The Government Service Insurance System (GSIS) is expecting net revenues of P37 billion to R38 billion this year from net revenues of only P35 billion in 2003.
GSIS senior executive vice-president and chief operating officer Reynaldo P. Palmiery said its net revenues for the year could even go as high as P
40 billion if the country’s investment climate improves.
GSIS, a government owned and controlled corporation, has total assets of R320 billion as of end-May 2004, Palmiery said.
Palmiery added GSIS total investment portfolio is now pegged at R245 billion. These investments include loans to members, investments in government securities and in the equities market.
In an earlier interview however, Palmiery said GSIS will hold-off further investments in the local stock market and will instead look into other investment options including putting its money on foreign stock markets.
GSIS is one of the biggest investors in the local stock market with P39 billion worth of equity investments. It holds shares in many blue chip companies including San Miguel Corp., PLDT, Ayala Corp., Ayala Land, Inc., Manila Electric Company, Robinsons Land Corp. and Equitable PCI Bank.
GSIS also holds shares in the Philippine Stock Exchange (PSE) which it intends to return to the PSE citing the factionalism and dissension within the Exchange.
But in a statement issued by the PSE last Wednesday, the PSE said its board of directors has decided to deny the proposal of GSIS. The statement said
the PSE Board did not find sufficient legal grounds to the claims of GSIS to recind its subscription agreement.
GSIS holds 9.1 percent of PSE shares when it bought some 1.4 million PSE shares last February at P119.50 per share or for a total investment of R167 million.
