THE DEPARTMENT of Finance (DoF) is set to launch an upgraded online platform for the reporting of debt taken on by government-owned and -controlled corporations (GOCCs).
It said in a statement Tuesday that the GOCCs’ Liabilities Reporting and Processing Tool (GLRPT) aims to help the DoF analyze the debt incurred by state-run firms and their impact on the financial exposure of the National Government.
Finance Secretary Carlos G. Dominguez III said the DoF will ask the Governance Commission for GOCCs (GCG) to include in its performance evaluations compliance in reporting their debt via the GLRPT.
DoF Corporate Affairs Group Director Joanna P. Castillo said the group will train participants in the use of the platform, while the GCG committed to transfer its web-based debt reporting system for integration with the GLRPT.
“The Central Management Information Office (CMIO) of the DoF further developed the system by expanding the GOCC coverage, enhancing the data field and creating a report template,” she said.
Mr. Dominguez, an ex-officio member of the GCG, said the commission should also consider including the findings of other regulators in assessing and rating GOCCs.
The GCG said last month that it will improve its online monitoring system and review its process for assessing GOCCs after the DoF in mid-June criticized it for weak oversight.
Mr. Dominguez had 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.
He said the results of the Insurance Commission’s review on state-run firms was not in line with the assessment of the GCG.
He said wide variances in evaluation could cause confusion among GOCCs and lead to errors in policymaking.
GOCCs have remitted P51.7 billion in dividends to the national treasury as of Aug. 13. — Beatrice M. Laforga