Date Posted: March 2, 2015
State pension fund Government Service Insurance System registered net income totaling Php 139.9 billion, a significant improvement over the prior year’s Php44.3 billion result. Total revenues came in at Php231.5 billion from Php135 billion posted in 2013.
While these figures were boosted by a shift to fair value accounting of financial assets, the underlying trends demonstrated solid financial performance as a result of continued collection efficiency and the better performance of the local equity and fixed income markets.
GSIS assets now stand at Php910 billion, an increase of 15.6 percent from the Php788 billion at the end of 2013.
Claims and benefits paid to members and pensioners increased to Php84.2 billion, a modest improvement from the previous year, which however was inflated by the implementation of rationalization plans in various government agencies in the 4th quarter of 2013.
GSIS investment allocation currently comprises 48 percent in fixed income, 26 percent in members’ loans, 17 percent in equities, 4 percent in real estate and the rest in cash.
“In 2014, GSIS had an exceptional year. Not just in financial performance but more importantly in service delivery.
We are proud to be recognized by the Civil Service Commission as the top government agency in its annual survey of front line service agencies last year, garnering an overall average rating of 92 percent in its Anti-Red Tape Act (ARTA) customer feedback survey with no branch scoring a failing mark,” President and General Manager Robert Vergara said.
“The goal for this year is to sustain this momentum so that we can continue to provide responsive service and benefits to our 1.8 million members and stakeholders.”