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Reinsurance of the Industrial All Risks Insurance of the Philippine Ports Authority
AI Summary
The Government Service Insurance System, via its Bids and Awards Committee Cluster 5 for Reinsurance, is soliciting bids to provide reinsurance coverage for the Industrial All Risks Insurance of the Philippine Ports Authority for the 2027 calendar year. The contract will cover the period from January 1 to December 31 2027 and involves a gross sum insured of approximately Php57.34 billion, with a retention portion and a facultative portion to be transferred to a reinsurer. The requesting entity seeks a reinsurer capable of assuming the specified risk exposure while meeting the financial and underwriting thresholds outlined in the GSIS technical specifications.
Eligible bidders must demonstrate recent experience with similar reinsurance contracts, having completed contracts with aggregate values equal to at least fifty percent of the anticipated contract value within the past five years, or a combination of contracts meeting that threshold. Bidders also must satisfy ownership and citizenship requirements, with at least sixty percent Filipino ownership in any joint venture. All submissions will be evaluated under a lowest‑calculated‑responsive‑bid system, where eligibility, technical compliance, and financial offer are considered.
All bids must be accompanied by the required bid security, and electronic submissions are not accepted. In the event of a tie in the lowest calculated bid, a non‑discriminatory draw will determine the winner. Bidders must prepare to provide performance security and other post‑award documentation shortly after contract award. Reinsurance coverage will be structured in accordance with the GSIS Technical Specifications.
Description
1) The Government Service Insurance System (GSIS), through the GSIS Bids and Awards Committee Cluster 5 for Reinsurance (GBAC Cluster 5), invites bidders to apply for eligibility and bid for –
Procurement Project / Brief Description Reinsurance of the Industrial All Risks Insurance of the Philippine Ports Authority, as per GSIS Technical Specifications
Procurement Reference Number (PRN) Indicative-2027-GSIS-CB-051
Approved Budget for the Contract (ABC) Fifty-Seven Million Four Hundred Seventy-Six Thousand Four Hundred Eighty-One Pesos and Fifty-Nine Centavos (Php57,476,481.59), exclusive of all applicable taxes
Bids received in excess of the ABC shall be automatically rejected at bid opening, or during the bid evaluation.
Funding Source GSIS Corporate Operating Budget for CY 2027
Below are the details of the Project:
Assured Philippine Ports Authority
Line Industrial All Risks Insurance
Period of Insurance From: January 01, 2027 (00:00 Hour)
To : December 31, 2027 (24:00 Hours)
Total Sum Insured
Gross Php57,339,455,899.45
Retention Php20,068,809,564.81
Facultative Php37,270,646,334.64
Premiums
Gross Premiums (exclusive of all applicable taxes) Php88,425,356.29
Retention Php30,948,874.70
Facultative (ABC exclusive of all applicable taxes) Php57,476,481.59
Relevant underwriting information shall be issued only to bidders who purchased the Bidding Documents
2) Bidders should have completed, within the past five (5) years from the date of submission and receipt of bids, any of the following:
a. A Single Largest Completed Contract (SLCC) that is similar to the procurement project to be bid, and whose value, adjusted to current prices using the Philippine Statistics Authority (PSA) consumer price indices, must be at least fifty percent (50%) of the ABC; or
b. A combination of contracts completed within the same period, provided their total value is at least fifty percent (50%) of the ABC, to wit:
i) The bidder should have completed at least one (1) similar contract amounting to at least 25% of the ABC; and
ii) The bidder should have completed other contracts, whether similar or not, with an aggregate amount of at least 25% of the ABC.
The description of an eligible bidder is contained in the Bidding Documents, particularly, in Section II (Instructions to Bidders).
3) The Eligibility Check/Screening and Preliminary Examination of bids shall be conducted through competitive bidding procedures using a non-discretionary “pass/fail” criterion as stated in Section 59.1 of the Implementing Rules and Regulations of Republic Act No. 12009.
4) The award criteria to be adopted for this Project is Lowest Calculated and Responsive Bid (LCRB), where the considerations for the award of contracts are the eligibility of the bidder, the responsiveness of its bid to technical requirements, and the lowest financial bid.
