Thirty one or less than a third of the Philippines’ 108 government-owned and -controlled corporations accounted for P9.37 trillion of the total assets of all GOCCs amounting to P10.3 trillion in 2020, latest Department of Finance data show.
Engaged in a broad range of activities from insurance and financing to charity work and gaming, these 31 GOCCs also had most or P14.89 trillion of the P15.37-trillion total liabilities of the government corporate sector in 2020, the DOF’s Corporate Affairs Group said in a report to Finance Secretary Carlos Dominguez III.
“These amounts translate (into) 91 percent and 97 percent of the total assets and liabilities of the government corporate sector (in 2020). They are the major drivers of the financial and fiscal health of the government corporate sector. These assets also account for about half of the country’s gross domestic product of [P17.94 trillion] for the same period,” said the report of Undersecretary Antonette Tionko.