GOCC meaning in Governmental ?

In the Philippines, the phrase government-owned and controlled corporation (GOCC), sometimes with an "and/or", is a government-owned corporations that conduct both commercial and non-commercial activity. Examples of the latter would be the Government Service Insurance System, a social security system for government employees. There are over 200 GOCCs as of 2020. GOCCs both receive subsidies and pay dividends to the national government.

Under the GOCC Governance Act (Republic Act No. 10149; Government Owned and Controlled Corporations (GOCC) Governance Act of 2011), GOCCs are overseen by the Governance Commission for Government-Owned or Controlled Corporations (GCG). The Governance Commission is the "government's central advisory and oversight body over the public corporate sector" according to the Official Gazette of the Philippine government. The Governance Commission among other duties prepares for the president of the Philippines a shortlist of candidates for appointment by the president to GOCC boards.

Many but not all GOCCs have their own charter or law outlining its responsibilities and governance.