GSIS income grows 20% for first 9 months to P35B
The GSIS has recorded a robust 20 percent growth in its net operating revenues for the first nine months of the year to P35 billion from P29.2 billion in the same period last year, fueled by revenues derived from its local investments.
The pension fund realized an improvement of 29.7 percent in its revenues from other investments to P15.3 billion from P11.8 billion. Parts of these were attributed to the revenues of P153.4 million earned from domestic investments managed by local fund managers.
“The GSIS has been reaping the benefits of the investment initiatives that we have put in place,” GSIS PGM Winston F. Garcia said. “The dynamic local market has fueled our earnings growth so far.”
The GSIS has earlier tapped Metropolitan Bank and Trust Co., Bank of the Philippine Islands and Banco De Oro Universal Bank to manage P6 billion in net investible funds for a period of three years starting this year.
The three banks were assigned to be the local fund managers of the GSIS with a mandate of P2 billion each.
Gains of P10.4 billion from sales of stocks were also recorded during the first three quarters of the year from P756.3 million in the same period last year. The GSIS has been an active participant in the local equities market. Among the blue chip stocks the GSIS has divested from so far this year include San Miguel Corp., Philippine Long Distance Telephone Co., and Ayala Corp.
All these attributed to the 13.8 percent increase in gross revenues of the GSIS from January to September 2007, from last year’s P57.4 billion to P65.3 billion this year.
Revenues from insurance, meanwhile, grew 5.9 percent to P36.04 billion from P43.03 billion, while revenues from loans receivable increased by 18 percent to P13.31 billion from P11.28 billion.
Total assets increased by 5.8 percent to P432.5 billion during the first nine months of 2007, from P408.8 billion in the same period last year. - GSIS Kawani, September - December 2007