Wikipedia

Government-owned and controlled corporation

In thePhilippines,agovernment-owned and controlled corporation(GOCC), sometimes with an "and/or",[1]is astate-owned enterprisethat conducts both commercial and non-commercial activity. Examples of the latter would be theGovernment Service Insurance System(GSIS), asocial security systemfor 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 theGovernance Commission for Government-Owned or Controlled Corporations(GCG).[3]The Governance Commission is the "government's central advisory and oversight body over the public corporate sector" according to the Official Gazette of the Philippine government.[4]The Governance Commission among other duties prepares for thepresident of the Philippinesashortlistof 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 billionPhilippine 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-billionPhilippine pesosin 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) andLand 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]TheCommission on Auditreports 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; andPhilippine 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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  • Center for International Trade Expositions and Missions (CITEM)
  • Duty Free Philippines Corporation (DFPC)
  • Philippine International Trading Corporation (PITC)
  • Philippine Pharma Procurement, Inc. (PPPI)
  • National Food Authority(NFA)
  • Planters Products, Inc. (PPI)
  • Planters Foundation, Inc. (PFI)

Area development

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Tourism

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  • Corregidor Foundation, Inc. (CFI)
  • Marawi Resort Hotel, Inc. (MRHI)
  • Philippine Retirement Authority (PRA)
  • Tourism Promotions Board (TPB)

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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  • Batong Buhay Gold Mines, Inc. (BBGMI)
  • Bukidnon Forest, Inc. (BFI)
  • Natural Resources Development Corporation (NRDC)
  • Philippine Mining Development Corporation (PMDC)[b]

Agriculture, fisheries, and food sector

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Agriculture and fisheries

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Food

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  • Cagayan de Oro Oil Company, Inc. (CAGOIL)
  • Food Terminal Inc.(FTI)[c]
  • Granexport Manufacturing Corporation (Granex)
  • Iligan Coconut Industries, Inc. (ILICOCO)
  • Legaspi Oil Company, Inc. (LEGOIL)
  • National Sugar Development Company (NASUDECO)[c]
  • San Pablo Manufacturing Corporation (SPMC)
  • Southern Luzon Coconut Oil Mill, Inc. (SOLCOM)

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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  • La Union Medical Center (LUMC)

Realty and/or holding companies

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  • Anglo Ventures Corporation
  • AP Holdings, Inc.
  • ARC Investors, Inc.
  • ASC Investors, Inc.
  • Batangas Land Company, Inc. (BLCI)
  • Fernandez Holdings, Inc.
  • First Meridian Development, Inc.
  • G. Y. Real Estate, Inc. (GYREI)
  • Kamayan Realty Corporation (KRC)
  • Pinagkaisa Realty Corporation (PiRC)
  • Randy Allied Ventures, Inc.
  • Rock Steel Resources, Inc.
  • Roxas Shares, Inc.
  • San Miguel Officers Corp. Inc.
  • Soriano Shares, Inc.
  • Te Deum Resources, Inc.
  • Toda Holdings, Inc.
  • Valhalla Properties, Inc.

GOCCs supervised by the Presidential Commission on Good Government

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See also:Presidential Commission on Good Government
  • Banahaw Broadcasting Corporation(BBC)
  • Bataan Shipyard and Engineering Company (BASECO)
  • Chemfields, Inc. (CI)
  • Independent Realty Corporation (IRC)
  • Mid-Pasig Land Development Corporation (MLDC)
  • Performance Investment Corporation (PIC)
  • Piedras Petroleum Company, Inc. (PIEDRAS)
  • UCPB–CIIF Finance and Development Corporation (COCOFINANCE)
  • UCPB–CIIF Foundation, Inc.
  • United Coconut Chemicals, Inc. (COCOCHEM)
  • United Coconut Planters Bank General Insurance, Inc. (COCOGEN)
  • United Coconut Planters Life Assurance Corporation (COCOLIFE)

Under privatization

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Non-operational, inactive, or deactivated

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  • Anchor Estate, Inc. (AEI)
  • Aviation Services and Training Institute (ASTI)
  • BCDA Management and Holdings, Inc. (BMHI)
  • Calauag Quezon Province Integrated Coconut Processing Plant, Inc. (CQPICPPI)
  • Clark Polytechnic Development Foundation (CPDF)
  • DBP Management Corporation (DBPMC)
  • First Centennial Clark Corporation (FCCC)
  • GSIS Mutual Fund, Inc. (GSIS-MFI)
  • GSIS Properties, Inc. (GSIS-PI)
  • Integrated Feed Mills Manufacturing Corporation (IFMC)
  • Inter-Island Gas Service, Inc. (IIGSI)
  • LBP Financial Services SpA (Rome, Italy) (LBP-FSS)
  • LBP Remittance Company (USA) (LBP-RC)
  • LBP Singapore Representative Office (LBP-SRO)
  • LBP Taiwan Representative Office (LBP-TRO)
  • LWUA Consult, Inc. (LWUA-CI)
  • Manila Gas Corporation (MGC)
  • Masaganang Sakahan, Inc. (MSI)
  • Meat Packing Corporation of the Philippines (MPCP)
  • Metro Transit Organization, Inc. (MTOI)
  • NDC–Philippine Infrastructure Corporation (NPIC)
  • North Davao Mining Corporation (NDMC)
  • North Luzon Railways Corporation (NORTHRAIL)
  • Paskuhan Development, Inc. (PDI)
  • Phil. Centennial Expo '98 Corp. (EXPO FILIPINO)
  • Philpost Leasing and Financing Corporation (PLFC)

