Government-owned and controlled corporation

src: philippines-directory.com

The phrase government-owned and controlled corporation (GOCC), sometimes with an "and/or", is a term in the Philippines used to describe government-owned corporations that conduct both commercial and non-commercial activity. Examples of the latter would be the Government Service Insurance System, a social security system for government employees. There are over 200 GOCCs. GOCCs both receive subsidies and pay dividends to the national government.

Under the GOCC Governance Act (Republic Act 10149; Government Owned and Controlled Corporations (GOCC) Governance Act of 2011), GOCCs are overseen by the Governance Commission for Government-Owned or Controlled Corporations (GCG). 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. The Governance Commission among other duties prepares for the President of the Philippines a shortlist of candidates for appointment by the president to GOCC boards.

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

Video Government-owned and controlled corporation

Finances

GOCCs receive from the government "subsidies" and "program funds". 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.

Subsidies from the National Government in 2011 amounted to 21 billion Philippine pesos. 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. 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.

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. 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." 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. Dividends remitted were only one-tenth (1/10) of the total required by law according to the Commission.

In 2014, on "GOCC Dividend Day", the Philippine government received 32.31 billion Philippine pesos worth of dividends and other remittances from 50 GOCCs. 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.

Maps Government-owned and controlled corporation

List of government-owned and controlled corporations

See also: Category:Government-owned and controlled corporations

There are over 200 GOCCs. Below is a partial list of GOCCs:

