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GSIS selling 4 properties worth P32b — Vergara

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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