GSIS exceeds Jan.-Sept. net income target by P35 billion

State pension fund Government Service Insurance System (GSIS) on Tuesday reported a P12-billion increase in its net income for the first nine months of the year to breach its target by P35 billion, as revenues climbed while expenses were lower than anticipated.

The GSIS said its net income for the January to September period stood at P112 billion, P35.4 billion higher than its P76.6 billion. Revenues increased to P260 billion or P18.2 billion higher than the P241.8-billion target.

“The numbers reflect the current state of our financial health. Our P112 billion net income is a clear indicator of our consistent growth and stability,” GSIS president and general manager Jose Arnulfo “Wick” Veloso said in a statement.

The agency said total expenses for the nine-month period were recorded at P148 billion or P17 billion below the P165 billion budgeted, while administrative costs were kept at 2.5% or within the 12% limit mandated by its charter.

“Our financial health is robust. Our focus is on building a resilient institution that delivers for its members, and these results confirm we are on the right track,” Veloso said.

Under its charter, the GSIS is mandated to ensure that its members are insured against the occurrence of certain contingencies in exchange for their monthly premium contributions. They are entitled to benefits such as life insurance, separation or retirement benefits, and disability benefits.

Lawmakers have proposed a congressional inquiry into the supposedly high-risk investments of GSIS that allegedly led to P8.8 billion in losses, claims that the state pension fund have denied.

“As of August 2025, GSIS total assets have reached P1.92 trillion, with a net income of P100 billion. These figures clearly show that the fund continues to grow and remains secure,” Veloso said in a statement released Monday afternoon.

“Every investment undergoes rigorous evaluation by our Investment Committee, Risk Oversight Committee, and the Board of Trustees. Each transaction is subjected to due diligence and strictly complies with the investment policies prescribed under Republic Act 8291,” he added. — RSJ, GMA Integrated News