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Government-owned and controlled corporation

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In the Philippines, a government-owned and controlled corporation (GOCC; Filipino: Korporasyong ari at kontrolado ng pamahalaan), sometimes with an "and/or",[1] is a state-owned enterprise that conducts both commercial and non-commercial activity. Examples of the latter would be the Government Service Insurance System (GSIS), a social security system for government employees. There are 219 GOCCs as of 2022.[2] GOCCs both receive subsidies and pay dividends to the national government. A government-owned or controlled corporation is a stock or a non-stock corporation, whether performing governmental or proprietary functions, which is directly chartered by a special law or if organized under the general corporation law is owned or controlled by the government directly, or indirectly through a parent corporation or subsidiary corporation, to the extent of at least a majority of its outstanding capital stock or of its outstanding voting capital stock.

Under the GOCC Governance Act (Republic Act No. 10149), GOCCs are overseen by the Governance Commission for GOCCs (GCG).[3] The Governance Commission is the "government's central advisory and oversight body over the public corporate sector" according to the Official Gazette.[4] The GCG, among other duties, prepares for the president of the Philippines a shortlist of candidates for appointment by the president to GOCC boards.[3]

Many but not all GOCCs have their own charter or law outlining its responsibilities and governance.[5]

Finances

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2014 operation subsidies and program funds that GOCCs received from the national government

GOCCs receive from the government "subsidies" and "program funds".[6] Subsidies cover the day-to-day operations of the GOCCs when revenues are insufficient while program funds are given to profitable GOCCs to pay for a specific program or project.[6]

Subsidies from the National Government in 2011 amounted to 21 billion Philippine pesos.[7] In the 2013 fiscal year, the national government gave P71.9 billion pesos to GOCCs in subsidies, nearly twice the 44.7 billion pesos that was programmed in the budget.[2] In 2014, 77.04 billion pesos was spent on GOCCs by the national government, 3% of which was classified as subsidies and 97% was classified as program funds.[6]

In 2013, on "GOCC Dividend Day", the Philippine government received 28-billion Philippine pesos in dividends and other forms of remittances from the 2012 operations of 38 GOCCs.[8] Eight GOCCs remitted 1 billion pesos each: Philippine Reclamation Authority (PRA)(P1 billion pesos), Philippine Ports Authority (PPA)(1.03-billion), Manila International Airport Authority (MIAA)(P1.54-billion), Philippine Amusement and Gaming Corporation (PAGCOR) (P7.18-billion), Power Sector Assets and Liabilities Management Corporation (PSALM)(P2-billion), Bases Conversion Development Authority (BCDA)(P2.30-billion), Development Bank of the Philippines (DBP) (P3.16-billion) and Land Bank of the Philippines (LBP) (P6.24-billion). Under Republic Act No. 7656, all GOCCs are required to "declare and remit at least 50% of their annual net earnings as cash, stock or property dividends to the National Government."[8] The Commission on Audit reports that in 2013 of the 219 profitable GOCCs, only 45 remitted a full 50% share of their dividends to the national treasury, leaving 174 others with unremitted government shares, amounting to more than P50 billion.[2] Dividends remitted were only one-tenth (1/10) of the total required by law according to the commission.[2]

In 2014, on "GOCC Dividend Day", the Philippine government received 32.31 billion Philippine pesos worth of dividends and other remittances from 50 GOCCs.[9] Seven GOCCs submitted over a billion pesos each: Development Bank of the Philippines (DBP) with P3.616 billion; Power Sector Assets and Liabilities Management Corporation (PSALM) with P2.5 billion; Bases Conversion Development Authority (BCDA) with P2.107 billion; Manila International Airport Authority (MIAA) with P1.577 billion; Philippine National Oil Company-Exploration Corporation (PNOC-EC) with P1.5 billion; Philippine Ports Authority (PPA) with P1.422 billion; and Philippine Deposit Insurance Corporation (PDIC) with P1.05 billion.[9]

List

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See also: Category:Government-owned and controlled corporations of the Philippines