Under abolishment

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  • AFP Retirement and Separation Benefits System (AFP-RSBS)
  • Alabang–Sto. Tomas Development, Inc. (ASDI)
  • CDCP Farms Corporation (CDCP-FC)
  • Disc Contractors, Builders and General Services, Inc. (DISC)
  • First Cavite Industrial Estate, Inc. (FCIEI)
  • HGC Subic Corporation (HGC-SC)
  • Human Settlements Development Corporation (HSDC)
  • National Agri-Business Corporation (NABCOR)
  • NIA Consult, Inc. (NIACI)
  • Northern Foods Corporation (NFC)[c]
  • Panay Railways, Inc.(PRI)[c]
  • Partido Development Administration(PDA)
  • Philippine Agricultural Development and Commercial Corporation (PADCC)
  • Philippine Forest Corporation(PFC)
  • Philippine Fruits and Vegetables Industries, Inc. (PFVII)
  • Philippine Sugar Corporation (PHILSUCOR)[c]
  • Philippine Veterans Assistance Commission (PVAC)
  • Philippine Veterans Investment Development Corporation (PHIVIDEC)
  • PNOC Alternative Fuel Corp. (PNOC-AFC)
  • PNOC Development and Management Corporation (PNOC-DMC)
  • PNOC Shipping and Transport Corporation (PNOC-STC)
  • Quedan and Rural Credit Guarantee Corporation (QUEDANCOR)
  • San Carlos Fruits Corporation (SCFC)
  • Technology Resources Center (TRC)
  • Tierra Factors Corporation (TFC)
  • Traffic Control Products Corporation (TCPC)
  • Zamboanga National Agricultural College – Rubber Estate Corp. (ZREC)

Dissolved or abolished

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  • Bataan Technology Park, Inc. (BTPI)
  • Cottage Industry Technology Center (CITC)
  • National Livelihood Development Corp. (NLDC)[d]
  • People's Credit and Finance Corporation (PCFC)

Privatized

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Merged GOCCs

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GOCCs disposed by the Privatization and Management Office

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  • Menzi Development Corporation (MDC)

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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  • Millennium Challenge Account Philippines (MCAP)

See also

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Notes

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  1. ^formerly PostBank
  2. ^formerly NRMDC
  3. ^abcdefunder the Privatization and Management Office of theDepartment of Finance
  4. ^merger between Livelihood Corporation (LIVECOR) and National Livelihood Support (NLSF)
  5. ^merged with PhilExim to form PHILGUARANTEE
  6. ^turned over from thePresidential Commission on Good Government(PCGG) to theGovernance Commission for GOCCs(GCG)[12]

References

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  1. ^"Government-Owned and/or Controlled Corporations".Official Gazette.Republic of the Philippines. Archived fromthe originalon May 26, 2015.RetrievedJuly 29,2017.
  2. ^abcdLopez, Melissa Luz T. (May 25, 2015)."State-run corporations only remitted a tenth of dividends".BusinessWorld.RetrievedJuly 29,2017.
  3. ^abCayabyab, Marc Jayson (May 25, 2015)."House passes DBP, LBP merger bill".Philippine Daily Inquirer.RetrievedMay 26,2015.
  4. ^"President Aquino approves closure of 7 nonperforming GOCCs".Official Gazette. October 22, 2014.RetrievedMay 26,2015.
  5. ^"GCG marks third year as overseer of GOCC sector".Official Gazette. June 6, 2014.RetrievedMay 26,2015.
  6. ^abc"GOCC 2014 OPERATING SUBSIDIES AND PROGRAM FUNDS".Governance Commission for GOCCs.Archived fromthe originalon May 26, 2015.RetrievedMay 26,2015.
  7. ^Cabuag, V.S. (March 8, 2012)."Government subsidies to GOCCs grew by 155% in 2011".BusinessMirror.RetrievedJuly 5,2012.[permanent dead link‍]
  8. ^ab"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 fromthe originalon August 6, 2013.RetrievedMay 26,2015.
  9. ^ab"GOCCs remit P32.31B to National mslajjxja boopy koTreasury".Philippine national government. Official Gazette. June 9, 2014.RetrievedMay 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.RetrievedJanuary 25,2023.
  11. ^Cabuag, V. S. (July 1, 2012)."Subsidies to GOCCs declined in May".BusinessMirror.Archived fromthe originalon November 29, 2014.RetrievedJuly 5,2012.
  12. ^Kilayko, Jeronimo U. (March 22, 2016)."UCPB's Official Statement on the Turnover of UCPB to GCG"(Press release).United Coconut Planters Bank.RetrievedJanuary 26,2023.
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