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.
Pursuant to the “GOCC Governance Act of 2011” (R.A. No. 10149), the ICRS is a web-based platform that is intended to:
- a) Assist the State in the exercise of its ownership rights in the GOCC Sector through the provision of up-to-date, complete and relevant information;
- b) Streamline the various reportorial requirements for GOCCs; and
- c) Promote greater transparency and timely access to relevant information on the GOCC Sector through a single online web portal.
The ICRS also serves to simplify various reportorial requirements of the GOCCs.
The GOCC Monitoring System or the GMS is one of component of the Integrated Corporate Reporting System (ICRS). The GMS caters the electronic submission of financial information of GOCCs, such as but not limited to financial statements and corporate operating budgets.
Section 44 of the Code of Corporate Governance for GOCCs (GCG Memorandum Circular No. 2012-07) requires “[e]very GOCC, acting through its Board and Management, [to] ensure that it becomes an active and responsible member and contributor to the ICRS.” Moreover, pursuant to the GCG Memorandum Circular No. 2019-02 - Interim PBB Guidelines, compliance to the ICRS is one of the Other Conditions and Requirements (OCR). Non-compliance of a GOCC would automatically render all officers and employees responsible for the compliance and implementation of the ICRS not entitled to the PBB for the year to which the GOCC was rendered non-compliant.