The Government Service Insurance System (GSIS) posted robust financial results in 2024, reporting a net income from operations of P135.7 billion, a 21% increase from P112.1 billion in 2023. Total assets grew by 9.23% to P1.83 trillion.
Total income increased to P326.86 billion, a 10.29% rise year-on-year, fueled by strong returns on investments and insurance operations. Investment gains included P13.27 billion from foreign exchange, P11.24 billion from global private equity investments through external fund managers, and P3.09 billion from local equity investments.
“We maintain a prudent investment strategy, allocating 70% of our portfolio to government securities and other fixed-income instruments,” GSIS President and General Manager Wick Veloso said.
“The remaining 30% is strategically placed in higher-yielding investments, including equities, real estate, and other vehicles, all managed within our strict risk parameters. This balanced approach ensures both stability and growth, supporting our fund life, which extends until 2058.”
The pension fund’s financial assets increased by P101.60 billion, and cash and cash equivalents rose by P30.54 billion. Total loans to members grew to P370.65 billion.
The GSIS demonstrated strong operational efficiency in its core business activities, achieving a 98.6% loan collection efficiency as of the third quarter of 2024.
The GSIS’s insurance business also showed significant strength. Gross premiums written reached P10.6 billion, surpassing the P8.5 billion target. The organization maintains its position as the largest state insurer, boasting a net worth of P62 billion.
The fund demonstrated exceptional operational efficiency by disbursing P179.92 billion in claims and benefit payments while reducing administrative expenses from P10.14 billion to P8.92 billion in 2024. This improved the administrative cost ratio from 3.7% to 3%, even as GSIS successfully filled 91% of its authorized positions.
The GSIS remained strongly committed to improve lives in 2024. More than 1.5 million members received loans totaling P315B through the MPL Flex and Lite programs. “Beyond the numbers, these programs represent our commitment to provide support at critical moments,” Veloso emphasized. “Whether it is helping fund a child’s education, addressing urgent medical needs, or ensuring financial stability during challenging times, these loans make a real difference.”
Through its housing initiatives, such as the Lease with Option to Buy program, the pension fund extended P2.84 billion in housing assistance, with 3,360 families currently on the path to full homeownership.
With prudent financial management and strategic investments, the GSIS remains in a strong position to fulfill its mandate, securing the future of its members while strengthening its role in the national economy.
