The Government Service Insurance System (GSIS) has reported a significant increase in net income for the first quarter of 2024, reaching PHP37 billion, a 21 percent rise from the previous year.
This growth was fueled by a 17 percent increase in revenue to PHP85 billion, attributed to expanded investments in key sectors such as real estate, infrastructure, food, energy, and mining.
Total assets also surged by 10 percent to PHP1.74 trillion, with global investments, particularly in financial assets, experiencing a remarkable 45 percent rise.
GSIS President Wick Veloso emphasized the institution’s commitment to supporting national growth and reducing power costs through strategic investments.
Additionally, the GSIS disbursed PHP136 billion to over 506,000 members through its Multi-Purpose Loan Flex program, enhancing its lending initiatives.
With sustained investment returns, the life expectancy of the GSIS pension fund has been extended to 2058.
Source: PhilNews24 | April 25, 2024
