GSIS saves P500M annually with eCard Plus

THE Government Service Insurance System (GSIS) is saving P400-P500 million a year in printing cost by scrapping the check disbursement system for loan proceeds and pension benefits and instead crediting them electronically to the eCard Plus.

GSIS President and General Manager Winston F. Garcia explained that by freeing itself from printing around 8-10 million checks every year, with printing and mailing costing around P50 each check, the GSIS can use the savings to fund other projects and programs for its members.

The pension fund approves around P60 billion in loans and claims every year.

“All of them (loans and claims), we used to disburse in checks. If half of these checks are cashed through rediscounting, and the rediscounting is 5-10 percent of the value of the check, that’s easily P3 billion of money lost to these discounters of checks,” Garcia said.

The GSIS chief said there will still be complaints against the eCard system despite the benefits it brings.

“There will always be complaints because when you implement change, there’s always a resistance to change. A lot of people got used to the inefficient ways of the past. Some even profited from the inefficient ways of the past,” he said. “What people should realize is the delivery (of loan proceeds and pension benefits) is more efficient through the eCard because instead of waiting for weeks or months for the checks to be mailed, the money is credited electronically to the ATM account of their eCard Plus. Once it is credited, they can immediately withdraw it from any ATM.”

Aside from serving as an ATM card, the eCard Plus also serves as an official GSIS ID card, debit card, hospitalization discount card in select partner-hospitals in the Philippines under the GSIS Hospitalization Support Program and most importantly, provides access to the GSIS Wireless Automated Processing System or G-W@PS kiosk.

Working in synergy, the eCard Plus and the G-W@PS kiosk serve as a virtual GSIS office wherein members can check their records in seconds and apply for loans in mere minutes, such as the P10,000-Cash Advance and the Consolidated Loan.

On the other hand, pensioners can use the eCard Plus and the G-W@PS kiosk to renew their active status during their birth month, thus ensuring the continuous receipt of their monthly pension benefits.

As of September 7, 1,108,464 active members have already enrolled to the eCard Plus out of a total membership base of 1,366,000.

On the other hand, 110,459 old-age pensioners have enrolled to the eCard Plus out of 145,210 total old-age pensioners in the GSIS database.

The eCard Plus and the G-W@PS were first introduced on October 1, 2006 to a number of island provinces in the country, including Camiguin, Abra, Romblon, Coron, Masbate, Vorac, Siquijor, and Batanes.