Gutted historic Philippine Post Office insured for PHP604 million

Gutted historic Philippine Post Office insured for PHP604 million | Insurance Business Asia

Property

Gutted historic Philippine Post Office insured for PHP604 million

The significant structure was destroyed after a nearly eight-hour fire

Property

By
Kenneth Araullo

The Philippine Government Service Insurance System (GSIS) confirmed that the burnt-down Post Office building is insured for roughly PHP604 million (US$11 million).

The historic structure was gutted by a nearly eight-hour fire earlier this week, resulting in an estimated PHP300 million worth of destroyed property and 18 people injured, including fire responders.

In a report from Philippine Star, GSIS president and general manager Wick Veloso said that the pensions entity is ready to assist in the building’s restoration under the Philippine Postal Corporation (Philpost).

“To facilitate the insurance claims, we immediately dispatched our adjusters to the fire scene. We also deployed drones to completely evaluate the affected structures. We are aware of the historical significance of the building and we would like to assist in its rebuilding efforts in every possible way,” Veloso said.

The building, which has been deemed an important cultural property by the National Museum of the Philippines, is set for a full-blown site inspection by GSIS personnel to determine the extent of the damages. GSIS also said that it is willing to extend a loan to the Philpost for the building’s reconstruction, in addition to offering its Pasig-based warehouse as a temporary workplace for the post office’s employees.

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