MANILA, Philippines — State-run Government Service Insurance System (GSIS) has approved the release of P1.62-billion in Christmas cash gift this year to its more than 200,000 pensioners.

Cash gifts are given before the end of the year to eligible active old-age, retirement and disability pensioners who are receiving their regular monthly pensions as of December 15 this year.

Those who are on suspended status as of December 31, 2011, but who will activate their status by April 30, 2012 are also eligible to receive the cash gift.

Melito S. Salazar, Jr., Vice President of Manila Bulletin Publishing Corp.; and James G. Velasquez, President and Country General Manager of IBM Philippines, Inc.

Mr. Francisco has over two decades of experience in investment banking, which included working with financial institutions in New York and Hong Kong.

As an advocate for developing the capital markets, he currently serves as Co-Chair of the Capital Market Development Council (CMDC) of the Philippines.

He also sits on the boards of the Investment Houses Association of the Philippines (IHAP), Wharton-Penn Club of the Philippines, UP-Development Center for Finance, CIBI Foundation, LGU Guarantee Corp., Foundation for Filipino Entrepreneurs (FFE) and International School of Manila. He is also a fellow of the Institute of Corporate Directors (ICD) and a member of Rotary Makati West and the Bike King Triathlon Team.

He previously served as President of BDO Securities Corporation, Financial Executives Institute of the Philippines (FINEX) and the Wharton-Penn Club.

He received his MBA from the Wharton School of the University of Pennsylvania and his BSBA from the University of the Philippines (UP). He is also a recipient of the Distinguished Alumnus Award from the UP College of Business Administration and a former Microsoft Business Icon.