November 15, 2025 | 12:00am
MANILA, Philippines — The Department of Finance has signed a tripartite memorandum of agreement to establish a more comprehensive and robust framework for the enhanced monitoring, supervision and oversight of government-owned and controlled corporations (GOCCs).
Under the agreement, the plan will serve as the basis for performance monitoring under the enhanced Integrated Corporate Reporting System (ICRS), enabling government agencies to track the progress of GOCCs, assess potential risks and improve operational efficiency.
Finance Secretary Ralph Recto stated that the collaboration would enhance the government’s capacity to hold GOCCs accountable and improve the delivery of public services.
“This collaboration strengthens our ability to hold GOCCs accountable, streamline oversight and ultimately enhance the delivery of public services that Filipinos rely on,” Recto said.
Along with the finance department, the deal was signed by the Governance Commission for GOCCs and the Department of Budget and Management.
All GOCCs are set to adopt standardized reporting templates and formats, ensuring consistent, high-quality data to support monitoring, strategic planning and policy decision-making, in line with the inked deal between government offices.
The finance department added that all GOCCs are mandated under the agreement to prepare and submit business plans that have received formal approval from their respective governing boards.
It stated that the board-approved business plans will serve as the cornerstone for performance monitoring under the enhanced ICRS, enabling government agencies to systematically track operational progress, identify potential risks and optimize the efficiency and effectiveness of GOCC operations.
“The initiative is supported by the Asian Development Bank through technical assistance under the Second Disaster Resilience Improvement Program, which provided policy guidance and technical advice to design a common monitoring approach for GOCCs,” the DOF said.
It added that a series of workshops and inter-agency consultations were conducted to develop a comprehensive and well-coordinated framework for implementing the enhanced ICRS, ensuring that all participating agencies are aligned in their approach and responsibilities.
