The Department of Finance (DOF) has signed a Tripartite Memorandum of Agreement (MOA) establishing robust data-sharing protocols to enhance the monitoring of Government-Owned or -Controlled Corporations’ (GOCCs) financial performance, ensuring that they continue to efficiently provide vital public services to Filipinos.

This move is in line with President Ferdinand R. Marcos, Jr.’s commitment to deliver a government under a Bagong Pilipinas that is responsive, transparent, and efficient in serving the Filipino people.

“This collaboration strengthens our ability to hold GOCCs accountable, streamline oversight, and ultimately enhance the delivery of public services that Filipinos rely on,” Finance Secretary Ralph G. Recto said.

The MOA on the Enhanced ICRS was signed between the DOF, the Governance Commission for GOCCs (GCG), and the Department of Budget and Management (DBM) on November 12, 2025.

The Enhanced ICRS consolidates key data from GOCCs, under the jurisdiction of the DOF, DBM and GCG.

Under the MOA, all GOCCs will adopt standardized reporting templates and formats, creating consistent and high-quality data for monitoring, planning, and decision-making. They are required to submit business plans approved by their respective Governing Boards.

These plans serve as the foundation for performance monitoring under the Enhanced ICRS, allowing agencies to track progress, identify risks, and optimize operations.

The initiative is supported by the Asian Development Bank (ADB) through technical assistance under the Second Disaster Resilience Improvement Program (DRIP 2), which provided policy guidance and technical advice to design a common monitoring approach for GOCCs.

Workshops and inter-agency consultations were conducted to ensure a comprehensive and coordinated implementation framework.

The MOA was signed by DOF Undersecretary Rolando G. Tungpalan, GCG Chair Atty. Marius P. Corpus, and DBM Assistant Secretary Atty. Ramon Vicente B. Asuncion.

DOF HEARTS Series

This series showcases how the DOF is funding the nation’s HEARTS (H-health, E-education, A-agriculture and environment, R-roads and infrastructure, T-technology, and S– security and social protection) to bring us to Bagong Pilipinas.