HATS off to the Government Service Insurance System (GSIS) for generating one of the highest earnings among the government owned and controlled corporations in the country.

The state pension fund – which has been relentlessly implementing programs for the benefit of its members – logged P31.109 billion in revenues to land second place among the GOCC top earners based on a report by the Commission on Audit.

First in the list is the Philippine Health Insurance Corp. with P32.839 billion. No wonder Phihealth is able to help a lot of Filipinos with hospitalization probems.

Following GSIS are the Home Development Mutual Fund or Pag-IBIG Fund with P29.087 billion, Land Bank of the Philippines with P16.116 billion and the Philippine Deposit Insurance Corp. with P10.806 billion.

Other top earners are the Philippine Ports Authority with P6.895 billion, Batangas Land Co. Inc. with P6.646 billion, Philippine National Construction Corp. with P4.063 billion, Philippine Charity Sweepstakes Office with P3.099 billion, Water Districts with P2.78 billion and other GOCCs with a total income of P23.959 billion.

But in its 2021 Annual Financial Report on GOCCs though, GOCCs have incurred total losses amounting to P691.76 billion in 2021, an increase of 107.36 percent from 2020.

All together, they recorded a total of P691.76 billion in “comprehensive loss” last year – an increase of P358.15 billion from the comprehensive loss of P333.61 billion in 2020.

The report was based on the review of the financial statements of 156 state-owned firms.

The “comphensive loss” was computed based on the GOCCs’ total losses of P859.16 billion less the total income of P167.40 billion.

The Social Security System (SSS) accounted for 96.25 percent or P826.949 billion of the losses. This was followed by the Bangko Sentral ng Pilipinas with 3.1 percent or P26.657 billion and the Manila International Airport Authority with 0.29 percent or P2.452 billion.

Liewise, recording significant losses were the Civil Aviation Authority of the Philippines with P1.41 billion, Duty Free Philippines Corporation with P558.442 million, North Luzon Railways Corp. with P305.953 million, Mactan-Cebu International Airport Authority with P156.918 million, Overseas Filipino Bank Inc. with P126.26 million, Cagayan Economic Zone Authority with P122.244 million, Human Settlements Development Corp. with P91.962 million and “other CPSEs” with combined P327.913 million.

The SSS – which has been the subject of cruel criticism due to its failure to deliver the needed services for its members — must run after some P305 billion in member-contributions, which remain uncollected from or unremitted by “delinquent employers.”

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