Saturday, December 12, 2009

Open Letter to GSIS (Mismanagement!!)

Hon. Winston Garcia and Others Concerned
GSIS, Pasay City

The inefficiency of the GSIS to meet its present obligations has worsened. This is evidenced by its failure to release the pensions of the retirees and the survivorship pensioners on time and in full. Many of the pensioners received only a fraction of their pension and the remaining later. Some receive it late by 1 month. This is self-evident that it LACKS FUNDS. We think that the above specific failures attributed to the IBM is but an alibi. Remitting one time in full is more convenient and time-saving than remitting 2 or more times for the same amount

Failure of the IBM to do its part may be one of the causes but failure on the part of the GSIS to remit in full the pensions of the retirees is LACK OF FUNDS BECAUSE OF MISMANAGEMENT. Please read sections 34,35,36 on Funds of the GSIS , GSIS Act of 1997 as amended

Is it not mismanagement if funds are spent for buying paintings in millions of pesos for the Museum of the GSIS WHICH WILL NOT GENERATE INCOME? Was GSIS organized to establish museums? No, Sirs! But we think, according to R.A. 8291, primarily for the benefit of the GSIS MEMBERS. If so, funds of the GSIS should be wisely invested and managed. The welfare of the members is primary. Other considerations are secondary or not necessary at all.!

Is it not mismanagement if "In their complaints, Roberto Carballo, a government retiree; and Feliciano Taguibao,Miguel Miram, and Luz Palecte, all public school teachers, said a report a report ofthe COA showed that the GSIS initially deposited over P27 billion to the account of Manansala on Mar 5, 2003 after the Certificate of GSIS Properties Inc. GPI0) was issued by the SEC?

Is it not mismanagement if " The cash transfers made to the savings account of Consuelo Manansala out of the proceeds of matured treasury bills (amounting to P7,999,990,973.58) resulted in 'opportunity loss' in aggregate amount P46,988,422.80 because had the money been placed in treasury bills it would have earned P57,376,774.88 or P10,388,322.08 higher)," read the complaint.

The foregoing and more, are among the causes of the predicaments of the GSIS now.

What a mockery of the slogan or motto? of the GSIS, "KAHIT SAAN, KAILAN MAN, MAAASAHAN?" or Hanggang Pebrero, 2010 lang? Survivorship pension putulin lang?

The survivorship pensioners have been receiving receiving for many years now and suddenly March 2010 that will be cut off in desperation of the GSIS to source fund at the expense of the surviving spouses. Why only now?

The GSIS is looking for loopholes in the law wherein it can source funds without regard to who and how many will be affected, trying to justify its moves by referring it to the Supreme Court which allegedly "upheld" the proposal of the GSIS.

We believe that married individuals are mutually dependent on each other FINANCIALLY, physically, ... since they are ONE.

Dependency of the surviving spouse on the pension of the deceased spouse really and literally is true especially the long-ago retirees whose pensions are way below the poverty level even if the pensions of both are combined..

We know that proponents of this measure to cut off the survivorship pensions, for sure, are you RICH ONES. who have not lived the life of the poor.