GCG secures ADB grantto improve agency reporting

MANILA, Philippines — The Governance Commission for GOCCs (GCG) has secured a $250,000 (P14.12 million) grant from the Asian Development Bank (ADB) to develop the common reporting system (CRS) for state agencies.

GCG chairperson Marius Corpus said the ADB has provided technical assistance to strengthen transparency, coordination and data-driven governance of the GCG.

The development of the CRS will enhance the integrated corporate reporting system (ICRS) used by the GCG.

“This will standardize the collection, submission and sharing of business plan data across all GOCCs both under and outside GCG oversight through a centralized digital platform,” Corpus said in a Viber message.

“The system will provide real-time access to critical financial and operational data, streamline interagency coordination and ensure timely and accurate information submission,” he said.

As such, operational and financial data of GOCCs will be collated and reported under one system for easier access by the public.

Corpus said the timeline for the CRS would still be discussed with the ADB.

The Manila-based multilateral lender will be the one to procure the consultant and system provider for the CRS.

Currently, the GCG is using the ICRS which serves as the central source of relevant information on GOCCs not only for GCG but also for various agencies and the public.

The ICRS streamlines reportorial requirements for GOCCs and promotes transparency and timely access to relevant information on GOCCs through a single online web portal.

The GOCC Monitoring System is one of components of the ICRS, catering to the electronic submission of financial information of GOCCs, such as but not limited to financial statements and corporate operating budgets.