GSIS, SSS top high-earning GOCCs

THE Commission on Audit has announced that the Govern-ment Service Insurance System (GSIS) and Social Security System (SSS) remained top income earners among government-owned and controlled corporations (GOCCs).

GSIS topped the list of highest income earners, with P348.2 billion followed by the SSS with P217 billion.

The income of these two agencies increased from 2017.The SSS, which handles the social insurance funds of workers in the private sector, has 14.84 percent increase in total gross income.

According to COA, the combined total income of government corporations (GCs) of P1.463 trillion in 2018 has increased by P284.87 billion or 24.18 percent compared to the 2017 total income of P1.178 trillion.

The COA 2018 Annual Financial Audit Report added that expenses in 2018 combined for P1.159 trillion, higher by P213.80 billion or 22.63 percent  than 2017’s total expenses of P944.85 billion.

The 10 top earners among GOCCs were responsible for 82.65 percent of the P1,463 trillion of the gross income of state firms last year, the COA stressed.

Combined income of these government firms totaled P1.209 trillion while the rest of the 603 public corporations contributed only P253.8 million or 21 percent of the gross income of the top ten corporate performers.

Completing the list are BSP with Philippine International Convention Center,  P140,5 billion;  Philippine Amusement and Gaming Corporation, P104.6 billion;  Power Sector Asset and Liabilities Management Corporation , P100.2 billion; Philippine Health Insurance System, P81.3 billion;  Land Bank of the Philippines, P67.1 billion;  PCSO, P63 billion; Home Development Mutual Fund, P52.8 billion;  and Philippine Deposit Insurance Corporation, P34 billion.