The Presidential Commission on Good Government (PCGG) today reported a positive income performance of the sequestered and surrendered companies under its supervision for calendar year 2011. PCGG Chairman Andres Bautista said that the consolidated revenues of the eleven (11) corporations increased to PhP31.2 billion in 2011 from PhP26.1 billion in 2010—which translates to a 19.5% growth rate or PhP5.1 billion. The consolidated income of the said corporations grew to PhP3.3 from PhP2.8 billion, or an increase of PhP509 million, representing an 18% increase.
Bautista attributes the improved performance of these companies to the alignment of the good management practices of their respective boards with the improved monitoring and reporting line (between the PCGG and these corporations).
“In line with best practices and corporate governance principles of fairness, accountability, and transparency, as we have done in the past, we will be making public our report on the performance of the surrendered and sequestered corporations for the year 2011,” Bautista added. “The public can visit our web site, so that they can read the report for themselves.”
The said report shows that United Coconut Planters Bank (UCPB) registered the biggest income of PhP3.048 billion. The other companies mentioned in the report (and their corresponding incomes) include: Cocolife, PhP241.761 million; CIIF-Oil Mills Group, PhP 149 million; IBC-13, PhP 55.92 million; Cocogen, PhP46.51 million; IRC Group of Companies, PhP39.256 million; BASECO, PhP17.129 million; Cocofinance, PhP14.167 million; and Chemfields, PhP1.1714 million.
