Public Enterprise in the Philippines in 1982: A Definitional and Taxonomical Exercise by Ronald Yacat

PUBLIC E],.,q'ERPRISE INTHEPHILIPPINES I_1982: A DEFI_ITIO_;AL A_I) TAXO_ICAL EXERCISE by Rosa_o G. _-nasan PAPER SERIES No. 84-02

Introduction I.I.

Objective

The define and

the

Study

purpose

the

of this

the

perimeters

set

definition

adopted,_and set

purposes

existing

into

both

tical'need.• tistical

The

international

(3) to

definition

comparisons sector

ment.

classlflcation

The

enterprises of

the

is critical

character

_and

for

the

the cate9_rlze

well as an analyfrom:

a sta-

and the

in economic the

taxonomy

a better

role

for

exercise

extent

participation or

intertemporal

the

public

meaningful

This

both

• .

and

is essential

for

enterprise

based

partitions

a statistical

establish

Philippine

classify

analysis.

of view

•point

the

at present

smaller

of econcmlc

motivated

(I) to

(2) to

•

enterprise

said

is threefold:

term ._l£c'-enterprise",

delimit

the

paper

publio

developof

public

understanding

of public

enterprises

in the (e.g. and

pollcy

control

There

of government the

reported

the been

owned

Philippines that

(e.g.

the of

purposes public

studies

_and coordination

of has

for

evaluation

analysls

Significance

economy

perfozmance

external

1.2.

national

from

economic

enterprises} internal

of public

and enterprlees|.

Study a rapid and/or over

the

oJ_bly 13

expansion cont_olled •years. state

in the

number

corporations Magtolis

enterprises

(1969} in

1951

the

number

Audit _d

grew

(COA

1973,

the

universities

government.

are

deemed

Coupled

part

that

the

term

the

various

from

in the

same

section.

Philippine the

definition

the

undertaken

provides

set

two

publiu has

this

on conte_t

Section

the

public

motive

and

4. an

variations

3 presents set

for

included the

138"2 using A taxonomy

the48_cto_al

Finally,

agenda

a discussiQn

enterprise

is also

in T3_is" paper.

in section

definition

following

literature

adopted

a summary

_on_eras..

apprehension

definitional

enterprise

using

in what

that

alternative

the

public

Paper

term

is undertaken.

elements

the

sector

is in

the

aoEpora_-

phenomenon

53 and

Sector

this

"public' enterprise"

A review

in 1982

impression

public.

2: proposes

concept.

study

Section

private

1973

the

activity

considerable

general

present

Organization

rise to

include

•private

"inefficient", k

given

for

government

widespread

are

•naturally

the

essent_ally

the

enterprises

the

increased

0_orporations of

are

not

subsidiary

viewed

Co_uuisslon

existing

proliferation

to be

with

does

colleges

141

is generally of

The

f£gures

latter

and

The

•reflection

1964. 1985)

The

approxlmately

ions

37 in

1982,

_131 in 1982.

s_ate

i.3.

for

criteria

Towards

a Definition

The

term

"public

"Public

enterprise"

in the

llterature.

nition

has

somewhat

elusive. public

remained In this

to define

they relate

A "public the to

purpose

the

activity,

recovery, (10)

cribe

above

public

its Public

anything

I00 percent

this

paper.

are

and

while

good,

nature (6) field

of output,

(8) cost

returns, The

to the the

that

essential

(5)

account.

term

(2) control

autonomy private

the

suggests

elements

(4) VS-

are

first

fou_

"publicness"

last

dimension

and

six

and

the

thus

des-

c2uaraCter.

minority

equity

investmentand

ownership

from

reviewed

:_ (i) ownership

enterprise

business

be.

