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GSIS, SSS top GOCCs with highest income in 2017

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By Ben Rosario

State-run social insurance firms Government Service Insurance System and Social Security System registered the highest income among 604 government-owned and controlled corporations in the country in 2017.

MB FILE - The facade of SSS Building on East Avenue in Quezon City. (JOHN JEROME GANZON / MANILA BULLETIN)

The facade of SSS Building on East Avenue in Quezon City. (JOHN JEROME GANZON / MANILA BULLETIN FILE PHOTO)

The Bangko Sentral ng Pilipinas (BSP) and the Power Sector Assets and Liabilities Management Corporation (PSALM) paid the largest amount of corporate taxes with P14.7 billion and P13.47 billion, respectively.

On the other hand, the Philippine Deposit Insurance Corporation (PDIC) and Development Bank of the Philippines (DBP) topped the list of state-owned firms with highest dividend remittances. PDIC registered a dividend of P7.46 billion while DBP, P2.51 billion.

In the recently-released Annual Financial Report for Government Corporation, the Commission on Audit disclosed that total comprehensive realized in 2017 by GC’s totaled P287.82 billion, an improvement of P74.85 billion or 35.15 percent compared to the P212.87 billion in 2016.

Total revenue was P1.141 trillion, P44.40 billion or 4.05 percent higher than the previous year’s P1.096 trillion.

On the other hand, total expenses reached P924.09 billion, lower by 3.28 percent or P31.31 billion from 2016’s P955.40 billion.

GSIS topped the list of highest income earners, with over P276 billion in earnings in 2017. The SSS gained P202.3 billion in income.

The other top earners: BSP with 3) Philippine International Convention Center, P93.3 billion; 4) PSALM, P79.59 billion; 5) Philippine Health Insurance Corporation, P62.99 billion; 6) Philippine Gaming Corporation, P6015 billion; 7) Land Bank of the Philippines, P54.09 billion; 8) Home Development Mutual Fund P54.01 billion 9) PDIC, P31.38 billion and 10) Water Districts, P28.55 billion.

SSS and GSIS ranked 1 and 2 as highest spenders with P182.6 billion and P181.2 billion respectively.

Also spending the largest in 2017 were: 3) PHIC, P117 billion; 4) PSALM, P82.72 billion; 5) BSP, P68.72 billion 6) LBP, P38.27, billlion; 7) National Food Authority, P 29.55 billion; 8) PDIC, 25.69 billion; 9) HDMF, P23.74 billion and 10) water districts, P23.19 billion.

PAGCOR expenditures for the year were apparently low for the year. Not a top ten earner, NFA placed seventh among the biggest spenders.

The list of top government corporation taxpayers: 1) BSP, P14.70 billion; 2) PSALM, P13.47 billion; 3) PaGCOR, P11.76 billion; 4) LBP, P9.15 billion; 5) Philippine Charity Sweepstakes Office, P8.7 billion; 6) Philippine Ports Authority, P3.36 billion; 7) DBP, P2.91 billion; 8) Manila International Airport Authority, P2.52 billion; 9) PHIC, P1.78 billion and 10) GSIS, P1.12 billion.

COA also listed the top government corporations in terms of dividend remittances: 1) PDIC, P7.4 billion; 2) DBP, P2.51 billion; 3) MIAA, P2.2 billion; 4) Civil Aviation Authority of the Philippines, P2.08 billion; 5) PPA, PP1.95 billion; 6) BSP, P1.84 billion; 7) National Power Corporation, P1.39 billion; 8) PAGCOR, P1.18 billion; 9) Subic Bay Metropolitan Authority, P923 million; and 10) Philippine Economic Zone Authority, P622.9 million.

The AFR for Government Corporations for 2017 presented the combined financial statements of 604 government corporations examined by the Government Accountancy Sector of COA.

Of the 604 state-owned firms, 83 regular GCs and 477 water districts were classified as government business enterprises, while 44 regular GCs were classified non-GBEs.

“This 2017 AFR for GCs is prepared to sustain the policy of the government on transparency and accountability,” COA explained.

The state audit agency stated that its release serves as a useful tool “to address the advocacy of various groups” such as the media, civil society, people’s organizations and others in attaining transparency in government agencies and in giving public access to financial information.

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