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Manila Bulletin devider Business devider Banking & Finance devider GSIS net income soars 26% to ₱77 billion in first half amid investment controversy

GSIS net income soars 26% to ₱77 billion in first half amid investment controversy

Published Jul 25, 2025 03:34 pm

At A Glance

  • To clear up allegations surrounding its financial status following a controversial investment, the state-run Government Service Insurance System (GSIS) reported that its net income in the first six months of 2025 jumped by more than a quarter to ₱77 billion from ₱61 billion in the same period in 2024.
To clear up allegations surrounding its financial status following a controversial investment, the Government Service Insurance System (GSIS) reported that its net income in the first six months of 2025 jumped by more than a quarter to ₱77 billion from ₱61 billion in the same period in 2024.
In a statement released on Thursday, July 24, suspended GSIS President and General Manager (PGM) Jose Arnulfo “Wick” A. Veloso reported that preliminary data showed the net income of the state-run pension fund for government employees expanded by 26.2 percent year-on-year.
It can be noted that last year’s half-year figure also posted a 20-fold increase from ₱3 billion in 2023.
Veloso did not provide the breakdown of the GSIS’ financial report but the total income during the six-month period stood at ₱172.7 billion. He said this expanded by 14.4 percent year-on-year.
“With these figures, the GSIS has extended its fund life up to 2058 or for 33 more years, enabling us to fulfill our responsibility of delivering benefits to our members and retirees on time,” Veloso said.
As of end-2024, the GSIS’ total assets stood at ₱1.83 trillion, 9.6-percent higher than the previous year’s ₱1.67 trillion.
Over three years, the GSIS fund expanded by about 20 percent, from ₱1.54 trillion at the end of 2021 to approximately ₱1.88 trillion as of June 2025.
As of June, around 72 percent of the GSIS’ investment portfolio was placed in low-risk assets such government securities (GS), member loans, and real estate. Veloso said this reflects “a cautious and stability-focused strategy.”
The rest was divided into the following: 19 percent in equities, five percent in infrastructure-focused private equity funds, and four percent in cash or near-cash holdings.
For the year, the GSIS is targeting to disburse a total of ₱245 billion in loans, 13-percent lower than its 2024 program of ₱281.5 billion. The covered loan types include multi-purpose, policy (regular and optional), educational, pension, and computer or gadget loans.
Veloso’s ₱1.45-billion purchase of 100 million preferred shares in Alternergy Holdings Corp. led to his six-month preventive suspension, along with six other GSIS executives, as ordered by the Office of the Ombudsman.

Related Tags

Government Service Insurance System (GSIS) Wick Veloso Office of the Ombudsman Alternergy Holdings Corp.
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