(File photo)
MANILA – The Government Service Insurance System (GSIS) reported on Wednesday a 21 percent increase in net income for the first quarter of 2024, reaching PHP37 billion, driven by strong revenue growth of 17 percent to PHP85 billion.
GSIS President and General Manager Wick Veloso attributed the growth to increased investments in key sectors.
“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,” Veloso said.
The global investments of GSIS, particularly in financial assets, saw a significant 45 percent rise. Total assets grew by 10 percent to PHP1.74 trillion.
"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,” Veloso added.
The GSIS enhanced its lending program, disbursing PHP136 billion to over 506,000 members through the Multi-Purpose Loan Flex (MPL FLEX) program.
As of March 2024, the MPL FLEX program disbursed PHP136 billion since September 2023, availed by 506,000 out of about 2 million members.
The GSIS pension fund's life expectancy is now extended to 2058 due to sustained investment returns. (PNA)
