The Government Service Insurance System (GSIS) and Social Security System (SSS) topped the list of state-run firms in terms of income for 2020 but both also registered the largest amount of expenditures during the year that the 2019 coronavirus disease (COVID-19) pandemic hit the country, the Commission on Audit has revealed.
In the 2020 Annual Financial Report for Government Corporations that was released on Dec. 22, COA reported on the financial status of 88 state-owned firms categorized as Commercial Public Sector Entities (CPSE’s).
The GSIS earned over P350.85 billion while the SSS income was reported at P254.41 billion for the year. The two insurance firms had combined for 47.73 percent of the total income generated by all the 88 CPSE’s.
COA revealed that the top ten income earners last year accounted for more than P1.15 trillion or 90.84 percent of the of the total P1.26 trillion in income of all state run firms in 2020.
Debt-ridden Philippine Health Insurance Corporation ranked third among the top earning CPSEs with P158.10 billion in income last year.
While the income of the 88 firms was computed by COA at 1.26 trillion, it also noted that expenditures incurred by them totaled P1.461 trillion during the first year that the COVID-19 pandemic hit the country.
The 2020 derived income of P1.26 trillion was lower than P196.40 or 13.41 percent compared to the P1.46 trillion earned in 2019.
“Combined expenses of P1.461` trillion for CY 2020 surpassed the CY 2019 total expenses of P1.384 trillion by P77.26 billion or 5.58 percent,” the COA disclosed.
In terms of expenditures, the SSS topped the list of GOCCs under the CPSE category, registering P681.61 billion or 46.66 percent of the total expenses.
The GSIS placed second at P299.93 billion or 20.53 percent while Philhealth was third with P128.04 billion or 8.57 percent.
The Philippine Amusement and Gaming Corporation (PAGCOR), government’s casino and gaming regulatory body, was listed among the ten top income earners, placing eighth with P36 billion.
However, state-run lottery firm Philippine Charity Sweepstakes Office (PCSO) was no. 10 among the CPSE’s with the biggest expenses with P14.64 billion spent last year.
CPSE’s with Highest Amount of Income in 2020
GSIS P 350.85 billion
SSS P 254.41 billion
Philhealth P 158.10 billion
Bangko Sentral ng Pilipinas (BSP) P 118.15 billion
Land Bank of the Philippines (LandBank) P 80.99 billion
Home Development Mutual Fund (Pagibig) P 49.66 billion
Philippine Deposit Insurance Corp. (PDIC) P 41.73 billion
Pagcor P 36 billion
Development Bank of the Philippines (DBP) P 33.49 billion
Water Districts (WD’s) P 28.38 billion
CPSE’s with Highest amount of Expenses in 2020
SSS P 681.61 billion
GSIS P 299.03 billion
Philhealth P 128.04 billion
BSP P 86.36 billion
LandBank P 59.29 billion
PDIC P 31.91 billion
DBP P 28.90 billion
WD’s P 24.48 billion
Pagibig P 17.96 billion
PCSO P 14.64 billion