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GSIS, SSS still highest income earners

THE Government Service Insurance System (GSIS) and the Social Security System (SSS) remained as the two highest income earners among government corporations in 2018, based on a report by the Commission on Audit (CoA).

The GSIS earned P348.2 billion and the SSS earned P217.06 billion in 2018, according to the CoA 2018 Annual Financial Report for Government Corporations (Volume 1).

The Bangko Sentral ng Pilipinas or BSP (with the Philippine International Convention Center Inc. or PICCI) is third with P140.569 billion; Philippine Amusement and Gaming Corp. or Pagcor, P104.65 billion; Power Sector Assets and Liabilities Management or Psalm, P100.2 billion; Philippine Health Insurance Corp. or PhilHealth, P81.3 billion; Land Bank of the Philippines or LBP, P67.16 billion; Philippine Charity Sweepstakes Office, P63.097 billion; Home Development Mutual Fund or Pag-IBIG Fund, P52.82 billion; and Philippine Deposit Insurance Corp. or PDIC, 34.06 billion.


Based on the report, the 10 government corporations (GCs) generated a total income of P1.209 trillion “or 82.65 percent” of the P1.463 trillion for 2018. Other government corporations earned P253.8 billion in total.

“The combined total income of GCs of P1.463 trillion in CY (Calendar Year) 2018 increased by P284.87 billion or 24.18 percent compared to CY 2017 total income of P1.178 trillion,” CoA said.

Based on CoA’s 2017 Annual Financial Report for Government Corporations (Volume 1), the incomes of the GSIS and the SSS in 2018 were higher than their incomes in 2017. The GSIS earned P276 billion and the SSS earned P202.39 billion, which made them the top two highest income earners among government corporations in 2017.

The BSP (with the PICCI), Psalm, PhilHealth, Pagcor, HDMF and PDIC were also in the top 10 government corporations in terms of income in 2017. Their incomes were also higher in 2018.

The PDIC was followed on the list by “Water Districts,” which was in the top 10 in 2017 with an income of P29.94 million.

In terms of expenses in 2018, the top 10 government corporations were GSIS, P284.22 billion; SSS, P194.58 billion; PHIC, P127.64 billion; Psalm, P108.17 billion; BSP (with PICCI), P85.37 billion; LBP, P50.4 billion; PCSO, P49.28 billion; National Food Authority, P30.78 billion; PDIC, P27.63 billion; and “Water Districts,” P24.9 billion.

The expenses of other government corporations totaled P175.6 billion in 2018.

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