• Al-Amanah Islamic Investment Bank of the Philippines (AAIIBP)
• AFP-Retirement and Separation Benefits System (AFP-RSBS)
• Alabang-Sto. Tomas Development, Inc. (ASDI)
• APO Production Unit, Inc. (APO-PUI)
• Aurora Pacific Economic Zone and Freeport Authority
• Authority of the Freeport of Bataan (AFAB)
• Bangko Sentral ng Pilipinas (BSP)
• Bases Conversion and Development Authority (BCDA)
• Batangas Land Company, Inc. (BLCI)
• Batong Buhay Gold Mines, Inc. (BBGMI)
• BCDA Management and Holdings, Inc. (BMHI)
• Boy Scouts of the Philippines (BSP)
• Bukidnon Forest, Inc. (BFI)
• Cagayan Economic Zone Authority (CEZA)
• Cebu Port Authority (CPA)
• Center for International Trade Expositions and Missions (CITEM)
• Central Bank-Board of Liquidators
• Chemfields, Inc. (CI)
• Civil Aviation Authority of the Philippines (CAAP)
• Clark Development Corporation (CDC)
• Clark International Airport Corporation (CIAC)
• Corregidor Foundation, Inc. (CFI)
• Cottage Industry Technology Center (CITC)
• Credit Information Corporation (CIC)
• Cultural Center of the Philippines (CCP)
• DBP Data Center, Inc. (DCI)
• DBP Leasing Corporation (DBP-LC)
• DBP Management Corporation (DBPMC)
• Development Academy of the Philippines (DAP)
• Development Bank of the Philippines (DBP)
• Duty Free Philippines Corporation (DFPC)
• Employees Compensation Commission (ECC)
• Fiber Industry Development Authority (FIDA)
• First Cavite Industrial Estate, Inc. (FCIEI)
• Fisheries Development Authority
• Girl Scouts of the Philippines (GSP)
• Government Service Insurance System (GSIS)
• GSIS Family Bank (GSIS-FB)
• G.Y. Real Estate, Inc. (GYREI)
• HGC Subic Corporation (HGC-SC)
• Home Development Mutual Fund (HDMF/Pag-IBIG)
• Home Guaranty Corporation (HGC)
• Human Settlements Development Corporation (HSDC)
• Independent Realty Corporation (IRC)
• Instructional Materials Corporation
• Intercontinental Broadcasting Corporation (IBC-13)
• Jaen Water District (JWD)
• John Hay Management Corporation (JHMC)
• Kamayan Realty Corporation (KRC)
• Laguna Lake Development Authority (LLDA)
• Land Bank of the Philippines (LandBank)
• Land Bank Countryside Development Foundation, Inc. (LCDFI)
• LBP Insurance Brokerage, Inc. (LIBI)
• LBP Leasing Corporation (LBP-LC)
• LBP Resources and Development Corporation (LBRDC)
• Light Rail Transit Authority (LRTA)
• Local Water Utilities Administration (LWUA)
• Lung Center of the Philippines
• Mactan-Cebu International Airport Authority (MCIAA)
• Manila International Airport Authority (MIAA)
• Marawi Resort Hotel, Inc. (MRHI)
• Masaganang Sakahan, Inc. (MSI)
• Metropolitan Manila Development Authority (MMDA)
• Metropolitan Waterworks and Sewerage System (MWSS)
• Metropolitan Waterworks and Sewerage System-Corporate Office
• Metropolitan Waterworks and Sewerage System-Regulatory
• Mid-Pasig Land Development Corporation (MLDC)
• National Dairy Authority (NDA)
• National Development Company (NDC)
• National Electrification Administration (NEA)
• National Food Authority (NFA)
• National Home Mortgage Finance Corporation (NHMFC)
• National Housing Authority (NHA)
• National Irrigation Administration (NIA)
• National Kidney and Transplant Institute
• National Livelihood Development Corporation (NLDC)
• National Power Corporation (NPC/NAPOCOR)
• National Research Council of the Philippines (NRCP)
• National Tobacco Administration (NTA)
• National Transmission Corporation (TRANSCO)
• Natural Resources Development Corporation (NRDC)
• Nayong Pilipino Foundation, Inc. (NPF)
• NDC-Philippine Infrastructure Corporation (NDC-PIC)
• North Davao Mining Corporation (NDMC)
• North Luzon Railway Corporation (NorthRail)
• Northern Foods Corporation (NFC)
• Occupational Safety and Health Center (OSHC)
• Palacio del Gobernador Condominium Corporation (PDGCC)
• Panay Railways
• Partido Development Administration
• People's Credit and Finance Corporation (PCFC)
• Performance Investment Corporation (PIC)
• People's Television Network, Inc. (PTV-4)
• Philippine Aerospace Development Corporation (PADC)
• Philippine Agricultural Development and Commercial Corporaion (PADCC)
• Philippine Amusement and Gaming Corporation (PAGCOR)
• Philippine Center for Economic Development
• Philippine Charity Sweepstakes Office (PCSO)
• Philippine Children's Medical Center
• Philippine Coconut Authority (PCA)
• Philippine Cotton Corporation
• Philippine Crop Insurance Corporation (PCIC)
• Philippine Dairy Corporation (PDC)
• Philippine Deposit Insurance Corporation (PDIC)
• Philippine Economic Zone Authority (PEZA)
• Philippine Export and Foreign Loan Guarantee Corporation
• Philippine Export-Import Credit Agency (PhilEXIM)
• Philippine Fisheries Development Authority (PFDA)
• Philippine Forest Corporation (PFC)
• Philippine Health Insurance Corporation (PhilHealth)
• Philippine Heart Center (PHC)
• Philippine Institute for Development Studies (PIDS)
• Philippine Institute of Traditional and Alternative Health Care
• Philippine International Trading Corporation (PITC)
• Philippine Mining Development Corporation (PMDC)
• Philippine National Construction Corporation (PNCC)
• Philippine National Oil Company (PNOC)
• Philippine National Railways (PNR)
• Philippine Pharma Procurement Inc. (PPPI)
• Philippine Phosphate Fertilizer Corporation (PHILPOS)
• Philippine Ports Authority (PPA)
• Philippine Postal Corporation (PHLPost)
• Philippine Postal Savings Bank, Inc. (PPSB)
• Philippine Racing Commission
• Philippine Reclamation Authority (PRA)
• Philippine Retirement Authority (PRetA)
• Philippine Rice Research Institute (PhilRice)
• Philippine Statistics Authority (PSA)
• Philippine Sugar Corporation (PHILSUCOR)
• Philippine Veterans Assistance Commission (PVAC)
• Philippine Veterans Investment Development Corporation (PHIVIDEC)
• Phividec Panay Agro-Industrial Corporation (PPAC)
• Piedras Petroleum Company, Inc. (PIEDRAS)
• Pinagkaisa Realty Corporation (PRC)
• PITC Pharma, Inc. (PITC-PI)
• PNOC Alternative Fuel Corporation (PNOC-AFC)
• PNOC Development and Management Corporation (PNOC-DMC)
• PNOC Exploration Corporation (PNOC-EC)
• PNOC Renewables Corporation (PNOC-RC)
• Poro Point Management Corporation (PPMC)
• Power Sector Assets and Liabilities Management Corporation (PSALM)
• Quedan and Rural Credit Guarantee Corporation (QUEDANCOR)
• Securities and Exchange Commission (SEC)
• Small Business Corporation (SBC)
• Social Housing Finance Corporation (SHFC)
• Social Security System (SSS)
• Southern Philippines Development Authority (SPDA)
• Southern Utility Management and Services, Inc. (SUMSI)
• Subic Bay Metropolitan Authority
• Sugar Regulatory Administration (SRA)
• Technology Resource Center (TRC)
• Tourism Infrastructure and Enterprise Zone Authority (TIEZA)
• Tourism Promotions Board (TPB)
• Trade and Investment Development Corporation of the Philippines (TIDCORP)
• UCPB CIIF Finance and Development Corp. (UCPB-CDFC)
• UCPB Leasing
• UCPB Savings Bank (UCPB-SB)
• United Coconut Planters Bank (UCPB)
• Veterans Federation of the Philippines (VFP)
• Zamboanga City Special Economic Zone Authority
• Zamboanga National Agricultural College - Rubber Estate Corporation (ZREC)

src: vfp.gov.ph

See also

• List of government-owned companies

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References

src: www.pitc.gov.ph

External links

• Official website of the Governance Commission of GOCCs
• List of GOCCs from the Official Gazette of the Philippine national government
• List of GOCCs from the Department of Budget and Management
• Directory of 67 GOCCs' websites from the Department of Science and Technology
• Governance Commission for Government-Owned or -Controlled Corporations on Legal Wiki of LawCenter.ph.

Source of article : Wikipedia