5) Bidding is restricted to Filipino citizens/sole proprietorships, partnerships, or organizations with at least sixty percent (60%) interest or outstanding capital stock belonging to citizens of the Philippines, and to citizens or organizations of a country the laws or regulations of which grant similar rights or privileges to Filipino citizens, pursuant to RA No. 5183.
In case of Joint Venture involving Filipino and foreign persons or entities, Filipino ownership or interest of the joint venture concerned shall be at least sixty percent (60%). For this purpose, Filipino ownership or interest shall be based on the contributions of each of the members of the joint venture as specified in their JVA. The primary purpose of each member of the joint venture must be similar or related to the requirement of the project to be bid out.
6) Interested Bidders may obtain further information from the GSIS Bids and Awards Committee Secretariat and inspect the Bidding Documents at the address given below from 8:00 AM to 5:00 PM, Mondays to Fridays, except during holidays.
7) A complete set of Bidding Documents may be acquired by interested Bidders on the date and address given below upon payment of the applicable fee for the Bidding Documents, pursuant to the latest Guidelines issued by the GPPB, in the amount of Php50,000.00.
It may also be downloaded free of charge from the website of the Philippine Government Electronic Procurement System (PhilGEPS) and the website of the Procuring Entity, provided that Bidders shall pay the applicable fee for the Bidding Documents not later than the submission of their bids.
Prospective bidders are highly encouraged to pay the bidding documents fee at least one (1) day before the deadline for the submission and receipt of bids. Bids for which the bidding documents fee has not been paid on or before the deadline for submission and receipt of bids shall be returned to the bidder unopened.
8) All particulars and activities regarding the Eligibility of the Bidders, Pre-Bid Conference/s and Submission and Opening of Bids, procedures and other documents, shall be governed by RA 12009 and its IRR.
Activities Schedule Particulars
a. Issuance of Bid Documents
14 September 2026, from 8:00AM to 5:00PM The issuance of Bidding Documents shall be facilitated by the GBAC Secretariat upon payment of the corresponding bidding fee.
b. Pre-Bid Conference
21 September 2026, starting at 1:30PM
(Philippine Standard Time) Venue: GBAC Conference Room, Level 2 Core G, GSIS Headquarters Building, Financial Center, Pasay City and through MS Teams video conference facility.
To receive the MS Teams Meeting details, interested bidders should register using the QR Code or link provided below.
Prospective bidders are encouraged to send requests for clarifications at least three (3) calendar days before the scheduled pre-bid conference in order to facilitate the preparation of responses thereto, which will be discussed during the pre-bid conference.
c. Deadline for the submission and receipt of bids
05 October 2026, 12:00NN
(Philippine Standard Time) Bids must be duly received by the GBAC Secretariat through manual submission at the GBAC Conference Room, Level 2 Core G, GSIS Headquarters Building, Financial Center, Pasay City.
Late bids shall not be accepted.
d. Opening of Bids
05 October 2026, starting at 1:30PM
(Philippine Standard Time) Bids will be opened in the presence of the bidders’ representatives who choose to attend the activity.
Venue: GBAC Conference Room, Level 2 Core G, GSIS Headquarters Building, Financial Center, Pasay City and through MS Teams video conference facility.
To receive the MS Teams Meeting details, authorized representatives of the bidders should register using this link:
https://bit.ly/GBACBiddersRegForm
e. All written requests The Chairperson
GBAC Cluster 5 for Reinsurance Through: The GBAC Secretariat
GSIS Bids and Awards Committee
Level 2 Core G, GSIS Headquarters, Financial Center, Pasay City
Tel. Nos.: (02)7976-4961/ (02) 7976-4945 / Fax No. (02) 8859-0373
Email Address: GBAC_Secretariat@gsis.gov.ph
Website: www.gsis.gov.ph
9) All Bids must be accompanied by Bid Security in any of the acceptable forms and in the amount stated in ITB Clause 16.1.
10) A bidder must submit its bid manually. The implementation of electronic bid submission is suspended in GSIS, thus, bids submitted through electronic means shall not be accepted.
11) In accordance with GPPB Circular 06-2005, the GSIS adopts the use of non-discretionary/non-discriminatory selection criteria as tie-breaking method (e.g., draw lots; toss a coin; any other method where the winner is determined by chance) in the event two or more of the bidders have been declared as having the Lowest Calculated Responsive Bid (LCRB).
