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Manila Bulletin devider Business devider GSIS prudent foreign exchange, equity investments drive 21% income growth last year

GSIS prudent foreign exchange, equity investments drive 21% income growth last year

Published Feb 24, 2025 11:10 am

State-run Government Service Insurance System (GSIS) announced a 21 percent increase in net income from operations to ₱135.7 billion in 2024, fueled by strong investment returns and robust operational performance.

In a statement on Monday, Feb. 24, Wick Veloso, GSIS president and general manager, said the pension fund’s total income increased by 10.29 percent to ₱326.86 billion from January to December.

Veloso said the growth was driven by investment gains of ₱13.27 billion from foreign exchange, ₱11.24 billion from global private equity investments, and P3.09 billion from local equity investments.

Total assets also grew by 9.23 percent to ₱1.83 trillion.

Veloso noted that the GSIS maintains a prudent investment strategy, allocating 70 percent of its portfolio to government securities and fixed-income instruments, while the remaining 30% percent is invested in higher-yielding assets like equities and real estate.

He added that the GSIS demonstrated strong operational efficiency, achieving a 98.6 percent loan collection efficiency as of September 2024.

Gross premiums written for GSIS’ insurance business reached ₱10.6 billion, surpassing the ₱8.5 billion target.

Moreover, the fund disbursed ₱179.92 billion in claims and benefit payments while reducing administrative expenses from ₱10.14 billion to ₱8.92 billion.

The GSIS also provided ₱315 billion in loans to over 1.5 million members through its MPL Flex and Lite programs and extended ₱2.84 billion in housing assistance.

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Government Service Insurance System Wick Veloso GSIS President and General manager
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