DOF, DBM, GCG sign deal to track GOCCs better

The Department of Finance (DOF) has signed a tripartite agreement establishing enhanced data-sharing protocols to strengthen the monitoring of Government-Owned or -Controlled Corporations (GOCCs) and improve the delivery of essential public services.

The Memorandum of Agreement (MOA) on the Enhanced Integrated Corporate Reporting System (ICRS) was signed on November 12, 2025, between the DOF, the Department of Budget and Management (DBM), and the Governance Commission for GOCCs (GCG).

“This collaboration strengthens our ability to hold GOCCs accountable, streamline oversight, and ultimately enhance the delivery of public services that Filipinos rely on,” Finance Secretary Ralph G. Recto said in a statement.

The initiative aligns with President Ferdinand R. Marcos Jr.’s goal to build a “Bagong Pilipinas” — a government that is efficient, transparent, and responsive to the needs of the Filipino people.

The Enhanced ICRS will consolidate critical financial and operational data from GOCCs under the jurisdiction of the three agencies, allowing for more coordinated planning, monitoring, and evaluation.

Under the MOA, all GOCCs are required to use standardized reporting templates and formats to ensure the consistency and quality of data submitted.

They must also submit business plans approved by their respective Governing Boards, which will serve as the basis for evaluating their performance under the new system.

The enhanced monitoring mechanism will allow the DOF, DBM, and GCG to track GOCC performance, assess operational risks, and identify areas for improvement more effectively.

The Asian Development Bank (ADB) supported the development of the Enhanced ICRS through technical assistance under the Second Disaster Resilience Improvement Program (DRIP 2).

The ADB provided policy and technical guidance to design a unified monitoring system and facilitate inter-agency coordination.

Several workshops and consultations among the three agencies were held to craft a coherent and implementable framework.

Signing the MOA were DOF Undersecretary Rolando G. Tungpalan, GCG Chairperson Atty. Marius P. Corpus, and DBM Assistant Secretary Atty. Ramon Vicente B. Asuncion.