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Bill vs underperforming GOCCs backed

Manila, Philippines – A measure that aims to abolish underperforming Government-owned and -Controlled (GOCC) and Government Financial Institutions (GFIs) has been drawing support beyond the House of Representatives as local leaders recognize the need for austerity measures in the government.

Camarines Sur Gov. Luis “LRay“ Villafuerte Jr. expressed his full support to House Bill (HB) No. 2867 that promotes spending only for things that are truly vital to the country by removing excess expenses from 36 GOCCs and GFIs that are considered as “unnecessary, underperforming, and losing.“

In a letter dated October 18, Villafuerte informed President Benigno S. Aquino III that the approval of the legislative proposal would save a total of P7.28 billion in government subsidies for 120 State-run firms from January to May this year.

“We are one with the sentiments of the bill’s authors that the continued operations of these State-run firms have put a strain on the government’s widening budget deficit,“ Villafuerte said. (Rio Rose Ribaya)