September 17, 2024 | 12:00am
MANILA, Philippines — The Governance Commission on GOCCs (GCG) is expected to expand its regulatory powers once the 13-year-old law surrounding its mandate is amended.
Parañaque Rep. Edwin Olivarez recently filed House Bill 10814 that would effectively amend the GOCC Governance Act of 2011.
The bill will strengthen the regulatory power of the GCG by granting it the authority to issue subpoenas and cite persons in contempt for violation or non-compliance with the lawful orders of the GCG.
It will also allow the GCG to investigate GOCCs’ governing board directors for any alleged unlawful conduct or failure to perform one’s duty and impose penalties or fines.
The bill likewise clarifies the scope of the regulatory jurisdiction of the GCG by providing a clear definition of a GOCC, along with its nature and classifications.
As of now, the GCG is only mandated to evaluate the performance and determine the relevance of any state corporation as the central advisory, oversight and monitoring body for GOCCs.
Further, the bill seeks to introduce term limits for regular GCG commission members and create additional bureaus, offices and positions such as an executive director to exercise supervision over the day-to-day affairs of the GCG.
With the proposed amendments, the GCG is seen strengthening its role in shaping the future of GOCCs, ensuring that they remain sustainable, efficient and responsive to the needs of Filipinos.
Prior to the establishment of the GCG in 2011, the total average annual dividend remittance of GOCCs was only at P6.05 billion from 2002 to 2010.
Post-GCG, GOCC remittances ballooned to an average P36.15 billion from 2011 to 2023.
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