The Government Service Insurance System (GSIS) posted a 170-percent surge in its first-quarter net income to P43.6 billion, led by a massive recovery in investment revenues and higher insurance contributions.
The state pension fund’s net income rose from P16.1 billion in the same period last year, even as total payouts to government workers, pensioners and their dependents increased.
Total assets grew to P2.0 trillion as of March 31, 2026, up P32.2 billion from P1.96 trillion at the end of 2025.
Total income for the quarter reached P95.8 billion, a 43.83-percent increase over the P66.6 billion recorded in the first quarter of 2025. With these results, the pension fund has achieved 33.3 percent of its full-year net income target of P130.91 billion and remains on track to hit its P2.1 trillion year-end asset target.
“The fund grew this quarter and paid out more than it did a year ago. That is the baseline we hold ourselves to every reporting period,” GSIS president and general-manager Jose Arnulfo Veloso said.
Revenue from the fund’s primary line, insurance income, rose 9.16 percent to P56.6 billion, fueled by higher social insurance contributions and increased agency remittances.
Meanwhile, investment income from financial assets jumped to P27.6 billion from P1.2 billion a year ago, boosted by equity valuation gains and favorable foreign exchange movements.
Total expenses for the quarter ticked up 3.30 percent to P52.1 billion. Claims and benefits accounted for 95 percent of that total, rising 4.73 percent to P49.5 billion due to higher pension payouts. The average monthly old-age pension increased to P18,874.58 from P17,809.10 last year.
Administrative costs, covering personnel and operations, stood at P2.44 billion or 4.7 percent of total expenses, remaining well below the 12 percent legal limit set by the GSIS Charter.
“Administrative costs at 4.7 percent means more than 95 centavos of every peso in expenses went directly to members. That is where it should go,” Veloso said.
The fund’s member loan programs brought in P10.7 billion for the quarter. Disbursements grew across its Ginhawa Loan facilities, including the new Ginhawa Solar Energy Loan. The solar facility, launched on March 25 following a presidential declaration of a national energy emergency under Executive Order 110, generated P890 million in applications during its first week.
A recent actuarial study indicates that the GSIS fund life extends to 2058, securing future benefits for state laborers and retirees.
