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Manila Bulletin devider Business devider Banking & Finance devider GSIS net income tops ₱112 billion, crushing target by ₱35.4 billion

GSIS net income tops ₱112 billion, crushing target by ₱35.4 billion

Published Oct 28, 2025 02:42 pm
GSIS President and General Manager Wick Veloso
GSIS President and General Manager Wick Veloso
State-run Government Service Insurance System (GSIS) reported a net income of ₱112 billion in the first nine months of the year, exceeding its target by ₱35.4 billion, due to strong financial health and operational efficiency.
In a statement, Wick Veloso, GSIS president and general manager, said the latest figure marked a 12 percent increase from the ₱100 billion net income recorded at end-August 2025, and surpassed the ₱76.6 billion target for the period.
Veloso noted that GSIS’ January to September numbers reflect “consistent growth and stability.”
As of August this year, the fund’s total assets grew to ₱1.93 trillion, a 5.7 percent improvement compared to its 2024 year-end level.
Operationally, the GSIS reported ₱260 billion in total revenues for the nine months, beating the ₱241.8 billion target by ₱18.2 billion.
GSIS also maintained fiscal discipline, with total expenses of ₱148 billion held ₱17 billion below the ₱165 billion budget for the period.
Additionally, administrative costs were kept low at 2.5 percent of the fund, well within the 12 percent limit mandated by the GSIS Charter.
Veloso stated that the results confirm the fund is on the right track toward building a resilient institution for its members.
The report on the robust financial performance was released as the GSIS reassured its 2.7 million members and pensioners of the fund’s stability following the filing of House Resolution No. 415, which seeks an inquiry into its investment activities.
Veloso said that the fund remains “financially sound and well-managed.” 
He clarified that an earlier reported ₱8.8 billion “loss” was “baseless” and does not appear in the fund's official audited financial statements.
The GSIS chief reaffirmed that all investments adhere to the principles of “safety, liquidity, and yield,” noting their rigorous evaluation and compliance with investment policies.
Veloso also reiterated GSIS’ commitment to transparency and accountability, noting recent consultations with stakeholder groups.
The GSIS asked the public to refer only to official, audited reports for an accurate understanding of the fund's financial position.

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Government Service Insurance System (GSIS) Wick Veloso
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