THE Social Security System (SSS) posted the biggest income among government-owned or controlled corporations (GOCCs) in 2022, with earnings of P325.647 billion, a report from the Commission on Audit (COA) showed.
Based on the 2022 Annual Financial Report (AFR) on Government Corporations released last September 26, the SSS accounted for 18.85 percent of the P1.727 trillion total income of GOCCs classified as Commercial Public Sector Entities (CPSEs) last year.
The 771-page report showed the Philippine Health Insurance Corp. (PhilHealth) at second place with P301.069 billion in earnings comprising 17.43 percent of the total.
The Government Service Insurance System (GSIS), which occupied the top spot in COA’s list in 2021, fell two rungs to Number 3 with income amounting to P282.435 billion equivalent to 16.35 percent.
Hard copies of the report were received by the Office of the President and the Office of the Senate President on September 27, 2023 and by the Office of the Speaker on September 28, 2023.
The complete Top 10 list of government corporations in terms of income are the following: SSS – PP325.647 billion; PhilHealth — P301.069 billion; GSIS — P282.435 billion; Bangko Sentral ng Pilipinas (BSP) — P235.776 billion; Land Bank of the Philippines (Landbank) — P115.597 billion; Home Development Mutual Fund (PagIBIG Fund) — P69.117 billion; Philippine Amusement and Gaming Corp. (Pagcor) — P58.91 billion; Philippine Charity Sweepstakes Office (PCSO) — P57.796 billion; Philippine Deposit Insurance Corp. (PDIC) — P52.965 billion; and the Authority of the Freeport Area of Bataan (AFAB) — P43.682 billion.
The combined incomes of the rest of the remaining CPSE’s totaled P184.31 billion.
The COA said the income of government corporations included P1.415 trillion service and business income, P275.301 billion gains, P36.66 billion other non-operating income, and P310.5 million shares, donations, and grants.
“The increase in service and business income principally came from the increase in the member’s contribution of P75 billion, interest income of 77.39 billion, and income from gaming operations of P36.59 billion,” the commission explained.
Matched against the GOCCs’ P1.727 trillion income was their combined expenses in 2022, totaling P1.156 trillion.
The expenses consisted of P714.184 billion maintenance and other operating expenses, P182.834 billion non-cash expenses, P125.296 billion financial expenses, P117.145 billion personnel services, and P16.128 direct costs.
A separate list of Top 10 CPSEs with the biggest expenses also had the SSS at first place, followed by the GSIS and the BSP.
The Top 10 spenders are SSS — P273.35 billion; GSIS — P207.334 billion; BSP — P172.056 billion; PhilHealth — P152.787 billion; Landbank — P79.406 billion; PCSO — P45.873 billion; Development Bank of the Philippines (DBP) — P36.652 billion; Philippine Deposit Insurance Corp. (PDIC) — P32.603 billion; PagIBIG — P30.051 billion; and water districts (WDs) — P27.09 billion.
The remaining CPSEs reported P97.964 billion combined expenses for the year.
