加强菲律宾政府所有或控制的公司的金融风险管理和监督

FEBRUARY 2026 ENHANCING FINANCIAL RISKMANAGEMENT AND OVERSIGHT OFPHILIPPINE GOVERNMENT-OWNEDOR -CONTROLLED CORPORATIONS FEBRUARY 2026 Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) © 2026 Asian Development Bank6 ADB Avenue, Mandaluyong City, 1550 Metro Manila, PhilippinesTel +63 2 8632 4444; Fax +63 2 8636 2444www.adb.org Some rights reserved. Published in 2026. ISBN 978-92-9277-668-8 (print); 978-92-9277-669-5 (PDF); 978-92-9277-670-1 (ebook)Publication Stock No. SPR260033-2DOI: http://dx.doi.org/10.22617/SPR260033-2 The views expressed in this publication are those of the authors and do not necessarily reflect the views and policiesof the Asian Development Bank (ADB) or its Board of Governors or the governments they represent. ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for anyconsequence of their use. The mention of specific companies or products of manufacturers does not imply that theyare endorsed or recommended by ADB in preference to others of a similar nature that are not mentioned. By making any designation of or reference to a particular territory or geographic area in this document, ADB does notintend to make any judgments as to the legal or other status of any territory or area. This publication is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO)https://creativecommons.org/licenses/by/3.0/igo/. By using the content of this publication, you agree to be boundby the terms of this license. For attribution, translations, adaptations, and permissions, please read the provisionsand terms of use at https://www.adb.org/terms-use#openaccess. This CC license does not apply to non-ADB copyright materials in this publication. If the material is attributedto another source, please contact the copyright owner or publisher of that source for permission to reproduce it.ADB cannot be held liable for any claims that arise as a result of your use of the material. Please contact pubsmarketing@adb.org if you have questions or comments with respect to content, or if you wishto obtain copyright permission for your intended use that does not fall within these terms, or for permission to usethe ADB logo. Corrigenda to ADB publications may be found at http://www.adb.org/publications/corrigenda. Tables, Figures, and BoxesvAcknowledgmentsviAbbreviationsviiExecutive SummaryviiiIntroduction and Report Development1Government-Owned or -Controlled Corporations3Fiscal Oversight of Government-Owned or -Controlled Corporations5Assessment and Approval of GOCC Financial Support: Current Process7Projects, Government Guarantees, and Public–Private Partnerships9Report on the Common Reporting Standard10Fiscal Risks Statements11Categorization of Government-Owned or -Controlled Corporations12Importance of Categorizing GOCCs into Commercial and Noncommercial12Differentiating Between Commercial and Noncommercial GOCCs:15The Philippine Legal ContextCommission on Audit Guidelines: Defining GOCCs16Analysis of the International Monetary Fund Revenue-Based Categorization18of GOCCsThe 24 Major Government-Owned or -Controlled Corporations:20Their Fiscal Risks and CategorizationDefinition of Commercial and Noncommercial GOCCs in the Philippine Context23Additional Observations Concerning Fiscal Risks and GOCC Categorization24Definition of Public Service Obligation and Quasi-Fiscal Activity27 Quantifying and Managing Government-Owned or -Controlled30Corporation Fiscal Risks Identifying Public Service Obligations and the Performance Evaluation System30Requests for Government Support31Recommended Government Fiscal Support Review and Approval Process32 Common Reporting Standard for Government-Owned or -Controlled39Corporations Benefits of Using the GOCC Business Plan39Other Benefits39Memorandum of Agreement41 Appendix: An Effective Public Service Obligation Framework42 Tables 1Institutions Responsible for Ownership, Fiscal, and Regulatory6Oversight of Government-Owned or -Controlled Corporations2Total Liabilities of Government-Owned or -Controlled Corporations,11FY2021–FY20233Fiscal Risks of the 24 Major Government-Owned or -Controlled Corporations,21FY2022 and FY20234Fiscal Risks Excluding Liabilities for the 24 Major Government-Owned25or -Controlled Corporations, FY20225Net Flows of Government-Owned or -Controlled Corporations, FY202328 Figures 1Government Entities Involved in the Oversight of Government-Owned5or -Controlled Corporations2Government-Owned or -Controlled Corporation Fiscal Risk33Approval Process—Department of Budget and Management’s Budget Review3Government-Owned or -Controlled Corporation Fiscal Risk34Approval Process—Integrated Corporate Reporting System4Consequence of Holding Revenue Below Costs36 Boxes 1Legal Forms of Government-Owned or -Controlled Corporations32Gaps with Medium-Term Budget Approvals—Observations8from the International Monetary Fund3Example of a Noncommercial Fiscal Obligation14 Ackn