Politics
Philippines Eyes Closure of 10% of Underperforming GOCCs to Boost Fiscal Health
The Philippine Department of Finance plans to close about 10% of underperforming government-owned and -controlled corporations (GOCCs) that are draining state resources and failing to deliver value. Functions will be absorbed by other agencies to free up fiscal space for more crucial programs and services.
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- Philippines to Abolish 10% of Underperforming GOCCs to Free Up Resources
The Philippines' Department of Finance (DoF) plans to abolish around 10% of underperforming government-owned and -controlled corporations (GOCCs) that are draining public resources. This move aims to reallocate funds to programs benefiting citizens and accelerate infrastructure spending to counter slowing economic growth.