Government Service Insurance System (GSIS) said Wednesday its net income climbed 21 percent in the first quarter of 2024, driven by rising revenues and investments.
GSIS said net income amounted to P37 billion from January to March, up from P30.75 billion in the same period last year.
The state-run pension fund for public sector workers said the growth in profitability was driven by strong revenues reaching P85 billion, up 17 percent year-on-year.
“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. Further, the GSIS is boosting revenue streams as it focuses on building efficiencies in its various businesses,” said GSIS president and general manager Jose Arnulfo Veloso.
GSIS said its income from financial assets went up by P28 billion or 45 percent from March 2023.
Veloso said GSIS would like to be a catalyst supporting investments in various sectors to bring down the cost of power and allow vertical integration for mining companies to process raw materials into intermediate and finished products.
The fund said that as of end-March 2024, its total assets increased 10f percent to P1.74 trillion from a year earlier.
Bolstering its commitment to support its two million members, GSIS enhanced its lending program to allow its members to better manage their finances and ease their debt burden.
It said that as of March 2024, the Multi-Purpose Loan Flex (MPL FLEX) program disbursed P136 billion to 506,000 members since September 2023.
Veloso also that fund life of the GSIS pension fund is now at 2058 because of sustained investment returns.
Net gains on sale and mark-to-market valuation of local equities and exchange-traded funds (ETFs) resulted in revenues amounting to P10 billion, higher by 234 percent from March 2023.
GSIS interest income from fixed income securities reached P9 billion in first quarter of 2024, including holdings in USD and PHP sovereign bonds, short-dated Treasury Bills and corporate bonds.
Maintenance and other operating expenses were 41 percent below budget and the administrative cost ratio was 2.98 percent, below the 12-percent limit allowed by the GSIS Charter.
Veloso said the GSIS is on track in the execution of its strategy, which supports the overall growth of the economy, highlighting its investments and programs towards housing, power, food and healthcare.