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Manila Bulletin devider Business devider GSIS records 21% growth in profit for first quarter

GSIS records 21% growth in profit for first quarter

Published Apr 24, 2024 05:35 am

The Government Service Insurance System (GSIS) reported that its profit increased by a fifth in the first three months of the year, driven by global investments.

Wick Veloso, GSIS president and general manager, said that the pension fund’s net income surged by 21 percent to P37 billion in first quarter from P30.75 billion in the same period last year.

The total revenues of GSIS reached P85 billion at end-March, a 17 percent increase year-on-year.

According to Veloso, the revenue growth was driven by financial assets, which include global investments that rose by 45 percent to P28 billion from January to March.

“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,” Veloso said.

“Further, the GSIS is boosting revenue streams as it focuses on building efficiencies in its various businesses,” he added.

Valoso said GSIS plans to invest in sectors that reduce power costs and aid mining companies to process raw materials.

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 a year ago’s levels.

GSIS also improved its lending program to support members better. As of March 2024, the Multi-Purpose Loan Flex (MPL FLEX) program disbursed P136 billion since September 2023, availed by 506,000 members.

According to Veloso, the GSIS pension fund’s expected fund life is now at 2058.

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