What are examples of GOCCs?

Government-Owned and Controlled Corporations

  • AFP Retirement and Separation Benefits System (AFP-RSBS)
  • Alabang Sto.
  • Aurora Special Economic Zone Authority (ASEZA)
  • Bases Conversion Development Authority (BCDA)
  • Cagayan Economic Zone Authority (CEZA)
  • Cebu Port Authority (CPA)

Are GOCCs for profit?

In a report, the Department of Finance said government-owned and controlled corporations (GOCCs) improved their profit before tax by 19 percent to P324. 63 billion in 2021 from P273. 66 billion in 2020. Finance Assistant Secretary Soledad Emilia Cruz said last year’s net income was near the pre-pandemic level of P342.

What are the GOCCs in the Philippines?

government-owned and controlled corporation
In the Philippines, a government-owned and controlled corporation (GOCC), sometimes with an “and/or”, is a state-owned enterprise that conducts both commercial and non-commercial activity. Examples of the latter would be the Government Service Insurance System (GSIS), a social security system for government employees.

What are GOCCs and why are they created?

64 of 1993 expanded the definition of GOCC as follows: “… a corporation created by special law or incorporated and organized under the Corporation Code and in which government, directly or indirect, has ownership of the majority of the capital stock.”

What are the requirements for the application of GOCC?

The applicant GOCC shall comply with the financial document/information requirements of the CAG for the purpose (e.g. latest financial statements, cash flow, among others). 2. Evaluation of application by the FIRB Secretariat.

What is the RMC amendment to the GOCC?

The RMC amendment also now requires applicants to submit two valid identification cards with three signatures of the authorized officer and corporate secretary of the GOCC. Formerly, the applicants had to submit a Special Power of Attorney or authorization letter.

Where does GOCC get FIRB resolution and CES from?

GOCC receives FIRB Resolution and Certificate of Entitlement to Subsidy (CES) from the FIRB Secretariat. 6. GOCC brings FIRB Resolution and CES to the Bureau of Internal Revenue (BIR) and/or the Bureau of Customs (BOC).