Momentum to move economy forward set
Six years of President Aquino’s “Daang Matuwid” and the passage of Republic Act (RA) No. 10149 or the GOCC Governance Act of 2011 helped reform most, if not all, state-run corporations.
“Instituting good governance in our GOCCs (government-owned and/or -controlled corporations) has led to the reversal of the milking cow phenomenon. Whereas GOCCs used to milk state coffers, government revenues are now being augmented by the government corporate sector, with remittances in 2015 amounting to P38.68 billion compared to P29 billion in 2010. This brought the total so far to P135.02 billion (from July 2010 to December 2015),” Finance Secretary Cesar V. Purisima said.
“This resulted in an improved financial position of the consolidated public sector, posting a surplus for two consecutive years (2013-2014), amounting to 0.4 percent and 0.7 percent of GDP, respectively, reversing the consolidated public sector deficits incurred during the 2010-2012 period,” he added.
The Aquino administration also worked to make economic growth inclusive, through financial inclusion initiatives.
“The DOF and concerned attached agencies such as the Securities and Exchange Commission and Insurance Commission have worked to provide an enabling environment, such as regulatory framework and accompanying consumer protection mechanisms, for the promotion of microfinance and microinsurance [which aimed] to increase incomes of those at the lower rungs of the economic ladder [and] offers them choices of affordable social safety net instruments, [respectively],” Purisima said.
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