The Government Service Insurance System (GSIS), the Power Sector Assets and Liabilities Management Corp. (PSALM) and the National Power Corporation (NPC) on Tuesday signed a memorandum of agreement (MOA) finalizing the settlement of over P1 billion in unremitted premium contributions.
The contributions stemmed from NPC’s 2003 restructuring, and the MOA was signed at the PSALM Office in Vertis North, Quezon City.
The signing follows a ceremonial check turnover on June 17, 2025 at the GSIS Head Office in Pasay City. The settlement covers the full restructured obligation for qualified former NPC employees, with service periods validated by the Commission on Audit (COA).
GSIS also granted a 60-percent condonation on accrued interest, in line with board-approved guidelines.
GSIS president and general Manager Jose Arnulfo Veloso called the agreement a “landmark step toward justice and benefit delivery.”
“What we have done today not only gives hope to the people from PSALM and NPC but also sends a message to all those serving in the government: We will do everything to reciprocate their loyal service to the country,” Veloso said in a statement.
PSALM president and chief executive Dennis Edward Dela Serna cited 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,” he said.
NPC president and chief executive Fernando Martin Roxas noted the agreement’s human impact. “This is a significant day for the former 1,233 employees and their families who have lost their jobs in the course of privatization,” Roxas said.
“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 said.
GSIS said that with the MOA signed and payment completed, it would now proceed with recomputing and crediting service periods, allowing eligible claimants to receive their retirement and insurance benefits.
