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Better online reporting of state firms’ debts to be launched

August 31, 2021 - Tuesday 6:08 PM by GDM

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The Department of Finance (DOF) announced Tuesday it is set to launch an online tool that aims to streamline the reporting of data pertaining to the debts and other liabilities of government-owned and -controlled corporations (GOCCs).

In a statement, the DOF said its Corporate Affairs Group (CAG) proposed the use of GOCCs’ Liabilities Reporting and Processing Tool (GLRPT) to assist the department in its analysis of the debts of state-run firms.

The tool will also enable the DOF to better manage and formulate strategies on the financial exposure of the government in relation to their liabilities. 

For this purpose, Finance Secretary Carlos Dominguez III instructed the CAG to ask the Governance Commission for GOCCs (GCG) to incorporate compliance with this digital tool in its evaluation of the performance of state-run firms. 

Director Joan Castillo of the DOF-CAG said the launch of the GLRPT will involve the orientation and training of GOCC personnel on the use of the online reporting tool. She said that the GCG has agreed to transfer its web-based debt reporting system to the DOF as part of the GLRPT. 

"The Central Management Information Office (CMIO) of the DOF further developed the system by expanding the GOCC coverage, enhancing the data field and creating a report template,” Castillo said in her report to Dominguez. 

Earlier, Dominguez urged the GCG to incorporate the assessments made by regulatory agencies in evaluating the performance of GOCCs to further improve its oversight functions and avoid errors in the policy-making process of the government. 

Dominguez made the call after he observed several instances of “incongruence” between the evaluation done by the GCG on GOCCs and those made by particular agencies regulating these firms.