INTEGRATED CORPORATE REPORTING SYSTEM WEB PORTAL

FINANCIAL OVERVIEW - ICRS 2023

SUMMARY OF FINANCIAL STATEMENTS

The 2023 Financial Overview includes a summary of the GOCC Sector Financial Statements from 2021 to 2023, along with comparative analyses of GOCC total assets, liabilities, net worth, net lending, comprehensive income, and subsidies between 2022 and 2023.

The figures are based mainly on the Annual Audit Reports (AARs) published by the Commission on Audit. For GOCCs without available AARs, unaudited data submitted in the GCG ICRS were used.

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GOVERNANCE FRAMEWORK

THE "GOCC GOVERNANCE ACT OF 2011" (R.A. NO. 10149)

Government-Owned or -Controlled Corporations (GOCCs) have long been part of the government machinery for delivering services to the general public.

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OWNERSHIP AND OPERATIONS MANUAL

The Ownership and Operations Manual institutionalizes the State Ownership Policy of recognizing the private sector as the main engine for inclusive growth and economic development, and consequently GOCCs must be used judiciously in addressing market failures and avoid engaging in activities purely for profit. The policy also mandates the clear separation between the regulatory functions and commercial activities of GOCCs in order to maintain a level playing field in the market.

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CODE OF CORPORATE GOVERNANCE

The CODE OF CORPORATE GOVERNANCE establishes the structure of powers and responsibilities within a GOCC.

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FIT AND PROPER RULE

As part of its mandate to oversee the selection and nomination of directors/trustees and maintain the quality of Board Governance in GOCCs, the Governance Commission crafted the FIT AND PROPER RULE.

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PERFORMANCE EVALUATION SYSTEM (PES)

The PERFORMANCE EVALUATION SYSTEM (PES) and the PERFORMANCE-BASED BONUS/INCENTIVE GUIDELINES provide the framework for transforming GOCCs into strategic and performance-driven corporations anchored on good corporate governance. The system adopts the Balanced Scorecard framework for monitoring and evaluating the strategic performance of GOCCs on quality of services, financial management, operations, and human capital.

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CORPORATE GOVERNANCE SCORECARD (CGS) FOR GOCCs

The Corporate Governance Scorecard (CGS) for GOCCs aims to annually assess the Corporate Governance performance of GOCCs under GCG using a methodology benchmarked against the Principles of Corporate Governance of the Organisation for Economic Co-operation and Development (OECD) and the ASEAN Corporate Governance Scorecard.

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COMPENSATION AND POSITION CLASSIFICATION SYSTESM (CPCS)

The Compensation and Position Classification System (CPCS) standardizes compensation in GOCCs and makes it competitive with the private sector doing comparable work in order to enable GOCCs to attract, retain, and motivate a corps of competent civil servants.

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MAJOR DEVELOPMENT PROJECTS OF GOCCs

The Governance Commission issued GCG M.C. No. 2018-03 to amend policies that will guide the GOCCs to a simplified and efficient implementation of their respective major development projects. While GCG M.C. No. 2018-02 was issued to effectively streamline the process of implementing Major Development Projects and Major Contracts of GOCCs, the M.C. emphasizes that all agreements shall not be grossly disadvantageous to the government, and that GOCCs shall comply with existing laws, rules and regulations, regardless of covered land area and/or period of the contract.

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NO GIFT POLICY

In line with the principle that public office is a public trust, the Governance Commission required all GOCCs to come up with a No Gift Policy to instill the practice of unbiased professionalism in the performance of responsibilities without expectation of reward. Accordingly, Officers and Employees in the GOCC Sector are duty-bound to not accept nor solicit any gift or favor whether directly or indirectly.

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PERFORMANCE EVALUATION FOR DIRECTORS (PED)

The PERFORMANCE EVALUATION FOR DIRECTORS (PED) provides the process for measuring the performance of Appointive Directors to determine who can still be considered for reappointment each year. Appointive Directors are evaluated based on corporate performance, peer review, and their attendance at Board meetings. Under R.A. No. 10149, an Appointive Director must receive a performance rating of at least "above average" to be eligible for re-appointment in the succeeding year.

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WHISTLEBLOWING POLICY FOR THE GOCC SECTOR

Through the Whistleblowing Policy, any concerned individual can report, provide information, and even testify on matters involving actions or omissions of the Appointive Directors, Officers, and Employees of GOCCs that are illegal, unethical, or completely disadvantageous to the GOCCs and/or the Government. The policy guarantees the protection of the Whistleblower against retaliation, the confidentiality of information coming from the Whistleblowing Report, and, if requested, the anonymity of the Whistleblower.

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INTEGRATED CORPORATE REPORTING SYSTEM (ICRS)

The INTEGRATED CORPORATE REPORTING SYSTEM (ICRS) is created to serve as the central source of relevant information on GOCCs not only for GCG but also for various concerned agencies, the media, and the general public.

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BOARD APPOINTMENTS

WHAT WE LOOK FOR

Under Republic Act No. 10149, "All members of the Board, the CEO and other officers of the GOCCs, including appointive directors in subsidiaries and affiliate corporations, shall be qualified by the Fit and Proper Rule," defined as "the standards for determining whether a member of the Board of Directors/Trustees or CEO is fit and proper to hold a position in a GOCC which shall include, but not be limited to, standards of integrity, experience, education, training and competence." As such, any individual who wishes to be part of the Pool of Candidates of the GCG shall possess the following qualifications and none of the disqualifications.

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TERMS OF APPOINTMENT

As provided under Section 17 of R.A. No. 10149, the term of office of each Appointive Director shall be for one (1) year, unless sooner removed for cause: Provided, however, That the Appointive Director shall continue to hold office until the successor is appointed.

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APPOINTMENT PROCESS

Below is the screening process of the GCG Search Committee:

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HOW TO APPLY

Individuals who wish to be part of the Pool of Candidates may register through the Appointive Director's Data Form (ADDF)

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PORTFOLIO OF GOCCs

GOVERNMENT FINANCIAL INSTITUTIONS SECTOR
TRADE, AREA DEVELOPMENT, AND TOURISM SECTOR
EDUCATIONAL AND CULTURAL SECTOR
GAMING SECTOR
ENERGY AND MATERIALS SECTOR
AGRICULTURE, FISHERIES, AND FOOD SECTOR
UTILITIES AND COMMUNICATIONS SECTOR