSALM president and chief-executive-officer Dennis Edward Dela Serna noted the importance of fiscal responsibility and transparency.

“Together we made it happen–the shared responsibility of PSALM, NPC and GSIS manifested in this ceremonial signing reflects the common commitment to fiscal responsibility, legal prudence and social justice," Dela Serna enthused.

For his part, NPC's Fernando Martin Roxas emphasized the human impact of the agreement, stressing that “the signing of the MoA is a significant day for the former 1,233 employees and their families who have lost their jobs in the course of privatization."

"Now, we are able to restore the benefits that the law granted to them with the cooperation of PSALM and GSIS. We commit to disbursing the benefits to the qualified beneficiaries in the most expedient and efficient way,” he cited.

With the MOA signed and payment completed, GSIS will proceed with the recomputation and crediting of service periods, allowing eligible claimants to finally receive their corresponding retirement and insurance benefits.