Senate panel OKs P90.5M budget for GOCC commission

Senator Francis Escudero. INQUIRER.NET FILE PHOTO

Manila, Philippines — The Senate finance sub-committee on Tuesday approved the P90.5 million proposed budget of the Governance Commission for Government-owned-and-controlled corporations(GCG).

The sub-committee, headed by the Senator Francis “Chiz” Escudero, recommended the approval of the P90,516,000 budget, for submission to the plenary.

The GCG, created in 2011, was tasked to evaluate, oversee and coordinate policies for GOCCs.

It has recently announced its recommendation to abolish the National Agribusiness Corporation (NABCOR), the Zamboanga del Norte College Rubber Estates Corp. (ZREC), and the Philippine Forest Corporation (PCF) after the companies were found. To have been involved in the release of lawmakers’ Priority Development Assistance Fund to alleged bogus non-government organizations under Janet Lim-Napoles, in addition to lack of financial sustainability and redundancy with other agencies.

The GCG’s evaluation of other involved GOCCs —  the Technology Resources Center (TRC), and the National Livelihood Development Corp. (NLDC) — is still ongoing.

Based on 2012 unaudited reports, the five GOCCs have a combined net worth of P3.43 billion.