The Government Service Insurance System (GSIS) posted a 170 percent surge in first-quarter net income, driven by rebound in investment gains and steady premium growth, positioning the state pension fund to meet its ambitious full-year targets.

In a statement, Wick Veloso, GSIS president and general manager said the fund’s net income jumped to ₱43.6 billion in January to March from ₱16.1 billion in the same period last year.

Total assets expanded to ₱2.0 trillion, up P32.2 billion from the end of 2025, keeping the insurer on track to breach its ₱2.1 trillion year-end asset target.

The first-quarter profit accounts for 33.3 percent of the ₱130.91 billion full-year net income target mandated for 2026. Total revenue for the quarter rose 44 percent to ₱95.8 billion.

“The fund grew this quarter and paid out more than it did a year ago,” Veloso said. “That is the baseline we hold ourselves to every reporting period.”

The stellar bottom-line growth was anchored by investment income from financial assets, which skyrocketed to ₱27.6 billion from just ₱1.2 billion a year earlier. 
GSIS attributed the windfall to sweeping gains in equity valuations and favorable foreign exchange movements. Meanwhile, core revenue from social insurance premiums rose 9.2 percent to ₱56.6 billion, buoyed by an expanding public sector workforce and higher remittance rates from government agencies.

On the expenditure side, total outlays edged up 3.3 percent to ₱52.1 billion. Claims and benefits paid to government employees and pensioners grew 4.7 percent to ₱49.5 billion, representing 95 percent of total quarterly expenses.

The higher payout was primarily driven by an increase in the average monthly old-age pension, which climbed to ₱18,874.58 from ₱17,809.10 last year.

Operating efficiency remained tight, with administrative costs coming in at ₱2.44 billion, or 4.7 percent of total expenses. This sits comfortably below the 12 percent statutory cap mandated by the GSIS Charter.

Veloso noted that the single-digit overhead means more than 95 centavos of every peso spent went directly back to the fund's members.

The fund's lending portfolio also saw increased traction, with member loan programs generating ₱10.7 billion during the quarter. Demand was punctuated by the rapid deployment of the Ginhawa Solar Energy Loan.

Launched on March 25 in response to President Ferdinand Marcos Jr.’s declaration of a national energy emergency under Executive Order 110, the renewable energy credit facility disbursed ₱890 million in its first week alone.

According to the fund's latest actuarial valuation, the GSIS life span is projected to last until 2058, ensuring the long-term viability of benefits for the next generation of civil servants.