DOF signs pact to boost oversight of GOCCs

The Department of Finance has signed a tripartite memorandum of agreement to establish a more comprehensive and robust framework for the enhanced monitoring, supervision and oversight of government-owned and controlled corporations (GOCCs).

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Under the agreement, the plan will serve as the basis for performance monitoring under the enhanced Integrated Corporate Reporting System (ICRS), enabling government agencies to track the progress of GOCCs, assess potential risks and improve operational efficiency.

Finance Secretary Ralph Recto stated that the collaboration would enhance the government's capacity to hold GOCCs accountable and improve the delivery of public services.