•will

literature

.UP, the enterprise

make

preparatory

definition

and

management

the

earlier

"marketedness"

_(9) concept

In addition,

adopted

the

public

completely

•

intents

•(7)

cited

the

list

i.e.

separate

factors

namely

and

_0od

examined

various

dimensions

concept,

defi-

•facets

enterprise"

the

enterprise"

the

definition

f011owlng

(3)

will

•Considerations

review

enterprise if not

various

a definition.

to the

loosely

public

rather

ambiguous

"public

2.1 • Definitional

is used

the

concept

to a formulation attempts

such

section,

enterpEise

Enterprise"

can

of Varying

participation,

interest.

It can

degrees_

control also

be direct

indirect.

is set ship

Direct

up by

government

occurs

by one the

when

have

the

power

public

indirect

partly

entity

owneris owned

owned

the

If even

Public

20 percent

enterprises

socioeconomic classlfied

promotional,

that

interest

are

usually

broad

control

only.

The

Accountant(_ICPA), follows

(in the

absence

government activity

set while

established

developmental

and

enterprise

control

These

as regulatory,

regulatory

necessary

Public

objectives.

that

condition

â&#x20AC;˘

suggest

a purely

public

some

Majority

participation

equity

informatio_

no means

ia dissipated,

assume

manager-

investment,

a sufficient

of Certified

that

top

policies.

it is by

withminority

attainment

(1981)

authorities

exercise

wage

ownership

additional

may_be

but

of T/_J_

management

formulation

governemnt

Institute

as a rule

some

top

government

directly

the

control

Philippine

minimum

possible

that

finanaingwpricing,

condition.

the

in question

wholly

implies

authorities

ownership

the

when

while

enterprise

to appoint

functions

capital

funds

entitites

Qontrol

government

for

the

occurs

government. Public

ial

ownership

for

goals

and/

motivations

developmental/ commercial. organizations be

those

excluded

Fernande_ engaged from

the

pursulng_predominant_y

commercial

activitlesbe

enterprise

grouping.

with

promotional

mind

represent

public this

result

The

autonomy or

engaged

some

from other

services ganized

for has

a_d

private

the

distinction goods

rests

distribution

and

Nonexcludability not

ambiguity.

reEates

the

question agencies

should

enterprise

set

and

organizations

public

forms. the

autonomous

under

and

In many

separate

westeEn

provision

of_stal

character

_4ing

but

Ministry

the

or-

Philippines

of Transportation

Communication. The

example,

a corporation

is a bureau

objectives

undertaking

public

most

departmental/minlsterial

legal

formed

purposes

definitlonal

corporations

independent

countries,

multiple

business

the

public

Furthermore,

criterion

not

from

public

have

the

organizations

area.

income

of. whether

infrastructural

a grey

may

excluded

Public

and

enterprises

included

feasible

between on

implies

good.

implies

that

or prohibitively individuals

jointness

an individual

from

nonexcludability

is technically

costly the

consumption

ts consumption

and

in consumption.

Nonrivalness, in

goods

factors:

nonrivalness

particular a given

two

public

to exclude

consumption on in the

the the good

other sense does

use

hand, that not

reduce

the

all

other

the

same

may

not

goods

benefits individuals

time, be

are

these

goods

These

are

externalities. sewage and

privatw

consumption

benefits/costs

pure

exclusion, not

in their budgetary

The goods

not

externalities,

costly. various

private

consumption

In kinds

goods and

to consumption like

garbage

public

this

these

goods

cannot

colleCt-

health

faci-

category.

The

generate

external

limited

and

charged

consumer. public

consumer

revealed

fall

Which

to a particular SinCe

airports,

education

defense.

essentially

Public services

lities,

and example

and

goods

interest provision

are provided

preferences

voluntarily(i.e, to

act of

public

classic

observes

subject

disposa_

Pure

and +withOut

one

rival

is possible}

goods+may

private

feasible

cases,

that

The

is rival is

nonexcludability

of pure

pure

goods.

rival

is national

is that

exclusion

ion,

of which

and where

(i.e.

good.

externalities.

good

case

accruing

same

consumption to

public

consumption

between

the

in consumption.

