Gov’t CPSEs suffer P691.76 billion combined comprehensive loss in 2021 –COA

Government corporations classified as Commercial Public Sector Entities (CPSEs) suffered a combined comprehensive loss of P691.76 billion in 2021, according to the Commission on Audit (COA).

Based on the COA’s 2021 Annual Financing Report for Government Corporations, this registered an increase of P358.15 billion or 107.36% from the 2020 combined comprehensive loss of P333.61 billion.

The state auditors said that the comprehensive loss of P691.76 billion is the net result of the total comprehensive income of P167.40 billion and a total comprehensive loss of P859.16 billion.

The top CPSEs with reported comprehensive losses was led by the Social Security System with P826.95 billion, followed by the Bangkok Central ng Pilipinas with P26.657 billion, Manila International Airport Authority with P2.451 billion, and Civil Aviation Authority of the Philippines with P1.410 billion.

Meanwhile, the top CPSEs with comprehensive income were the Philippine Health Insurance Corporation with P32.839 billion, followed by the Government Service Insurance System with P31.109 billion, the Home Development Mutual Fund with P29.086 billion, and the Land Bank of the Philippines with P16.115 billion.

The offices of President Ferdinand “Bongbong” Marcos Jr., Senate President Juan Miguel Zubiri, House Speaker Martin Romualdez received the report copies on September 29, 2022.

The COA said it prepared the annual financing report in compliance with its mandate under the 1987 Philippine Constitution and Presidential Decree No. 1445, otherwise known as the Government Auditing Code of the Philippines.

GMA News had sought Malacañang's comment on the COA report, but the Palace has yet to respond as of posting time. — DVM, GMA News