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Body promises to improve supervision of state firms

THE GOVERNANCE Commission for Government-Owned and -Controlled Corporations (GCG) said it will improve its online monitoring system and review its process of assessing state-run firms after the Finance department cited instances of weak oversight.

The GCG said in an e-mail that it is improving its monitoring system to address the poor compliance of GOCCs in submitting their financial reports.

It said the online portal was improved to only accept reports that are compliant with the standards set by the Commission on Audit (CoA).

It will also directly work with CoA to ensure that financial statements submitted by GOCCs comply with accounting and auditing rules as well as CoA’s own requirements.

Finance Secretary Carlos G. Dominguez III in mid-June called on the GCG to improve its oversight after poor compliance by GOCCs.

Mr. Dominguez noted that some assessments made by the commission “contrast sharply” with the conclusions reached by other regulators, while several GOCCs were given high ratings even if they did not comply with accounting and reporting standards.

“The goal of the Governance Commission is one with the Department of Finance in ensuring that the GOCCs are performance-oriented enterprises and significant tools of economic growth,” the GCG said. — Beatrice M. Laforga

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