GSIS assets hit P1.93 trillion in end-September

MANILA, Philippines — State-run pension fund Government Service Insurance System (GSIS) reported a significant increase in its total assets, reflecting the pension fund’s robust financial position.

The total resources of GSIS climbed by 5.7 percent to P1.93 trillion in end September amid the pension fund’s growing asset base.

GSIS president and general manager Jose Arnulfo Veloso emphasized the fund’s strong financial position, saying its robust performance reflects the pension’s commitment to its members.

“Our financial health is robust,” Veloso said. “Our focus is on building a resilient institution that delivers for its members and these results confirm we are on the right track.

Meanwhile, the pension fund’s net income reached P112 billion from January to September and is P35.4 billion above its P76.6 billion target, underscoring the sustained revenue growth throughout the nine-month period.

The end-September net income is also P12 billion higher from the P100 billion recorded at the end of August.

“The numbers reflect the current state of our financial health. Our P112 billion net income is a clear indicator of our consistent growth and stability,” Veloso said.

Total revenue for the nine-month period surged to P260 billion, exceeding its P241.8-billion target January to September.

“The pension fund also maintained fiscal discipline. Its total expenses of P148 billion were P17 billion below the P165 billion budget for the period,” GSIS said.

It also reported that administrative costs were maintained at 2.5 percent, well below the 12-percent ceiling set by the pension fund’s charter, ensursing that the bulk of the fund’s resources are primarily allocated to its core mission of serving its members.