Lame, lame, lame

The excuse given by the Government Service Insurance System (GSIS) on why it has not posted P1.3 billion in premiums and loan repayments already paid by 332,195 of its inactive members did not wash with the Commission on Audit (COA).

According to COA, the GSIS should not wait for its inactive members (those severed from the service either by retirement, resignation, retrenchment, etc.) to ask for the re-computation of their benefits before reconciling their accounts.

The COA blew the whistle on the non-posting of premiums and loan repayments that’s been happening since 2010 or at the start of the present administration, warning that the practice would result to reduced benefits for the said members.

During the previous administration, the GSIS completed a computerization program that leaves the present GSIS leadership with no reason not to credit premium and loan payments made by its members, active or inactive.

The big question is:  What happens to the huge amount of money collected by GSIS and not credited to its members if and when the latter fails to notice that their payments were not credited? Surely the money has to go somewhere.

Next year being an election year, pundits would surely surmise that the huge sums may be diverted to the election kitty of we all know who. It’s good that COA has done a good job in unmasking this shenanigan at the GSIS. -end-