The Social Security System (SSS), Philippine Health Insurance Corporation (PhilHealth), and Government Service Insurance System (GSIS) are the top three government owned and controlled corporations (GOCCs) which netted the highest income in 2022.
Based on the Annual Financial Report (AFR) on government corporations conducted by the Commission on Audit (COA), the country's GOCCs -- known as commercial public sector entities (CPSEs) -- were able to generate an income of P1.727 trillion in 2022.
The top 10 CPSEs with the highest amount of income are:
1. Social Security System - P325.647 billion
2. Philippine Health Insurance Corporation - P301 billion
3. Government Service Insurance System - P282.435 billion
4. Bangko Sentral ng Pilipinas - P235.776 billion
5. Land Bank of the Philippines - P115.596 billion
6. Home Development Mutual Fund - P69.117 billion
7. Philippine Amusement and Gaming Corporation - P58.96 billion
8. Philippine Charity Sweepstakes Office - P57.796 billion
9. Philippine Deposit Insurance Corporation - P52.965 billion
10. Authority of the Freeport Area of Bataan - P43.682 billion
In its AFR, COA said the 10 CPSEs had a total income of P1,543 billion. Other CPSEs had a combined income of P184.3 billion, making the GOCCs' total income for 2022 at P1.727 trillion.
"The combined total income of CPSEs of P1.727 trillion in CY (calendar year) 2022, of which water districts (WDs) shares P29.81 billion or 1.73 percent, decreased by P342.19 billion or 16.53 percent compared to CY 2021 total income of P2.070 trillion," the report said.
COA's report explained that bulk of the income came from the GOCC's Service and Business Income with P1.415 trillion, which consists of Members' Contribution of P638.05 billion and Interest Income of P457.39 billion.
"The increase in service and business income principally came from the increase in the member's contribution of P75 billion, interest income of P77.39 billion, and income from gaming operations of P36.59 billion," the COA said.
On the other hand, the COA also reported that the GOCCs incurred combined expenses of P1.156 trillion in 2022. WDs had losses of P27.51 billion or 2.38 percent. The COA said that this "exceeded the CY 2021 total expenses of P991.83 billion by P163.76 billion or 16.51 percent."
"Of the CY 2022 total expenses, Maintenance and Other Operating Expenses of P714.18 billion or 61.80 percent registered the biggest share. This amount includes Members’ Benefits of P543.15 billion or 76.05 percent," it added.