Metro Manila, Philippines – The Government Service Insurance System (GSIS) posted net income of P43.6 billion in the first quarter of 2026, up 170 percent from P16.1 billion in the same period last year, as the fund paid out P49.5 billion in claims and benefits to government workers, pensioners, and their dependents.
Total assets grew to P2.0 trillion as of March 31, up P32.2 billion from the P1.96 trillion recorded at year-end 2025. Total income for the quarter came in at P95.8 billion, a 43.83 percent increase over the P66.6 billion posted in the same period last year.
“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.
Income from insurance, the fund’s primary revenue line, came in at P56.6 billion for the quarter, up 9.16 percent or P4.75 billion from the level in 2025. The increase was driven by growth in social insurance contributions, with collections rising on the strength of a growing member base and higher agency remittances.
Investment income from financial assets contributed P27.6 billion, a significant increase from P1.2 billion in the same quarter last year, on account of gains in equity valuations and favorable foreign exchange movements.
Claims and benefits paid during the quarter totaled P49.5 billion, up P2.24 billion or 4.73 percent from the first quarter in 2025. The increase was driven by higher pension payments: 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.
Total expenses for the quarter were P52.1 billion, up 3.30 percent from P50.5 billion a year earlier. Claims and benefits accounted for 95 percent of total expenses. Administrative costs, covering personnel services and operating expenses, stood at P2.44 billion, or approximately 4.7 percent of total expenses, well within the 12 percent ceiling set by the GSIS Charter and a figure that has remained in single digits for several consecutive quarters.
“Administrative costs at 4.7 percent means more than 95 centavos of every peso in expenses went directly to members. That is where it should go,” PGM Veloso said.
GSIS member loan programs, which provide government workers access to credit at rates well below commercial lending, contributed P10.7 billion in income for the quarter. 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.
Total assets of P2.0 trillion place the fund on track to cross the P2.1 trillion mark by year-end, in line with its 2026 target. With first quarter net income at P43.6 billion, the GSIS has covered 33.3 percent of its full-year net income target of P130.91 billion in the first three months of the year.
Based on the fund’s latest actuarial study, the GSIS has a life extending to 2058, ensuring that benefits remain secure for the next generation of government workers and retirees.
This is a news release from GSIS
