National Treasurer Rosalia V de Leon said yesterday that a new tender will be launched among interested reinsurers for the PHP2bn ($40bn) national indemnity insurance programme of the state-run pension fund Government Service Insurance System (GSIS).
Ms De Leon said officials were still discussing the timetable for the new tender, reported Philippine Daily Inquirer.
This move follows news in December that there was “failed bidding” for the programme, even though the GSIS had extended the bidding period by a week to 11 December for reinsurers to submit bids. The contract would have had covered the 12 months from 19 December last year.
Last year, the GSIS and the Bureau of the Treasury signed a memorandum of understanding for the indemnity insurance programme, which will cover government assets in 25 provinces on the eastern seaboard—the total insured amount of PHP1tn covering strategically important assets in coastal areas facing the Pacific Ocean.
According to Ms De Leon, the Treasury had a PHP2bn allocation for the indemnity insurance premium.