THE Government Service Insurance System (GSIS) saw its net income reach P112 billion as of the third quarter, beating its target for the period on higher revenues and lower expenses.
A statement issued by the GSIS last Tuesday read that the state pension fund manager’s net income grew to P112 billion as of end-September, up by P12 billion from P100 billion a month earlier. This figure exceeded the GSIS’s net income target of P76.6 billion for the period by P35.4 billion.
Total revenues for the first nine months reached P260 billion, which surpassed the goal of P241.8 billion by P18.2 billion.
The GSIS kept its total expenses at P148 billion, below the P165 billion budget for the nine-month period by P17 billion. Administrative costs were also maintained at 2.5 percent, which is within the 12-percent limit mandated by the GSIS Charter.
According to the GSIS, this low ratio ensures that the pension fund’s resources are primarily allocated to its core mission of serving its members.
The GSIS’s total assets also climbed to P1.93 trillion, up by 5.7 percent from its 2024 year-end level.
‘The numbers reflect the current state of our financial health. Our net income is a clear indicator of our consistent growth and stability,’ GSIS President and General Manager Jose Arnulfo A. Veloso was quoted as saying in the statement.
‘Our financial health is robust,’ Veloso added. ‘Our focus is on building a resilient institution that delivers for its members, and these results confirm we are on the right track.’
The GSIS is a social insurance institution that provides a defined benefit scheme, insuring its members against the occurrence of certain contingencies in exchange for their monthly premium contributions.
All government workers are covered by the GSIS except members of the Judiciary and Constitutional Commissions, who are covered by separate retirement laws, contractual employees who have no employee-employer relationship with their agencies and uniformed members of the Armed Forces of the Philippines and the Philippine National Police, including the Bureau of Jail Management and Penology and the Bureau of Fire Protection.
GSIS members are entitled to an array of social security benefits, such as life insurance, for separation or upon retirement and for disability.