Government-owned social insurance firms Government Service Insurance System and Social Security System remain as the highest income earners among 613 government-owned and controlled corporations in 2018, the Commission on Audit has revealed.
“The combined total income of GCs of P1.463 trillion in CY 2018 increased by P284.87 billion or 24.18 percent compared to CY 2017 total income of P1.178 trillion,” CoA said in the 2018 Annual Financial Audit Report released recently.
On the other hand, expenses for 2018 combined for P1.159 trillion or higher by P213.80 billion or 22.63 percent to 2017’s total expenses of P944.85 billion.
The 10 top earners among GOCCs earned 82.65 percent of the P1.463 trillion profit for the year.
These State firms had a combined income of P1.209 trillion while the rest of the 603 public corporations contributed only P253.8 million.
Government workers fund under the GSIS earned an income of P348,249,903 and made up for 23.80 percent of the Top 10 earning GOCCs.
The SSS which handles the social insurance funds of workers in the private sector ranked second in earnings with P217,063,790 or 14.84 percent of the total gross income of GOCCs in 2017.
GSIS topped the list of highest income earners, with over P276 billion in earnings in 2017. The SSS gained P202.3 billion in income for the same year. (Ben Rosario)
