House committee supports GOCC Governance Act of 2011

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00:00The Governance Commission for GOCCs is expected to strengthen its role in shaping the future

00:05of government-owned or controlled corporation.

00:08This after the lower house approved the proposed amendments to GOCC Governance Act of 2011

00:13filed by Representative Edwin Olivares.

00:15The lawmaker acknowledged the importance of GCG in reshaping the landscape of GOCCs in

00:21the country.

00:22The bill also clarifies the scope of GCG regulatory authority by offering a clearer definition

00:27of GOCCs, including their nature and classifications.

00:30Moreover, the bill proposes introducing term limits for regular members and creating new

00:35bureaus, offices and positions.

00:38GCG stakeholders have voiced their support for the proposed amendments.

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