May 06, 2024 - The Philippines, a Southeast Asian country, is home to numerous Government-Owned and Controlled Corporations (GOCCs). These corporations play a significant role in the country’s economy, contributing billions of pesos to the national treasury. Here, we take a closer look at the top 10 contributing GOCCs.
1. Land Bank of the Philippines – PHP32.12 billion
The Land Bank of the Philippines tops the list with a whopping contribution of PHP32.12 billion. As a universal bank, it provides financial services to both the corporate and retail markets, and maintains a special focus on serving the needs of farmers and fishermen.
2. Philippine Deposit Insurance Corporation – PHP10.68 billion
The Philippine Deposit Insurance Corporation, with a contribution of PHP10.68 billion, plays a crucial role in maintaining stability in the Philippine financial system. It does this by providing deposit insurance coverage to depositors and helping manage the impact of bank failures.
3. Bangko Sentral ng Pilipinas – PHP9.2 billion
The Bangko Sentral ng Pilipinas contributes PHP9.2 billion. As the country’s central bank, it is responsible for ensuring price stability and providing proactive leadership in bringing about a strong financial system.
4. Philippine Ports Authority – PHP5.06 billion
The Philippine Ports Authority has contributed PHP5.06 billion. This government agency is responsible for ensuring efficient and effective port services in support of the country’s trade and economic development.
5. Philippine Amusement and Gaming Corporation – PHP4.60 billion
The Philippine Amusement and Gaming Corporation has made a contribution of PHP4.60 billion. This corporation is responsible for regulating and operating all games of chance in the country, particularly casino gaming.
6. Manila International Airport Authority – PHP3.45 billion
The Manila International Airport Authority contributes PHP3.45 billion. This agency is responsible for ensuring that the Ninoy Aquino International Airport provides excellent services to travelers and contributes to the country’s development.
7. Subic Bay Metropolitan Authority – PHP3.07 billion
The Subic Bay Metropolitan Authority has contributed PHP3.07 billion. This agency administers the Subic Special Economic and Freeport Zone, attracting foreign investments and generating employment opportunities.
8. Philippine Charity Sweepstakes Office – PHP2.7 billion
The Philippine Charity Sweepstakes Office contributes PHP2.7 billion. This corporation raises funds for health programs, medical assistance, and services, and charities of national character.
9. Philippine National Oil Company – PHP2.64 billion
The Philippine National Oil Company has contributed PHP2.64 billion. This state-owned company is involved in the exploration, development, and production of petroleum resources.
10. National Transmission Corporation – PHP2.16 billion
Lastly, the National Transmission Corporation contributes PHP2.16 billion. This corporation is responsible for operating the country’s power grid.
These top 10 contributing GOCCs play a vital role in the Philippine economy. Their contributions not only support the national budget but also drive growth and development in various sectors. They are a testament to the significant role that public corporations can play in a nation’s economic landscape.