COA: Comprehensive loss of government corporations in 2021 amount to P691 billion

Adrian Ayalin, ABS-CBN News

Posted at Oct 07 2022 05:48 PM

MANILA - The combined comprehensive loss of government corporations classified as commercial public sector entities (CPSEs) amounted to P691.76 billion in 2021, according to the 2021 Annual Financial Report on Government-Owned and Controlled Corporations by the Commission on Audit (COA).

State auditors noted that there was an increase of P358.15 billion or 107.36% from the 2020 combined comprehensive loss of P333.61 billion in 2020.

The combined comprehensive loss of P691.76 billion is the net result of total comprehensive income of P167.40 billion and total comprehensive loss of P859.16 billion.

The top 3 CPSEs that reported comprehensive losses were Social Security System at P826.95 billion, Bangko Sentral ng Pilipinas at P26.657 billion, and Manila International Airport Authority with P2.451 billion.

The top 3 corporations meantime that registered the highest comprehensive income were Philippine Health Insurance Corporation with P32.839 billion, Government Service Insurance System with P31.109 billion, and Home Development Mutual Fund with P29.086 billion.

The commission prepares the annual financial report on GOCCs as mandated by the Constitution as well as the Government Auditing Code of the Philippines.

Copies of the report were received on September 29, 2022 by the offices of President Bongbong Marcos Jr., Senate President Miguel Zubiri and House Speaker Martin Romualdez