GSIS net income grows 170% to P43.6B in Q1 2026

State workers' pension fund Government Service Insurance System (GSIS) saw its bottom line grow more than twofold in the first quarter of 2026.

In a statement on Thursday, GSIS said it booked a net income of P43.6 billion from January to March 2026, up 170% from P16.1 billion in the same period last year.

The pension fund added that its first quarter performance has already covered 33.3% of its full-year net income target of P130.91 billion.

Moreover, GSIS said its actuarial life stands at 2058.

Its total assets amounted to P2 trillion as of end-March 2026, up by P32.2 billion from the P1.96 trillion recorded at the end of 2025.

GSIS is targeting to end 2026 with total assets breaching P2.1 trillion.

The pension fund also posted a 43.83% its gross income to P95.8 billion from P66.6 billion a year ago with income from insurance—the fund's primary revenue line—accounting for P56.6, up 9.16% year-on-year "driven by growth in social insurance contributions, with collections rising on the strength of a growing member base and higher agency remittances."

GSIS added that its income from investments in financial assets contributed P27.6 billion, up from P1.2 billion in the same quarter last year, on the back of gains in equity valuations and favorable foreign exchange movements.

Member loan programs, which provide government workers access to credit at rates well below commercial lending, contributed P10.7 billion in income for the period.

"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," said GSIS president and general manager Wick Veloso.

Meanwhile, GSIS said its total expenses in the first quarter stood at P52.1 billion, up 3.30% from P50.5 billion a year ago, with claims and benefits accounting for 95% of total expenses amounting to P49.5 billion, up P2.24 billion or 4.73% year-on-year driven by higher pension payments as the average monthly old age pension rose from P17,809.10 in 2025 to P18,874.58 in 2026, adding over P1,000 per month to the payments received by retirees.

Administrative costs, covering personnel services and operating expenses, stood at P2.44 billion, or approximately 4.7% of total expenses, well within the 12% ceiling set by the GSIS Charter.

"Administrative costs at 4.7% means more than 95 centavos of every peso in expenses went directly to members. That is where it should go," said Veloso.

GSIS added that loan disbursements grew across Ginhawa Loan facilities during the period.

The Ginhawa Solar Energy Loan, which opened for applications on March 25 following the President's declaration of a national energy emergency under Executive Order 110, posted P890 million in its first week of operations, according to the pension fund. — VDV, GMA News