The Governance Commission for Government-Owned or -Controlled Corporations (GCG) finally completed its Performance Target Conferences (PTCs) with all the active Government-Owned or -Controlled Corporations (GOCCs) under its monitoring.
“We have already completed all PTCs and approved the 2023 performance scorecards of 82 GOCCs under our oversight,” said GCG Chairperson Justice Alex L. Quiroz (ret.).
Chairperson Quiroz explained that a PTC is an annual high-level meeting between the GCG and the Chief Executive Officer (CEO) of a GOCC for the setting of the final performance targets of the GOCC for a specific year.
The series of PTCs, which commenced in January 2023, aims to help GOCCs improve performance by assessing whether they achieved the targets set for the previous year and establishing new baselines, targets, and strategies to achieve outcomes.
The GCG and GOCCs use a performance scorecard to translate strategic objectives into critical success indicators.
A performance scorecard contains metrics such as baseline data and targets that help measure the progress and guide the decision-making of a GOCC towards its vision.
Performance scorecards are prepared by the GOCCs and then reviewed and approved by the GCG.
The GCG may increase targets, as necessary, to push GOCCs to achieve breakthrough results and support national development policies and programs.
Chairperson Quiroz said that the achievement of performance targets is critical for the grant of the Performance-Based Bonus of GOCC employees and Performance-Based Incentive of Appointive Directors.
The performance scorecards also help determine whether Appointive Directors of GOCCs are eligible for reappointment, and ascertain whether a GOCC should be reorganized, merged, streamlined, abolished, privatized, or undergo a special audit.
As part of GCG’s transparency initiatives, performance scorecards of GOCCs are posted on GCG’s Integrated Corporate Reporting System and are publicly accessible at https://icrs.gcg.gov.ph/gocc-portfolio/.