GSIS earnings more than doubled to P43.6B in Q1 

The Government Service Insurance System (GSIS) saw its first-quarter 2026 earnings surge 170 percent, driven by strong investment gains that offset higher claims and benefit payouts.

In a statement on Thursday, GSIS said its net income climbed to P43.6 billion as of end-March, from P16.1 billion in the same period last year.

The figure already accounts for more than a third of the agency’s full-year net income target of P130.91 billion.

Earnings were boosted by a sharp increase in investment income, which surged 2,200 percent to P27.6 billion from P1.2 billion a year earlier.

GSIS attributed the rise to gains in equity valuations and favorable foreign exchange movements.

Income from insurance likewise rose 9.16 percent to P56.6 billion from P51.9 billion, driven by growth in social insurance contributions from members.

Despite stronger revenues, GSIS paid higher claims and benefits during the period, which increased 4.73 percent to P49.5 billion, mainly due to higher pension payments.

The average monthly old-age pension rose to P18,874.58 in 2026 from P17,809.10 last year, reflecting an increase of over P1,000 per month for retirees.

“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,” GSIS president and General Manager Wick Veloso said.

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Claims and benefits accounted for 95 percent of total expenses, which rose 3.30 percent to P52.1 billion.

Other expenses included administrative costs covering personnel services and operating expenses, which stood at P2.44 billion. According to the state-run pension fund, this remains well within the 12 percent ceiling set under its charter.

The agency also reported steady growth in its loan portfolio, with member loan programs contributing P10.7 billion in income for the quarter.

This included the newly launched Ginhawa Solar Energy Loan, introduced in March following the government’s declaration of an energy emergency amid the Middle East war, which generated P890 million in its first week of operations.