GCG to Propose Executive Order to Expedite Disposition of P22 Billion Assets of Abolished Government Corporations

The Governance Commission for GOCCs (GCG) through its Disposition and Asset  Management Office is determined to dispose and liquidate assets held by thirty-one (31)  abolished Government Owned or Controlled Corporations (GOCCs).  

The Governance Commission, in disposing and liquidating the assets of the abolished  GOCCs, is guided by the existing policies on 1) Safeguarding the Public Purpose of Public  Funds/Properties, 2) Safeguarding the Civil Service Interests and Employees’ Entitlement to Reasonable Separation Benefits and 3) Safeguarding the Priority Claims of Legitimate  Creditors of GOCCs.  

During the coordination and preliminary meetings with these abolished GOCCs, the lack of personnel and absence of a quorum in the governing boards of abolished GOCCs became a challenge to the GCG.  

“And even though these abolished corporations have not been operating for years, the government in effect still continues to allocate millions for asset preservation” Quiroz  added. 

The GCG will submit to President Ferdinand Marcos Jr. the proposed Executive Order instituting a mechanism to ensure effective and expeditious liquidation and winding down of abolished GOCCs.

Once the Executive Order is approved, the Governance  Commission will be able to carry out an efficient and expeditious liquidation and dissolution of GOCCs. 

“By finally disposing of the assets of these abolished corporations, we will also free up fiscal space that the government could use for more important projects. We expect to generate at least an initial P22 billion for the sale of the assets of these corporations,  some of which have been abolished for more or less 10 years now. This is also in line with President Marcos’ goal of streamlining the bureaucracy for greater efficiency,” said  GCG Chairperson, Justice Alex L. Quiroz (ret.). 

The Governance Commission 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 governance by monitoring and evaluating the performance of GOCCs.



More Stories