MALACAÑAN PALACE
MANILA
BY THE PRESIDENT OF THE PHILIPPINES
[ Memorandum Order No. 320, September 21, 1990 ]
ESTABLISHING AN INTEGRATED CORPORATE REPORTING SYSTEM FOR GOVERNMENT-OWNED AND/OR CONTROLLED CORPORATIONS
WHEREAS, there is need to address the current excessive proliferation of over lapping reports required of Government-Owned or Controlled Corporations (GOCCs) by various government service-wide agencies;
WHEREAS, Executive Order No. 236, S. of 1987, Section 4, provides that:
“Section 4. Responsibility of the Government Corporate Monitoring and Coordinating Committee for Monitoring and Evaluating the Performance of Government Corporations. — The Committee shall be the central monitoring, coordinating, and performance evaluation unit for government corporations, and shall, for this purpose, obtain, through the appropriate agencies, the necessary data and information with sectoral and national implications.
For purposes of its monitoring, coordinating and performance evaluation needs, the Committee shall devise an integrated corporate reporting system which will avoid the proliferation of duplicative reports and combine the essentials into a single set of reports. The integrated reporting system should be designed to serve the diverse information needs of the Committee and the service-wide agencies con-integrated reporting formats shall be developed and utilized.”
WHEREAS, the establishment of an effective corporate reporting system through streamlined and integrated reporting formats is deemed important to ensure timely, relevant, complete, consistent and accurate information from the GOCCs, which is necessary for effective monitoring of such GOCCs;
NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Republic of the Philippines, by virtue of the powers vested in me by law, do hereby order:
Section 1. There is hereby established an Integrated Corporate Reporting System (ICRS) which shall set forth the Common set of monitoring reports/reporting formats that will be required by the concerned monitoring agencies from Government-Owned or Controlled Corporations (GOCCs), including the guidelines for accomplishing the same.
Section 2. The ICRS shall cover the regular information requirements of the following service-wide agencies in the areas of Investment Programming, External and Domestic Financing and Corporate Operation:
a. Central Bank of the Philippines;
b. Department of Budget and Management;
c. Department of Finance;
d. Government Corporate Monitoring and Coordinating Committee;
e. National Economic and Development Authority; and
f. Agencies to which the GOCCs are attached.
Section 3. The ICRS shall apply to GOCCs, regardless of whether the GOCC is a parent or subsidiary corporation, which are required to submit reports to the service-wide agencies enumerated in section 2 hereof on a regular basis.
Section 4. Monitoring agencies and GOCCs are given a transition period from the effectivity of this Memorandum Order up to December 31, 1990 to adopt the necessary steps to shift to the new reporting formats under the ICRS. The adoption of the ICRS shall be fully observed in said agencies and GOCCs starting in 1991.
Section 5. The Chief executive officers of concerned GOCCs shall be responsible for complying with the reporting requirements under the ICRS. Appropriate sanctions such as suspension and other administrative penalties shall be imposed on the aforesaid officials of GOCCs who fail to comply with this Memorandum Order based on the findings and recommendation of the Government Corporate Monitoring and Coordinating Committee (GCMCC) to be submitted to the President.
Section 6. Proposals from service-wide agencies to amend, add or further delete reporting formats contained in the ICRS shall be cleared with the GCMCC prior to its introduction in the GOCCs. In addition, a study of the ICRS shall be undertaken after every two (2) years or earlier as deemed appropriate, to review its implementation and to ensure that the proliferation of overlapping reports and unsynchronized reporting submission do not recur. A task force for the purpose shall be constituted by the GCMCC.
Section 7. All orders, circulars, issuances, rules and regulations or parts thereof inconsistent with the provision of this Memorandum Order are hereby repealed, superseded, amended, or modified accordingly.1aшphi1
Section 8. This Memorandum Order shall take effect fifteen (15) days after its publication in the Official Gazette or in a national newspaper of general circulation.
DONE in the City of Manila, this 21st day of September, in the year of Our Lord, nineteen hundred and ninety.
(Sgd.) CORAZON C. AQUINO
By the President:
(Sgd.) CATALINO MACARAIG, JR.
Executive Secretary
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