MANILA -The Government Service Insurance System (GSIS) saw its profit more than double in the first 10 months of 2023 compared with a year ago on the back of higher income from financial assets and smaller expenses.
Net income jumped 117 percent to P80 billion during the January-October period, the state-run pension fund said in a statement.
Explaining its financial results, the GSIS said revenues from financial assets were the main driver of growth after surging 344 percent year-on-year to P29 billion.
What also helped the pension fund rake in bigger profits was its “prudence” in expenses, GSIS President and General Manager Arnulfo ‘Wick’ Veloso said.
“In fact, during the first 10 months of 2023, the pension fund’s expense loading was at 3.4 percent, way below the 12 percent Charter limit,” Veloso said.
Broken down, income from investment property climbed by 142 percent to P8 billion due to revaluation gains of about 12,000 accounts appraised as of October this year.
Income derived from general insurance activities expanded by 7 percent to P6.2 billion as a result of an active marketing drive.
Social insurance premiums, meanwhile, grew by 8 percent to P10 billion on the back of increased membership and salary adjustments.
“As a financial institution, our primary focus is to increase the contributions of our members by seizing strategic investment opportunities,” Veloso said.