List adapted from Integrated Corporate Reporting System's list.[10][11]

Government financial institutions

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Banking institutions

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Non-banking institutions

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Social security institutions

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Trade, area development, and tourism sector

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Trade

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Area development

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Tourism

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Educational and cultural sector

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Educational

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Cultural

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Gaming sector

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Energy and materials sector

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Energy

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Materials

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Agriculture, fisheries, and food sector

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Agriculture and fisheries

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Food

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Utilities and communications sector

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Utilities

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Communications

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Healthcare services sector

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Realty and/or holding companies

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GOCCs supervised by the Presidential Commission on Good Government

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See also: Presidential Commission on Good Government

Under privatization

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Non-operational, inactive, or deactivated

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Under abolishment

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Dissolved or abolished

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Privatized

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Merged GOCCs

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GOCCs disposed by the Privatization and Management Office

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GOCCs excluded from the coverage of Republic Act No. 10149

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Research institutions

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Economic zone authorities

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Created by a Supreme Court decision

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Sui generis

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See also

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Notes

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  1. ^ formerly PostBank
  2. ^ formerly NRMDC
  3. ^ a b c d e f under the Privatization and Management Office of the Department of Finance
  4. ^ merger between Livelihood Corporation (LIVECOR) and National Livelihood Support (NLSF)
  5. ^ merged with PhilExim to form PHILGUARANTEE
  6. ^ turned over from the Presidential Commission on Good Government (PCGG) to the Governance Commission for GOCCs (GCG)[13]

References

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  1. ^ "Government-Owned and/or Controlled Corporations". Official Gazette. Republic of the Philippines. Archived from the original on May 26, 2015. Retrieved July 29, 2017.
  2. ^ a b c d Lopez, Melissa Luz T. (May 25, 2015). "State-run corporations only remitted a tenth of dividends". BusinessWorld. Retrieved July 29, 2017.
  3. ^ a b Cayabyab, Marc Jayson (May 25, 2015). "House passes DBP, LBP merger bill". Philippine Daily Inquirer. Retrieved May 26, 2015.
  4. ^ "President Aquino approves closure of 7 nonperforming GOCCs". Official Gazette. October 22, 2014. Retrieved May 26, 2015.
  5. ^ "GCG marks third year as overseer of GOCC sector". Official Gazette. June 6, 2014. Retrieved May 26, 2015.
  6. ^ a b c "GOCC 2014 OPERATING SUBSIDIES AND PROGRAM FUNDS". Governance Commission for GOCCs. Archived from the original on May 26, 2015. Retrieved May 26, 2015.
  7. ^ Cabuag, V.S. (March 8, 2012). "Government subsidies to GOCCs grew by 155% in 2011". BusinessMirror. Retrieved July 5, 2012.[permanent dead link]
  8. ^ a b "President Aquino receives P28-billion representing dividend contributions from 38 Government-Owned and Controlled Corporation in Malacañang". Office of the President of the Philippines. June 3, 2013. Archived from the original on August 6, 2013. Retrieved May 26, 2015.
  9. ^ a b "GOCCs remit P32.31B to National Treasury". Philippine national government. Official Gazette. June 9, 2014. Retrieved May 26, 2015.
  10. ^ "Classification of GOCCs by SECTORS as of 28 June 2022" (PDF). Integrated Corporate Reporting System. Governance Commission for GOCCs. June 28, 2022. Retrieved January 25, 2023.
  11. ^ Cabuag, V. S. (July 1, 2012). "Subsidies to GOCCs declined in May". BusinessMirror. Archived from the original on November 29, 2014. Retrieved July 5, 2012.
  12. ^ https://globalnation.inquirer.net/277551/owwa-trust-fund-not-used-in-p1-4-b-illegal-land-deal-says-palace
  13. ^ Kilayko, Jeronimo U. (March 22, 2016). "UCPB's Official Statement on the Turnover of UCPB to GCG" (Press release). United Coconut Planters Bank. Retrieved January 26, 2023.
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