Gov’t to rebid insurance program for public assets

The government will rebid before year’s end the national indemnity insurance program aimed at insuring and protecting public assets in disaster-prone areas, National Treasurer Rosalia V. de Leon said.

“We are just waiting for some documents,” De Leon said when asked by the Inquirer last week about the rebidding timetable.

Unlike last year when no reinsurer turned up, “we fixed issues in procurement, so hopefully not failed bidding [this time],” De Leon added.

Last May, the interagency Government Procurement Policy Board (GPPB) amended the bidding documents for procurement of international brokers and reinsurers for the national indemnity insurance program to be undertaken by the state-run pension fund Government Service Insurance System (GSIS).

In particular, the GSIS will only require a statement of sovereign or government clients within the past 10 years, instead of a statement of the prospective bidder of all its ongoing and completed government and private contracts, including contracts awarded but not yet started, if any, whether similar or not similar in nature and complexity to the contract to be bid, in the past.

The rebidding will also require audited financial statements for calendar years 2018, 2019, 2018-2019 or 2019-2020 in accordance with international financial reporting standards, instead of the earlier requirement of having bidders’ audited financial statements received or stamped by the Bureau of Internal Revenue.

Also, the GPPB said the proposed new public bidding documents would no longer include five technical proposal forms and four financial proposal forms included during last year’s bidding; a revised format of curriculum vitae for the proposed professional staff to reflect that it needed not be notarized as well as inclusion of an errors and omissions policy as an allowable form of performance security, equivalent to 5 percent of the awarded contract price. INQ