Manila: The Government Service Insurance System (GSIS) on Tuesday reported that its net income reached PHP112 billion as of September, exceeding its target by PHP35.4 billion on the back of strong revenues and prudent financial management. GSIS President and General Manager Wick Veloso said the nine-month performance demonstrates the fund’s continued financial strength and stability.

According to Philippines News Agency, the pension fund’s total assets rose to PHP1.93 trillion, representing an increase of PHP103.83 billion, or 5.7 percent, from its 2024 year-end level. Veloso said GSIS remains committed to maintaining sound fiscal governance while efficiently managing its members’ contributions.

Veloso emphasized the significance of the impressive financial results, stating, “The numbers reflect the current state of our financial health. Our PHP112 billion net income is a clear indicator of our consistent growth and stability.” He further added that GSIS’s financial health is robust, and their focus remains on building a resilient institution that delivers for its members, confirming that they are on the right track.

From January to September, GSIS recorded PHP260 billion in revenues, surpassing its target of PHP241.8 billion by PHP18.2 billion. Meanwhile, total expenses were kept at PHP148 billion, which is PHP17 billion less than the PHP165 billion budget for the same period. Administrative costs remained at 2.5 percent, far below the 12 percent limit set under the GSIS Charter, ensuring that most of the fund’s resources are directed to programs that benefit its 2.7 million members and pensioners.