THE Government Service Insurance System (GSIS) reported a net income of P37 billion for the first quarter of 2024, marking a 21 percent increase from the P30.75 billion in the same quarter last year.
This growth was fueled by a 17 percent rise in revenues to P85 billion for the quarter, the state-run pension fund for government employees said.
The GSIS said P10 billion in revenues, up 234 percent from March 2023, resulted from net gains on sale and mark-to-market valuation of local equities and exchange-traded funds.
In a statement Wednesday, April 24, 2024, GSIS President and General Manager Wick Veloso highlighted the agency’s strategic investments in critical sectors such as infrastructure, food, telecommunications, energy and mining.
He emphasized the GSIS’s role in driving down power costs and supporting mining companies to vertically integrate and process raw materials.
For its global investments, the GSIS reported a 45 percent or P28 billion growth in income from financial assets over the same period.
It reported interest income from fixed income securities at P9 billion for the quarter, including “holdings in USD and PHP sovereign bonds, short-dated Treasury bills and corporate bonds.”
To support its two million members, GSIS said it had expanded its lending program, with the Multi-Purpose Loan Flex program disbursing P124 billion since September 2023, aiding 506,000 members.
The GSIS said maintenance and other operating expenses were 41 percent below the budgeted amount, with an administrative cost ratio of 2.98 percent well below the GSIS Charter’s 12 percent cap.
At the end of March 2024, the total assets of the GSIS reached P1.74 trillion, a 10 percent increase from the March 2023 levels.
Veloso affirmed that the GSIS is committed to its strategic vision, which is to boost the national economy through investments and programs focusing on housing, energy, food, and healthcare. / CTL