12) The GSIS warns the public/bidders of unscrupulous individuals and groups posing as officers/employees of the GSIS soliciting money, gifts, favors or benefits for alleged aid for whatever purpose. DO NOT GIVE anything to these unscrupulous individuals and groups. GSIS thus enjoins the cooperation of the public/bidders to report these individuals/groups to the GSIS Bids and Awards Committee and GBAC Secretariat.
13) The GSIS reserves the right to reject any and all bids, declare a failure of bidding, or not award the contract at any time prior to contract award in accordance with Section 70 of R.A. No. 12009, without incurring any liability to the affected Bidder or Bidders.
14) Each eligible bidder is expected to be ready with respect to the submission of Post-Qualification Documents, post-qualification evaluation and award of contract. Upon approval of the contract award, the Notice of Award (NOA) will be sent to the winning bidder’s registered email. This email notification must be acknowledged by the winning bidder within 24 hours. In any case, the NOA shall be considered “received” on the date the email was sent. If the email was sent on a non-working day, the NOA shall be considered received on the next business day.
Upon its receipt of the NOA, the winning bidder shall immediately coordinate with the GSIS Authorized Representative as indicated in Section V (Special Conditions of the Contract) of the Bidding Documents and in the NOA for the preparation of contract. The winning bidder must submit the following requirements within five (5) calendar days:
a. Performance Security as prescribed in Section 68 of the IRR of RA No. 12009.
b. Other post-award documents as required in the Bidding Documents, if applicable.
If the winning bidder fails to submit these requirements within the prescribed period, the end-user unit has the option to recommend to the Head of the Procuring Authority/Approving Authority the cancellation of NOA.
15) For further information, please refer to:
GBAC Secretariat
GSIS Bids and Awards Committee
Level 2 Core G, GSIS Headquarters, Financial Center, Pasay City
Tel. Nos. (02)7976-4961/ (02) 7976-4945
GBAC_Secretariat@gsis.gov.ph
16) For downloading of Bidding Documents, you may visit the following website: https://www.gsis.gov.ph/opportunities
Date of Issue: 14 September 2026
....
Pre-bid Conference
Date : 21/09/2026
Time : 1:30 PM
Venue : Pre-Bid Conference will be held on 21 September 2026, starting at 1:30PM, at the GBAC Conference Room, Level 2 Core G, GSIS Headquarters Building, Financial Center, Pasay City and through MS Teams video conference facility.
Reference Number: 13240467
Trade Agreement: Implementing Rules and Regulations
Procurement Mode: Public Bidding
Classification: Goods
Category: Services
Bid Supplements: 2
Document Request List: 4
Procurement Project / Brief Description Reinsurance of the Industrial All Risks Insurance of the Philippine Ports Authority, as per GSIS Technical Specifications
Procurement Reference Number (PRN) Indicative-2027-GSIS-CB-051
Approved Budget for the Contract (ABC) Fifty-Seven Million Four Hundred Seventy-Six Thousand Four Hundred Eighty-One Pesos and Fifty-Nine Centavos (Php57,476,481.59), exclusive of all applicable taxes
Bids received in excess of the ABC shall be automatically rejected at bid opening, or during the bid evaluation.
Funding Source GSIS Corporate Operating Budget for CY 2027
Below are the details of the Project:
Assured Philippine Ports Authority
Line Industrial All Risks Insurance
Period of Insurance From: January 01, 2027 (00:00 Hour)
To : December 31, 2027 (24:00 Hours)
Total Sum Insured
Gross Php57,339,455,899.45
Retention Php20,068,809,564.81
Facultative Php37,270,646,334.64
Premiums
Gross Premiums (exclusive of all applicable taxes) Php88,425,356.29
Retention Php30,948,874.70
Facultative (ABC exclusive of all applicable taxes) Php57,476,481.59
Relevant underwriting information shall be issued only to bidders who purchased the Bidding Documents
2) Bidders should have completed, within the past five (5) years from the date of submission and receipt of bids, any of the following:
a. A Single Largest Completed Contract (SLCC) that is similar to the procurement project to be bid, and whose value, adjusted to current prices using the Philippine Statistics Authority (PSA) consumer price indices, must be at least fifty percent (50%) of the ABC; or
b. A combination of contracts completed within the same period, provided their total value is at least fifty percent (50%) of the ABC, to wit:
i) The bidder should have completed at least one (1) similar contract amounting to at least 25% of the ABC; and
ii) The bidder should have completed other contracts, whether similar or not, with an aggregate amount of at least 25% of the ABC.
