When vision meets execution, extraordinary things happen. For the Governance Commission for Government-Owned and Controlled Corporations (GCG), fourteen years of unwavering commitment to excellence has redefined what it means to govern with purpose.
In 2011, the Philippines took a bold step toward fiscal responsibility and corporate excellence with the creation of the GCG. What began as an ambitious mandate to strengthen state ownership and enhance GOCC performance has evolved into one of the most successful government reform initiatives in recent Philippine history.
Today, as the GCG celebrates its 14th anniversary, the numbers tell a remarkable story of transformation and triumph.
The impact is undeniable: From its creation in 2011 to 2024, the government has received an average of nearly P56 billion in dividend remittances annually from GOCCs. This amount is five times more than the average annual remittance of GOCCs from 2002 to 2011, which was only P11 billion.
This isn’t just growth—it’s a complete paradigm shift. Under GCG’s stewardship, government-owned corporations have transformed from fiscal burdens into powerful engines of national development, contributing substantially to the country’s non-tax revenue and proving that public enterprises can indeed be profitable partners in progress.
The momentum continues to build. The Department of Finance (DOF) Secretary particularly commended the Land Bank of the Philippines (LANDBANK) for remitting an unprecedented PHP 32.12 billion in dividends to the government in 2024—the highest in its history and among all GOCCs for the year. This single achievement demonstrates the caliber of performance that has become the new standard under GCG’s governance framework.
Looking ahead, projections indicate even greater success. To maximize the government’s non-tax revenue, the DOF has requested GOCCs to increase their dividend remittances to 75 percent. Secretary Recto emphasized that higher dividend remittances are a clear reflection of stronger good governance and fiscal discipline among GOCCs under current leadership.
Governance advantage
What sets GCG apart is its holistic approach to corporate governance. The Governance Commission for GOCCs is the central advisory, monitoring, and oversight body with the authority to formulate and implement policies in the active exercise of the State’s ownership rights over GOCCs. This comprehensive mandate allows GCG to address every aspect of GOCC operations, from strategic planning to day-to-day management.
The commission’s recognition programs have become gold standards in the industry. For two consecutive years, the GCG has recognized the Philippine Charity Sweepstakes Office (PCSO) for its significant achievements and outstanding performance. Such initiatives not only reward excellence but inspire continuous improvement across all GOCCs.
GCG’s success extends far beyond financial metrics. Under the current leadership of Chairperson Marius Corpus and Commissioners Brian Keith Hosaka and Geraldine Marie Berberabe-Martinez, the commission has established new benchmarks for transparency, accountability, and strategic governance that have become models for public sector management worldwide.
The commission’s commitment to gender equality and inclusive governance has also set new standards, ensuring that GOCCs reflect the diversity of the Filipino people they serve. This forward-thinking approach demonstrates that effective governance must be both profitable and principled.
Road ahead
As GCG enters its 15th year, the foundation for continued success has never been stronger. The Commission’s proven track record of transforming underperforming entities into profitable enterprises positions it as a crucial partner in the Philippines’ economic development strategy.
The recent achievement of GOCCs remitting over P138 billion in 2024—a new record—signals that the best is yet to come. With enhanced dividend remittance targets and a continued focus on operational excellence, GCG is poised to deliver even greater value to the Filipino people.
For corporate leaders, investors, and stakeholders seeking a model of effective governance, GCG represents the gold standard. The Commission’s methodical approach to performance management, risk assessment, and strategic planning offers valuable insights for both public and private sector organizations.
The transformation achieved over these fourteen years didn’t happen by accident. It resulted from deliberate, sustained effort to create a culture of excellence that permeates every level of GOCC operations. From boardroom decisions to frontline services, the GCG difference is evident in outcomes that matter.
As the Governance Commission for GOCCs marks its 14th anniversary, it celebrates not just years of service, but years of measurable impact. In an era where public trust in institutions depends on demonstrable results, GCG has consistently delivered—transforming the landscape of public enterprise management and setting new standards for what’s possible when vision meets execution.
Photos credwit: https://gcg.gov.ph/photos
