The governance Commission on GOCCs sought the abolition of five government-owned or controlled corporations allegedly involved in the misuse of the Priority Development Assistance Fund (PDAF) or pork barrel of lawmakers.
In a statement, the commission identified these GOCCs as the National Agribusiness Corp. (Nabcor), Zamboanga del Norte College Rubber Estates Corp. (ZREC), Technology Resources Center (TRC), National Livelihood Development Corp. (NLDC) and the Philippine Forest Corp. (PFC).
“To date, GCG has completed its study and recently submitted to the Office of the President its recommendation to abolish ZREC and Nabcor, and is already in the process of submitting its recommendation on the abolition of PFC. The commission has also accelerated its evaluation of NLDC and TRC,” the GCG said.
The five GOCCs were linked to questionable transactions involving the release of PDAF from 2007 to 2009, and accounted for an estimated P3.43 billion in transactions involving pork barrel.
“The use of the GOCCs for projects funded by PDAF were also among the reasons for recommending their abolition, aside from their redundancy with other agencies and lack of financial viability,” the GCG said.
Under the GOCC Governance Act of 2011, the commission is mandated to monitor and evaluate such entities for “possible abolition or privatization.”
Last year, President Benigno Aquino 3rd directed the commission to evaluate several GOCCs for possible abolition or privatization.
The Governance Commission for GOCCs (GCG) was created in 2011. As the central oversight and policy-making body for GOCCs, one of its primary mandates is to evaluate all GOCCs and determine whether each should be streamlined, reorganized, or recommended to the President for abolition or privatization.