The description of an eligible bidder is contained in the Bidding Documents, particularly, in Section II (Instructions to Bidders).
3) The Eligibility Check/Screening and Preliminary Examination of bids shall be conducted through competitive bidding procedures using a non-discretionary “pass/fail” criterion as stated in Section 59.1 of the Implementing Rules and Regulations of Republic Act No. 12009.
4) The award criteria to be adopted for this Project is Lowest Calculated and Responsive Bid (LCRB), where the considerations for the award of contracts are the eligibility of the bidder, the responsiveness of its bid to technical requirements, and the lowest financial bid.
5) Bidding is restricted to Filipino citizens/sole proprietorships, partnerships, or organizations with at least sixty percent (60%) interest or outstanding capital stock belonging to citizens of the Philippines, and to citizens or organizations of a country the laws or regulations of which grant similar rights or privileges to Filipino citizens, pursuant to RA No. 5183.
In case of Joint Venture involving Filipino and foreign persons or entities, Filipino ownership or interest of the joint venture concerned shall be at least sixty percent (60%). For this purpose, Filipino ownership or interest shall be based on the contributions of each of the members of the joint venture as specified in their JVA. The primary purpose of each member of the joint venture must be similar or related to the requirement of the project to be bid out.
6) Interested Bidders may obtain further information from the GSIS Bids and Awards Committee Secretariat and inspect the Bidding Documents at the address given below from 8:00 AM to 5:00 PM, Mondays to Fridays, except during holidays.
7) A complete set of Bidding Documents may be acquired by interested Bidders on the date and address given below upon payment of the applicable fee for the Bidding Documents, pursuant to the latest Guidelines issued by the GPPB, in the amount of Php50,000.00.
It may also be downloaded free of charge from the website of the Philippine Government Electronic Procurement System (PhilGEPS) and the website of the Procuring Entity, provided that Bidders shall pay the applicable fee for the Bidding Documents not later than the submission of their bids.
Prospective bidders are highly encouraged to pay the bidding documents fee at least one (1) day before the deadline for the submission and receipt of bids. Bids for which the bidding documents fee has not been paid on or before the deadline for submission and receipt of bids shall be returned to the bidder unopened.
8) All particulars and activities regarding the Eligibility of the Bidders, Pre-Bid Conference/s and Submission and Opening of Bids, procedures and other documents, shall be governed by RA 12009 and its IRR.
Activities Schedule Particulars
a. Issuance of Bid Documents
14 September 2026, from 8:00AM to 5:00PM The issuance of Bidding Documents shall be facilitated by the GBAC Secretariat upon payment of the corresponding bidding fee.
b. Pre-Bid Conference
21 September 2026, starting at 1:30PM
(Philippine Standard Time) Venue: GBAC Conference Room, Level 2 Core G, GSIS Headquarters Building, Financial Center, Pasay City and through MS Teams video conference facility.
To receive the MS Teams Meeting details, interested bidders should register using the QR Code or link provided below.
Prospective bidders are encouraged to send requests for clarifications at least three (3) calendar days before the scheduled pre-bid conference in order to facilitate the preparation of responses thereto, which will be discussed during the pre-bid conference.
c. Deadline for the submission and receipt of bids
05 October 2026, 12:00NN
(Philippine Standard Time) Bids must be duly received by the GBAC Secretariat through manual submission at the GBAC Conference Room, Level 2 Core G, GSIS Headquarters Building, Financial Center, Pasay City.
Late bids shall not be accepted.
d. Opening of Bids
05 October 2026, starting at 1:30PM
(Philippine Standard Time) Bids will be opened in the presence of the bidders’ representatives who choose to attend the activity.
Venue: GBAC Conference Room, Level 2 Core G, GSIS Headquarters Building, Financial Center, Pasay City and through MS Teams video conference facility.
