Reinsurance of the industrial all risks insurance of the national grid corporation of the philippines

Invitation to Bid (ITB):Reinsurance of the industrial all risks insurance of the national grid corporation of the philippines
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 national grid corporation of the philippines, as per gsis technical specifications procurement reference number (prn) indicative-2027-gsis-cb-056 approved budget for the contract (abc) ten million three hundred ninety-eight thousand nine hundred fifteen us dollars and seven cents (usd10,398,915.07)*, 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 *note: for the purpose of compliance with the philgeps posting requirement, the amount to be used is php652,698,303.28 based on the exchange rate (usd1.00 = php62.7660) posted in bsp’s reference exchange rate bulletin dated 08 october 2026. bid prices shall be quoted in the same currency (usd or us$) as the abc. below are the details of the project: assured national grid corporation of the philippines line industrial all risks with sabotage & terrorism and submarine cable period of insurance from: january 31, 2027 (00:00 hour) to: january 30, 2028 (24:00 hour) total sum insured gross usd 4,745,486,134.64 retention usd 1,423,645,840.39 facultative usd 3,321,840,294.25 premiums gross premiums (exclusive of all applicable taxes) usd 14,855,592.96 retention usd 4,456,677.89 facultative (abc exclusive of all applicable taxes) usd 10,398,915.07 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%)