‘GOCCs cut down losses, post higher income in 2022’The photo of the Commission on Audit's office in Quezon City taken on Aug. 17, 2021. MANILA, Philippines — Government-owned and controlled corporations (GOCCs) seem to be bouncing back from the impact of the COVID-19 pandemic after they were able to significantly cut down losses and post higher income in 2022, the Commission on Audit (COA)’s latest report showed. The “comprehensive loss” for 2022 was computed based on the CPSEs’ total losses of P206.26 billion less their total net income of P60.78 billion. Still, the audit report showed the CPSEs’ P1.73-trillion total income in 2022 was higher than the P1.49 trillion posted in 2021 and P1.27 trillion in 2020. The COA said the CPSEs’ total income for 2022 included P1.42 trillion service and business income, P275.30 billion gains, P36.66 billion other non-operating income, and P310.5 million shares, donations and grants.

Source: Philippine Star October 13, 2023 01:01 UTC