To receive the MS Teams Meeting details, authorized representatives of the bidders should register using this link:
https://bit.ly/GBACBiddersRegForm
e. All written requests The Chairperson
GBAC Cluster 5 for Reinsurance Through: The GBAC Secretariat
GSIS Bids and Awards Committee
Level 2 Core G, GSIS Headquarters, Financial Center, Pasay City
Tel. Nos.: (02)7976-4961/ (02) 7976-4945 / Fax No. (02) 8859-0373
Email Address: GBAC_Secretariat@gsis.gov.ph
Website: www.gsis.gov.ph
9) All Bids must be accompanied by Bid Security in any of the acceptable forms and in the amount stated in ITB Clause 16.1.
10) A bidder must submit its bid manually. The implementation of electronic bid submission is suspended in GSIS, thus, bids submitted through electronic means shall not be accepted.
11) In accordance with GPPB Circular 06-2005, the GSIS adopts the use of non-discretionary/non-discriminatory selection criteria as tie-breaking method (e.g., draw lots; toss a coin; any other method where the winner is determined by chance) in the event two or more of the bidders have been declared as having the Lowest Calculated Responsive Bid (LCRB).
12) The GSIS warns the public/bidders of unscrupulous individuals and groups posing as officers/employees of the GSIS soliciting money, gifts, favors or benefits for alleged aid for whatever purpose. DO NOT GIVE anything to these unscrupulous individuals and groups. GSIS thus enjoins the cooperation of the public/bidders to report these individuals/groups to the GSIS Bids and Awards Committee and GBAC Secretariat.
13) The GSIS reserves the right to reject any and all bids, declare a failure of bidding, or not award the contract at any time prior to contract award in accordance with Section 70 of R.A. No. 12009, without incurring any liability to the affected Bidder or Bidders.
14) Each eligible bidder is expected to be ready with respect to the submission of Post-Qualification Documents, post-qualification evaluation and award of contract. Upon approval of the contract award, the Notice of Award (NOA) will be sent to the winning bidder’s registered email. This email notification must be acknowledged by the winning bidder within 24 hours. In any case, the NOA shall be considered “received” on the date the email was sent. If the email was sent on a non-working day, the NOA shall be considered received on the next business day.
Upon its receipt of the NOA, the winning bidder shall immediately coordinate with the GSIS Authorized Representative as indicated in Section V (Special Conditions of the Contract) of the Bidding Documents and in the NOA for the preparation of contract. The winning bidder must submit the following requirements within five (5) calendar days:
a. Performance Security as prescribed in Section 68 of the IRR of RA No. 12009.
b. Other post-award documents as required in the Bidding Documents, if applicable.
If the winning bidder fails to submit these requirements within the prescribed period, the end-user unit has the option to recommend to the Head of the Procuring Authority/Approving Authority the cancellation of NOA.
15) For further information, please refer to:
GBAC Secretariat
GSIS Bids and Awards Committee
Level 2 Core G, GSIS Headquarters, Financial Center, Pasay City
Tel. Nos. (02)7976-4961/ (02) 7976-4945
GBAC_Secretariat@gsis.gov.ph
16) For downloading of Bidding Documents, you may visit the following website: https://www.gsis.gov.ph/opportunities
Date of Issue: 14 September 2026
....
Pre-bid Conference
Date : 21/09/2026
Time : 1:30 PM
Venue : Pre-Bid Conference will be held on 21 September 2026, starting at 1:30PM, at the GBAC Conference Room, Level 2 Core G, GSIS Headquarters Building, Financial Center, Pasay City and through MS Teams video conference facility.
Reference Number: 13240467
Trade Agreement: Implementing Rules and Regulations
Procurement Mode: Public Bidding
Classification: Goods
Category: Services
Bid Supplements: 2
Document Request List: 4
Details
Status:
Closed
Procedure type:
Open Procedure
Sectors:
66000000 - Financial and insurance services
Place of origin:
Philippines
Places of performance:
Philippines
Deadline:
Oct 5, 2026, 09:00 AM
Contract type:
Member-only information
Publication date:
Member-only information
Created date:
Member-only information
Update date:
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Documents access instructions
Member-only information
Original URL:
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Buyers
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