Manila Central Post Office fire damage estimated at P300M

PAINFUL LOSS The gutted Manila Central Post office building in Liwasang Bonifacio, Manila. —RICHARD A. REYES

MANILA  -Fire damage sustained by the iconic Manila Central Post Office building was valued at P300 million based on an initial estimate of the Bureau of Fire Protection (BFP), according to the Government Service Insurance System (GSIS).

This initial estimate is less than half of the maximum amount that the Philippine Postal Corp. (PHLPost) may be compensated with as the building and its contents—such as furniture and fixtures—are insured with the GSIS at a total of P604 million.

GSIS president and general manager Arnulfo Veloso himself on Thursday joined Postmaster General Luis Carlos in an on-site inspection of the gutted 97-year-old building.

Earlier this week, Veloso said the GSIS was expected to receive from the designated assessor a report on the damage in two weeks.

According to the GSIS general insurance group (GIG), they are awaiting the completion of the evaluation of the damaged building, as well as the determination of whether the insured is entitled for compensation, and valuation of PHLPost’s loss from the fire

Full-blown inspection

The GIG at the GSIS told the Inquirer that it was still premature to discuss how much the compensation will be since a full-blown inspection of the damaged premises was still pending.

The GSIS insurance office said the settlement amount would be sourced from the agency’s General Insurance Fund, which is separate from its Social Insurance Fund from which members benefits are paid out.

Meanwhile, Veloso said GSIS was coordinating with the BFP to hasten the conclusion of its report.

“This [report] crucial step will empower BA Insight, our adjuster, to deliver its findings promptly and enable GSIS to issue the fire insurance claim check to [PHLPost],” he said. INQ

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