Government Service Insurance System (GSIS) today reported a net income of P37 billion for the first quarter 2024, a 21 percent increase from its net income of P30.75 billion in 1Q 2023.
The growth in profitability for the 1st quarter 2024 was driven by strong revenues reaching P85 billion. This represents a 17 percent increase year on year.
GSIS President and General Manager Wick Veloso said their 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,” Veloso added.
On global investments, the income from Financial Assets went up by P28 billion or 45 percent versus March year-on-year.
Veloso said GSIS would like to be a catalyst supporting investments in various sectors to bring down the cost of power and allow vertical integration for mining companies to process raw materials into intermediate and finished products.
As of end-March 2024, the total assets of the GSIS increased to P1.74 trillion, posting a 10 percent increase or P156 billion higher compared to March 2023 levels.
Bolstering its commitment to support its 2 million members, the GSIS enhanced its lending program to allow its members to better manage their finances and, for some, to ease their debt burden.
As of March 2024, the Multi-Purpose Loan Flex (MPL FLEX) program disbursed P136 billion since September 2023, availed by 506,000 members.
Veloso also said that fund life of the GSIS pension fund is now at 2058 because of sustained investment returns.
Further, net gains on sale and mark-to-market valuation of local equities and exchange-traded funds (ETFs) resulted to revenues amounting to P10 billion. This is 234 percent higher compared to March 2023.
GSIS interest income from fixed income securities reached P9 billion for Q1 2024. This includes holdings in dollar and peso sovereign bonds, short-dated Treasury Bills, and corporate bonds.
