>Bohol GSIS Downgraded to Branch


Before tongues start wagging about the fate of  the local branch of the Government Service Insurance System, authorities manning the local office were quick to allay public fears that there was nothing wrong, except the it was downgraded to a mere branch. 
   And one of the casualties of the transformation was its loan services were it was temporarily halted pending completion of its computerization program. 
   The government agency was in the news lately after some concerned members expressed fears that as a result of the  turmoil in the world financial market, the GSIS was one of those hardly hit after it was known that it has big exposure in high-risk but high yielding investments. 
   But the apprehension quickly fizzled out after the GSIS posted a two-page ad in the Philippine Daily Inquirer in its issue Friday explaining the extent of the agency’s exposure  to different financial instruments in institutions strategically located worldwide. 
   In explaining the full status of its global investments, the GSIS through General Manager Winston Garcia said under the so-called Global Investment Program, the agency achieved maximum diversification of its investments and considered it the best strategy to manage risk and preserve the value of capital. 
   In the case of the Bohol downgrade, Rosalie Balbin, division chief, said that from 28 personnel, its present work force is reduced to 18. 
   She said processing of loan applications will resume as soon as its computer program will conform with the GSIS regionalization. This means that the once local branch will now be under the Cebu regional office. 

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