00:00Toward achieving greater transparency and accountability in the business affairs of government-owned and controlled corporations or GOCCs,
00:08a deal was signed between the GCG or the body that governs GOCCs, the Department of Finance and the Budget Department.
00:16Under the deal, the GOCCs will utilize an enhanced digital system for faster and more transparent monitoring and reporting of their financial statuses
00:25as we hear more from our Denise Osorio.
00:30In a bid to strengthen transparency and accountability among government-owned and controlled corporations or GOCCs,
00:37a tripartite memorandum of agreement was signed today between the Governance Commission for GOCCs or GCG,
00:43the Department of Finance, and the Department of Budget and Management.
00:47Under the agreement, the three agencies will launch the Enhanced Integrated Corporate Reporting System or Enhanced ICRS,
00:53a new digital platform designed to make reporting by state-owned corporations faster,
00:58more accurate and more transparent.
01:00This system will make it easier to monitor both financial and performance reports across agencies
01:05using a single reporting format and a shared data protocol.
01:09With the technical assistance of the ADB, we're trying to integrate the systems into one portal wherein the public can access financial and non-financial data about GOCCs in a single portal.
01:27Nakalink na yung DBM, DOF, and GCG.
01:30But this memorandum of agreement is just the start kasi ang gagawin ng ADB dito is they will hire a technical consultant
01:39who will design how to integrate the systems of the GCG, the DBM, and the DOF.
01:46Corpus added the initiative represents a major step towards good governance and the Marcos administration's open data policy,
01:53ensuring that public trust is strengthened through real-time and reliable information.
01:57Finance Undersecretary Yolando Tung Palan highlighted the importance of using standardized templates for the submission of GOCC business plans,
02:05saying this would make reports more consistent and easier to compare.
02:09When you have one single site where you can access all the business plans,
02:14it is better than looking for hard copies here and there,
02:17and sometimes they're not in the same size and shape if not standard.
02:21So hopefully the business plans with a template that should be part of Annex 1 or 8 should be able to guide us to a more common set of standard reporting.
02:34ADB Director Jose Antonio Tan reaffirmed the institution's continued support for the government's reforms towards stronger financial oversight.
02:42He noted that in the past, information on GOCCs was gathered separately by different agencies which made proper monitoring more difficult.
02:50With the enhanced ICRS, the process of collecting and using data for policymaking is expected to be far more harmonized and efficient.
02:58The project forms part of the government's wider digital transformation program,
03:02supported by the ADB, which has allocated around US$400,000 to engage a technical consultant to design the new system.
03:10By integrating the databases of the GCG, TOF, and DBM,
03:15the move is expected to improve coordination and strengthen public confidence in the management of public funds.
03:21The enhanced ICRS will cover all GOCCs under the jurisdiction of the three agencies
03:25and is expected to provide more accurate, timely, and transparent information for policymaking and budget alignment.
03:33Denise Osorio for the National Television Network for a new and better Philippines.
