GSIS revenue up 10.1% to P153B

STATE-RUN pension fund Government Service Insurance System (GSIS) last year posted total revenue of P153 billion.

In a statement on Friday, the GSIS said unaudited figures showed that revenues from members’ contributions combined with earnings from investments in 2014 were 10.1 percent more than the P139 billion posted in 2013.

GSIS president and general manager Robert G. Vergara said that last year’s strong revenue performance came on the back of a “more efficient” collection of premiums and loan payments.

Collection efficiency improved from 83 percent in 2010 to a high of 95 percent last year, he claimed.

Assets also grew to more than P910 billion last year, 15.8-percent higher than the P786 billion recorded in the previous year.

Vergara said the pension fund “has never been more stable financially.”

“More importantly, the life of the fund is a healthy 34 years, an assurance that GSIS will be there to pay our members’ pension throughout the duration of their retired life,” he added.

To better serve its members, GSIS services were made available in almost one thousand kiosks nationwide, located in accessible areas such as government offices and a number of shopping malls.

“We also launched a contact center that our members and pensioners can reach 24 hours a day, seven days a week. Add to that our 58 service desks in remote areas that our members can visit twice a week for their GSIS concerns,” Vergara said.