GSIS profit seen to hit P50B this year

The Government Service Insurance System (GSIS), the state pension fund, is optimistic that it would hit its net income target of P50 billion for 2008 because of foreign exchange gains and higher members’ contributions.

The GSIS said the P50 billion net income target for 2008 is 21.35 percent higher than the previous year’s net income of P41.2 billion, data from the agency showed.

“We will close the year 2008 proving that we have put in place the right programs and made the right and prudent decisions when it comes to our operations and investments,” GSIS president and general manager Winston Garcia said.

From January to November this year, GSIS earned P43 billion in net income. Its consolidated revenues reached P81.9 billion, very near the P85.6 billion revenues for 2007.

GSIS attributes this year’s revenue and income growth to higher members’ contributions, hefty foreign exchange gains, and the sale of the pension fund’s shares in Manila Electric Co. (Meralco).

Last October, the GSIS sold its 27-percent stake or 300,963,189 shares in Lopez-led Meralco to San Miguel Corp. (SMC) at P90 per share for a total P27 billion.[Continue Reading...]

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