By Jennifer Ambanta | Mar. 16, 2015 at
11:25pm [ manilastandardtoday.com ]
State pension fund Government Service
Insurance System said Monday it will sell some medium-sized properties to take
advantage of the high demand for real estate in the market.
GSIS president and general manager
Robert Vergara said the fund’s real property board was reviewing four
properties.
“These are the MMDA property along
Edsa, the 1.8-hectare [lot] along Vargas St. in Ortigas, a building in Legaspi
Village, Makati, and the former GSIS building,” he said.
Vergara said the combined total amount
of the properties could hit P32 billion, or about six percent of the pension
fund’s real estate portfolio.
He said property market remained a
good business prospect, especially with the recent success of the sale of its
Bonifacio Global City lot.
“The property market is still very
strong. We continue to receive interest for our other properties,” Vergara
said.
Earlier, Vergara said GSIS was not
keen on deploying funds abroad as the local market remained more attractive.
The pension fund manager posted a net
income of P140 billion in 2014 from P44 billion in the previous year based on
its new accounting system.
Total revenues or premiums paid to
GSIS by members stood at P230 billion last year from P135 billion in 2013.
Meanwhile, Vergara said the fund’s
investment portfolio remained predominantly in fixed income, which covers about
48 percent of the total. About 85 percent of the holdings were in government
paper while the rest were in corporate bonds.
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