The investment portfolio held by the Government Service Insurance System (GSIS) grew by 5.22% to reach 890.59 billion pesos in 2021, with growth driven by foreign currency investments in equities and infrastructure, the Department of Finance (DoF) said in a statement, citing an agency report.
“Growth came primarily from GSIS’s well-positioned foreign currency-denominated investments, particularly in the equity market and infrastructure sector,” said GSIS President and CEO Rolando L. Macasaet.
Investments denominated in pesos fell by 4.38% to reach P633.31 billion in 2021, while assets denominated in foreign currencies increased by 39.7% to reach P257.26 billion.
Cash in pesos held by the civil servants pension company increased by 26% to reach 74.81 billion pesos in 2021.
Investments in the national stock market increased by 9.33% to reach P212.18 billion in 2021.
Peso-denominated investment in infrastructure fell by 68% to P4.66 billion. This was due to the completion of some projects and the sale of an asset which generated a gain of P5.11 billion for GSIS.
Fixed income investments denominated in pesos fell by 13.4% to 341.66 billion pula.
Equity investment in foreign markets more than quadrupled to 69.58 billion pesos in 2021 from 15.62 billion pesos in 2020.
Cash and short-term deposits denominated in foreign currencies held by the GSIS more than tripled, reaching 22.17 billion pesos in 2021, compared to 6.6 billion pesos a year earlier.
Infrastructure assets held in foreign currency increased by 50.9% to reach 26.34 billion pesos.
Fixed income assets denominated in foreign currencies fell 3.6% to 139.17 billion pesos due to lower maturities and valuations. – Luz Wendy T. Noble