GSIS posts P37-B net income in Q1

GOVERNMENT Service Insurance System (GSIS) reported a net income of P37 billion for the first quarter of 2024, a 21-percent increase from its net income of P30.75 billion in the first quarter of 2023.

The growth in profitability for the first quarter 2024 was driven by strong revenues, reaching P85 billion. This represents a 17-percent increase year on year.

GSIS President and General Manager Wick Veloso said: “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.”

On global investments, the income from financial assets went up by P28 billion, or 45 percent, versus March year on year.

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.

As of the end of March 2024, the total assets of the GSIS increased to P1.74 trillion, posting a 10-percent increase or P156 billion higher compared to March 2023 levels.

Bolstering its commitment to support its 2 million members, the GSIS enhanced its lending program to allow its members to better manage their finances and to ease the debt burden of loaners.