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Manila Bulletin devider Business devider GSIS investment fund improves 5% last year

GSIS investment fund improves 5% last year

Published Mar 4, 2022 01:52 pm

Despite uncertainties amid the pandemic, the Government Service Insurance System (GSIS) said its investment fund expanded last year on the back of “well-positioned” foreign currency denominated portfolio.

Rolando Ledesma Macasaet, GSIS president and general manager, said on Friday, March 4, that the pension fund’s investment portfolio rose 5.2 percent to P890.59 billion in the January to December 2021 period from P846.4 billion in the previous year.

“The growth came primarily from the GSIS’s well-positioned foreign currency denominated investments, particularly in the equities market and the infrastructure sector,” Macasaet said in a report to Finance Secretary Carlos G. Dominguez III.

Macasaet stated that while the GSIS’ peso-denominated investments dipped 4.38 percent last year to P633.31 billion from P662.3 billion in 2020, its foreign currency-denominated assets rose to P257.26 billion from P184.1 billion in 2020.

The GSIS’ foreign currency-denominated equity investments grew 345 percent from P15.62 billion in 2020 to P69.58 billion in 2021.

Its investments in foreign-currency denominated cash and short-term time deposits also increased to P22.17 billion in 2021 or 236 percent more than the P6.6 billion balance in 2020.

The foreign-currency denominated infrastructure assets of the GSIS also contributed to the growth in the pension fund’s investment portfolio, rising by 50.9 percent from P17.45 billion in 2020 to P26.34 billion in 2021.

On the other hand, foreign currency-denominated fixed income assets decreased from P144.43 billion in 2020 to P139.17 billion in 2021 due to maturities and market valuation.

The GSIS was also able to grow its peso-denominated cash assets from P59.34 billion in 2020 to P74.81 billion in 2021.

Its peso-denominated investments in the equities market grew from P194.08 billion in 2020 to P212.18 billion last year.

The drop in peso-denominated investments in infrastructure, from P14.52 billion in 2020 to P4.66 billion in 2021, was due to the completion of some projects and divestment (disposal of asset) which yielded for GSIS a gain of P5.11 billion.

GSIS’s peso-denominated fixed income investments decreased from P394.34 billion to P341.66 billion in 2021.

Dominguez commended GSIS under Macasaet’s leadership for efficiently managing the state pension fund to offer more benefits for its members in the government workforce.

Macasaet said that in 2021, the GSIS expanded its acceptance of loan payments from members through digital channels to make it more convenient for them amid the pandemic and to improve the pension fund’s collection efficiency.

As of December 2021, GSIS has included the digital apps of the Land Bank of the Philippines (LandBank) and Union Bank of the Philippines (UnionBank) as additional electronic payment channels for its members.

The pension fund also enhanced the features of its GSIS Touch mobile app to include tentative computation and application for loans and claims, scheduling of Annual Pensioner Information Revalidation (APIR), and monthly notification on premium and loan payment posting.

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Rolando Ledesma Macasaet Government Service Insurance System GSIS President and General manager GSIS
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