State-run Government Service Insurance System said Monday its revenues climbed 33 percent in 2023 to P311.3 billion from P234.9 billion in 2022.
This translated into a 70-percent surge in net income from P66.4 billion to P113.3 billion, and a 3,903-percent rise in total comprehensive income from P3.6 billion to P143.4 billion.
GSIS president and general manager Wick Veloso said, “GSIS remains to be strong as we continue to search for yield to boost its generation of revenue. To this end we have increased focus on alternative investment including PE and real estate.
Despite the challenges markets faced last year, Veloso said strategic and proactive management of both the fund’s stocks and bonds portfolio resulted in a favorable rate of return for the fund.
“We continue to push and do our best to boost long-term profitability of the GSIS and support the overall economy. We strive to establish a diversified portfolio by securing new investment opportunities. Our risk profile has remained balanced with our fixed income having extended its average tenor to 7.8 years while maintaining average yield at 7.3 percent in a climate of declining rates,” said Veloso.
Total assets increased 11 percent from P1.5 trillion to P1.7 trillion. These achievements reflect astute investing practices and are expected to extend the fund’s life, ensuring the pensions of its more than 2.5 million members and pensioners.