The Government Service Insurance System (GSIS) reported a 21 percent increase in its net income in the first quarter of the year driven by the agency’s strong revenue performance during the said period.
In a statement, GSIS said it posted a net income of P37 billion for the first three months of 2024, up versus the P30.75 billion recorded in the same period in 2023.
The growth in profitability for the first quarter was driven by strong revenues reaching P85 billion, representing a 17 percent increase year-on-year.
“Our commitment to support the nation’s growth story saw increases in GSIS investments in key sectors such as real estate, infrastructure, food, energy and mining. Further, the GSIS is boosting revenue streams as it focuses on building efficiencies in its various businesses,” GSIS president and general manager Wick Veloso said.
On global investments, the income from financial assets went up by P28 billion or 45 percent year-on-year.
As of end-March 2024, the total assets of GSIS increased to P1.74 trillion, posting a 10 percent hike or P156 billion higher compared to March 2023 levels.
Veloso also said the fund life of the GSIS pension fund is at 2058 because of sustained investment returns.
Further, net gains on sale and mark-to-market valuation of local equities and exchange-traded funds resulted in revenues of P10 billion, 234 percent higher compared to March 2023.
GSIS interest income from fixed income securities reached P9 billion for the first quarter of 2024. This includes holdings in US dollar and Philippine peso sovereign bonds, short-dated treasury bills and corporate bonds.
Meanwhile, maintenance and other operating expenses were 41 percent below budget and the administrative cost ratio is 2.98 percent, significantly below the 12 percent limit allowed for by the GSIS Charter.
