The Government Service Insurance System (GSIS) and the Japan International Cooperation Agency (JICA) have accelerated a joint program to modernize the valuation of billions of pesos worth of public infrastructure.
During a meeting, officials agreed to standardize “science-based” methods for estimating replacement costs of government assets, including schools, hospitals, bridges and municipal halls. The initiative aims to correct chronic inaccuracies in insurance coverage and risk-based premiums across the country.
GSIS president and general manager Wick Veloso said many agencies still rely on incomplete or obsolete property data, complicating recovery after disasters. “This project helps us establish a reliable baseline for valuing public assets and assessing the risks they face,” Veloso said.
Accurate valuation is critical for disaster response, ensuring properties are properly insured before catastrophes strike and enabling faster funding to restore essential services.
The collaboration supports the Philippine Disaster Risk Financing Strategy. JICA Senior Representative Nobuhiko Aoki warned that climate-related disasters pose “growing fiscal and macroeconomic risks” to the region, underscoring the need for accessible post-disaster financing.
To sharpen risk assessment, GSIS is integrating data from GeoRiskPH, a national platform mapping earthquakes, volcanic activity and landslides.
This scientific data will feed into the General Insurance Information System , a new digital platform designed to automate asset valuation and underwriting.
