GSIS H1 profit tumbles 68% on poor equity, bond markets

The Government Insurance Service System (GSIS) reported a double-digit drop in its net income in the first half of the year from a year ago as earnings were pressured by the unfavorable equity and bond market conditions.

At a press briefing on Thursday, the state pension fund said net income in the first six months of 2015 amounted to P29.6 billion, down 68 percent from the P94 billion recorded in the first half of 2014.