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The government lost about P691.76 billion in 2021, representing the combined comprehensive loss of state corporations classified as commercial public sector entities (CPSEs), state auditors noted Friday.
According to the 2021 Annual Financial Report on Government-Owned and Controlled Corporations by the Commission on Audit (COA), that was an increase of P358.15 billion or 107.36 percent from the 2020 combined comprehensive loss of P333.61 billion in 2020.
Copies of the report were received on September 29 by the offices of President Ferdinand Marcos Jr., Senate President Miguel Zubiri, and House Speaker Martin Romualdez.
The combined comprehensive loss figure is the net result of the total comprehensive income of P167.40 billion and total comprehensive loss of P859.16 billion.
The top three CPSEs that reported comprehensive losses were the Social Security System at P826.95 billion, Bangko Sentral ng Pilipinas at P26.657 billion, and Manila International Airport Authority with P2.451 billion.
The top three state firms that registered the highest comprehensive income were the Philippine Health Insurance Corporation with P32.839 billion, Government Service Insurance System with P31.109 billion, and Home Development Mutual Fund with P29.086 billion.
The commission prepares the annual financial report on GOCCs as mandated by the Constitution as well as the Government Auditing Code of the Philippines.