GSIS income nearly triples in Q1, assets hit P2 trillion mark

MANILA, Philippines — The Government Service Insurance System (GSIS) saw its net income nearly tripled to P43.6 billion in the first quarter, with the state-run provident fund likely breaching its P2.1-trillion asset target by the end of the year.

In a statement, GSIS said its earnings surged by 170 percent from P16.1 billion in the same period last year. Its first quarter earnings already cover 33.3 percent of its P130.91-billion full-year target.

Total assets reached P2 trillion from the P1.96 trillion recorded at end-2025, keeping the pensioner on course to breach its P2.1-trillion target by the end of the year.

“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 Wick Veloso said.

Earnings from insurance rose by 9.16 percent to P56.6 billion from January to March, on the back of increased social insurance collections from its growing member base and higher agency remittances.

Investment income reached P27.6 billion in the three-month period due to gains in equity valuations and favorable foreign exchange movements.

Its member loan program contributed P10.7 billion to net income during the period, with its solar energy credit program disbursing P890 million in its first week of operations.

GSIS paid out a total of P49.5 billion during the quarter, up by 4.73 percent mainly on higher pension payments. The average monthly old-age pension rose to P18,874.58 in 2026 from P17,809.1 last year.

Expenditures totaled P52.1 billion, up by 3.3 percent from P50.5 billion. Claims and benefits accounted for 95 percent of total expenses, followed by administrative costs at 4.7 percent or P2.44 billion.

“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 added.

The GSIS said its life span is projected to extend up to 2058, according to its latest actuarial study, ensuring that benefits for future civil servants remain secure.