THE Governance Commission for GOCCs (GCG) has embarked on the 2023 Performance Target Conferences (PTCs) with the GOCC (government-owned or -controlled corporations) sector.

This, as a consultation meeting was convened among the technical panels to examine the GOCC performance scorecard’s strategic measures and aims. Also, the agency signed respective 2023 Performance Scorecards of Land Bank of the Philippines and UCPB Savings Bank.

GCG Chairman Alex Quiroz has urged GOCCs to be Great. “Good Governance, Responsiveness, Efficiency, Accountability and Transparency are some of the keywords that the GOCCs should keep in mind while setting their targets and strategizing on how to achieve them,” he added.

The GCG is mandated by Republic Act 10149, or the “GOCC Governance Act of 2011,” to actively exercise the state’s ownership rights through the establishment of a performance evaluation system (PES).

The PES establishes the process of evaluating GOCC accomplishments in a particular fiscal year based on predetermined performance criteria, objectives and weights, with the performance scorecard serving as the principal governance and management instrument to enable the GOCC to achieve breakthrough outcomes.

According to GCG, the achievement of such targets determines “the grant of the performance-based bonus and performance-based incentive; determines whether the appointive director is eligible for reappointment; ascertains whether the GOCC should be reorganized, merged, streamlined, abolished or privatized; and determines whether a special audit of GOCC is necessary.”

Since the act was approved in 2011, GCG has been committed to its mandate as the key advisory, oversight and monitoring body for GOCCs, aiming to institutionalize transparency, accountability, financial viability and responsiveness in corporate performance through monitoring and assessing GOCC performance.