Costly, ineffective GOCCs on chopping block – DOFMANILA, Philippines — Philippine state-run firms failing to deliver value and are draining state resources should be shut down, with their functions absorbed by other agencies to free up fiscal space for more relevant programs and services, the Department of Finance said. The DOF explained that the move to abolish non-performing government-owned and -controlled corporations (GOCCs) can provide resources for other endeavors. The move comes as budgetary support given to state-run firms reached P98 billion in the first five months of 2026. It also surpassed the numbers from the Gloria Arroyo and Noynoy Aquino administrations with P84 billion and P165 billion, respectively. The DOF has urged firms to raise their dividend remittance rate to 75 percent to maximize non-tax revenues and strengthen the government’s fiscal position.