SCUTTLEBUTT
Not all GOCCs may have the capability to remit equally, but major institutions like the Philippine National Oil Company and the Land Bank of the Philippines might.
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Not all GOCCs may have the capability to remit equally, but major institutions like the Philippine National Oil Company and the Land Bank of the Philippines might.
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What is the scale of corruption in the country? To come up with a broad understanding of how much money hypothetically lines the pockets of a crooked official at the highest levels, consider a scenario where some, if not all, Government-Owned and Controlled Corporations (GOCCs) are required to remit P50 million monthly.
According to the Governance Commission for GOCCs (GCG), there were approximately 103 GOCCs under its oversight until 2023. If one GOCC remitted P50 million per month, in a year it would remit P600 million and in six years P3.6 billion.
Senators and other executive branch officials have a term of six years. The presumption, however, is that the high official may have been receiving funds from not only one GOCC, so three possibilities are considered: all of the 103 GOCCs are coerced into the scheme; 50 percent participate, or approximately 52 GOCCs; or 10 percent are into the racket, a more conservative estimate.
All of the GOCCs providing grease means P5.15 billion a month, P61.8 billion annually, and P370.8 billion in six years.
The second presumption of a 50-percent contribution to the rip-off means P2.6 billion a month, P31.2 billion a year, and P187.2 billion for a full six-year term.
The third instance, involving 10 percent being immersed in the muck, would yield P500 million a month, P6 billion a year, and P36 billion over the full period.
Not all GOCCs may have the capability to remit equally, but major institutions like the Philippine National Oil Company and the Land Bank of the Philippines might.
Even at the most conservative estimate, a potential grafter may secure P50 million a month, which is nothing to sneeze at.
