THE state-run Government Service Insurance System (GSIS) reported that its net income as of August surged to over P100 billion, almost half of which came from investments.
According to the GSIS, its net income reached P100.02 billion as of the reference month; its fund’s total assets also climbed to a record P1.92 trillion.
GSIS President and General Manager Jose Arnulfo A. Veloso was quoted in a statement the agency issued over the weekend, this performance showed that members’ funds are secure and continuously growing.
GSIS financial records in August indicated that half of its total income now comes from investments.
‘This means that [the] GSIS is not only protecting our members’ contributions but also growing them through strategic and responsible investing,’ Veloso said through the statement. The GSIS noted that its ‘strong performance’ translates into benefits for its 1.7 million members and pensioners.
‘Behind every number are teachers and other government workers, whose trust we hold sacred,’ Veloso said. ‘We will continue to make every peso count and deliver true Ginhawa for All.’
‘Baseless’
MEANWHILE, the GSIS denied the circulating claim that the agency incurred P8.8 billion in losses, calling it a ‘baseless’ allegation.
‘The alleged ‘P8.8-billion loss’ is baseless. This number does not exist in any official financial records of GSIS,’ the agency said.
According to the GSIS, its investment process is ‘strict and careful,’ adding that each investment would undergo thorough scrutiny and risk assessment, and complies with all laws and regulations.
‘Our performance is stable and our funds are safe. Market fluctuations are normal, but our portfolio is designed for stability and long-term growth. Official figures prove this.’
The agency noted that its fund grew to P1.92 trilling as of August, from P1.53 trillion when it started in July 2022.
‘The proof of our financial health is our continuous and uninterrupted service. We continue to provide all benefits and loans to our members on time and without fail,’ read a statement the GSIS issued. ‘We will remain steadfast in our duty to maintain the integrity of the fund and ensure it is always strong and stable for future generations.’