On 24 Jan. 2023, the Governance Commission for GOCCs (GCG) signed the respective 2023 Performance Scorecard of the Landbank of the Philippines (LBP) and the UCPB Savings Bank (UCPB-SB) at the GCG office, launching the start of the 2023 Performance Target Conferences (PTCs) between GCG and the GOCC Sector.
Prior to the conference, a consultative meeting was convened between the technical panels representing the GCG and the respective GOCCs to discuss the strategic measures and targets in the Performance Scorecard. During this meeting, the supervising agency or parent company of the GOCC was present to provide further inputs and insights to the discussion.
“The GOCCs must be G.R.E.A.T,” urged GCG Chairperson Justice Alex L. Quiroz.
“Good Governance, Responsiveness, Efficiency, Accountability, and Transparency are some of the keywords that the GOCCs should keep in mind while setting their targets and strategizing on how to achieve them,” Chairperson Justice Quiroz added.
Republic Act No. 10149, otherwise known as the “GOCC Governance Act of 2011”, mandates the Governance Commission to actively exercise the State’s ownership rights through the institutionalization of a Performance Evaluation System (PES).
The PES sets the process of appraising the accomplishments of GOCCs in a given fiscal year based on set performance criteria, targets, and weights using the Performance Scorecard as the primary governance and management tool to facilitate the achievement of breakthrough results by the GOCC.
The achievement of such targets determines the grant of the Performance Based Bonus and Performance Based Incentive; determines whether the Appointive Director is eligible for reappointment; ascertains whether the GOCC should be reorganized, merged, streamlined, abolished or privatized; and determines whether a special audit of GOCC is necessary.
As always, the GCG remains steadfast in its mandate as the central advisory, oversight, and monitoring body for GOCCs, to institutionalize transparency, accountability, financial viability and responsiveness in corporate performance by monitoring and
evaluating GOCCs’ performance.