MANILA — The Government Service Insurance System (GSIS) reported a 170-percent increase in net income to ₱43.6 billion in the first quarter of 2026, driven by stronger insurance collections, higher investment gains, and continued growth in member-based programs.

In a news release on Thursday, GSIS said its total assets rose to nearly ₱2 trillion as of March 31, 2026, increasing to ₱2.0 trillion from ₱1.96 trillion at the end of 2025. Total income likewise climbed 43.83 percent to ₱95.8 billion from ₱66.6 billion in the same period last year.

GSIS President and General Manager Wick Veloso said the fund’s performance reflects consistent growth in payouts and earnings.

“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,” Veloso said.

Insurance operations remained GSIS’ main revenue driver, contributing ₱56.6 billion in income for the quarter, up 9.16 percent from last year due to higher social insurance contributions and stronger remittances from government agencies.

Investment income from financial assets also surged to ₱27.6 billion from ₱1.2 billion a year earlier, supported by gains in equity valuations and favorable foreign exchange movements.

The pension fund disbursed ₱49.5 billion in claims and benefits during the quarter, up 4.73 percent from the previous year, mainly due to increased pension releases.

GSIS said the average monthly old-age pension increased to ₱18,874.58 in 2026 from ₱17,809.10 in 2025, reflecting higher monthly payouts for retirees.

Total expenses reached ₱52.1 billion, up 3.30 percent year-on-year, with claims and benefits accounting for 95 percent of the total. Administrative costs stood at ₱2.44 billion, or 4.7 percent of expenses, below the 12-percent cap under the GSIS Charter.

“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,” Veloso said.

GSIS also reported growth in its Ginhawa loan program, which generated ₱10.7 billion in income during the quarter.

The Ginhawa Solar Energy Loan, launched following President Ferdinand R. Marcos Jr.’s declaration of a national energy emergency under Executive Order No. 110, recorded ₱890 million in applications in its first week.

With first-quarter earnings already equal to 33.3 percent of its ₱130.91-billion full-year target, GSIS said it is on track to surpass ₱2.1 trillion in total assets by end-2026.

The agency also said its latest actuarial study projects fund sustainability until 2058, ensuring continued benefits for government workers and retirees.