By Chino S. Leyco State-run Government Service Insurance System (GSIS) said that its profit jumped in the first three-months of the year due to strong stock market earnings, higher interest income and premium contributions. GSIS logo (Courtesy of gsis.gov.ph) Jesus Clint Aranas, GSIS President and General Manager, said the pension fund’s net income quadrupled in January to March this year to P38.7 billion from P9.05 billion in the same period last year. “The increase in GSIS’ net income was driven by the rise in stock market values, the increase in interest income and the increase in premium contributions,” the pension fund for government employees said in a statement. At end-March, the Philippine Stock Exchange (PSE) index improved by six percent to 7,920.93 from end last year’s level. GSIS’ public equities portfolio accounts for about 20 percent of its P1.2 trillion total assets. The other factor that contributed to higher profit is the increased interest income due to the new loan programs for public school teachers and other embers, GSIS said. Meanwhile, the pension fund’s higher premium revenues was owing to increased number of active members, which now stood at 1.8 million from 1.7 billion in the previous year. “As a result, revenue from premium contributions has grown by seven percent for the first-quarter, year-on-year,” GSIS said. The end-March total assets of GSIS also grew by six percent compared with the same period in 2018. “We hope that we have set the tone for a productive year ahead. Our members’ and pensioners trust will be our inspiration to do better,” Aranas said.