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GSIS profit in Q1 soars to P37 billion

Philippine Daily Inquirer April 25,2024 - 07:43 AM

Inquirer file photo

Inquirer file photo

MANILA, Philippines — The Government Service Insurance System (GSIS) increased its profit by 21 percent in the first quarter compared to last year, thanks to better investment earnings in important sectors.

The pension fund for government employees announced on Wednesday that it earned P37 billion in the first three months of 2024, up from P30.75 billion during the same period last year.

Revenues jumped by 17 percent to P85 billion.

GSIS President and General Manager Wick Veloso attributed the growth to bigger and “sustained” returns from investments that brought the fund life of the GSIS to 2058.

READ: GSIS president: Agency has enough funds to last for 31 years

”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,” Veloso said.

Global investments

On global investments, figures showed that GSIS income from financial assets had gone up by P28 billion.

Meanwhile, net gains on sale and mark-to-market valuation of local equities and exchange-traded funds resulted in revenue from equities soaring by 234 percent to P10 billion.

READ: GSIS profits nearly doubled in 2023 to P113.3B

The GSIS’ interest income from fixed-income securities reached P9 billion. This includes holdings in US dollar and peso sovereign bonds, short-dated Treasury bills, and corporate bonds.

Overall, the total assets of the GSIS increased by 10 percent to P1.74 trillion by the end of March.

On the expenditures side, GSIS said maintenance and other operating expenses were 41 percent below budget, while administrative costs remained “significantly below” the limit set by the GSIS charter.

”The GSIS is boosting revenue streams as it focuses on building efficiencies in its various businesses,” Veloso said. —Ian Nicolas P. Cigaral


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TAGS: earnings, Government Service Insurance System, GSIS

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