polar

mixed

from

characterized

a pure

other

the

subject

nonrivalness of

simultaneously

for

such

consumers

without good

are

find

"free

riders"}

and

such

goods

is necessitated.

the

other

consumption market

hand,

private

mechanism. calls

for

external

costs

calls

Musgrave,

1983

the

provision

govermnent

Some ion

ofprivate

some

economic

mining,

manufacturing,

trade,

co_municati_ns, such

defense

and

have

no business

the

may note

that

field

economic

into

one

ties

considered

according

since

the

for

enterprise llke

and

realm

an organizatit

should

agriculture,

services. national

services thus

tenable

for

public

latter

are

those

not

deemed included

activities.

One

criterion

be observed

are

public/privategood activity

the

construction,

enterprise

it can

to the

that

social

flavor

of public

administratlon,

and

activity.

utilities,

cultural

(Musgrav_

whether

activity

as public

in particular,

_iew

finance

external

therefore,

goods,

a public

the

in general,

fall

the

goods

enterprise

take

engaged

public

presence

suggest,

institutions,

be considered

llst

tax

government,

public

writers

Activities

a penalty

externalities

privat_ju_d/or

or without

presence the

pure

of the

provision

subject

the

Thes_

while

for

or public

the

not

provided

a subsidy

p.79).

responsibility

while

may

However,

benefits

that

with

externalities,

goods,

may

that

the

collapse_ activi-

enterprise related

and

the

_uction

and

actlvitieu

Qutside

the

provision Output

for

this

said

i.e.,

if exclusion

private

goods,

externality education ment

output.

Cost

fully

current costs

anyone

plus

capital

implicit

and

recovery

is on

return

does

not

positive

the

imply

that

returns

charge

concept

partially

including

of capital.

_compnaable

complete.

current

of'profitability

public

Cost

measures:

costs

Enterprises

all

govern-

of marketed

cost

subsidies.

use

the

either

all

to oost

and

normally

expect

However,

this

enterprises those

all

higher

costs},

consumption

in others.

cover,

practise

not

he partial

variable

notion

cost

instance,

following

costs,

is sold

sub_:ect to

not

may

investments.

some

actually

low

to the

may

explicit the

but

the

(i.e.

For

free

recovery

costs

return

marketed.

revenue

while

if it

those

a corollary

current

goods

those

"marketed"

feabile

countries

recovery

Thus,

is provided

in some

are

exclusion

especially

are

private

_ds.

to be if

group

of public

a price,

Even

or marketing

have

of private

enterprises_

Finally_ generally and do

profit not.

organizations

record and

their loss

with

activities

statements

a business in

while

nature

balance other

sheet

institutions

There elements not

the

items

and

the

2.2.

Public

than

show

Based two

the

alternative

enterprise"

are

above

mentioned

definitions

suggested.

One,

a productive

the

production

a private

ion

externality

and

which

able

whose

is owned

budget.

a business

interest

useful

for

purposes

with

character

may

the

term

public

entity

"public enterprise

engaged

engaged be

marketed the

govern-

identifiable

explicit

that

consumpt-

is actually

is an

implies

agencies

considerations,

controlled

entity

unit This

as ministerial

g0odwithout

output

and/or

A productive making

(5) and

A Definition

be defined

deQision

as well

may

ment.

are

practised

degrees

definitional

in Section

out

all hinged

(3) is more

for

they

between

(6), and

(9) are

varying

Enterprise:

pointed

is actually

motive.

taxonomical

since

relationship

(5) and

exclusion

definitional

overlap

been

(8) and

represent

the

The

(2) has

(7),

profit

we will

between

not

simply

above

item

relation

whether

for

exclusive.

(i} and

(7).

discussed

mutually

item as

is a tendency

government in

extractas well

activities

included.

in our good

list

of public

is one

which

in consumption

and

is marketed

tised.

Government 50 percent

Control

means

even

with

power

engaged

the

production

whose

which The

good

output

is owned second The

goods

subject

Some

and/or

first

Definition The

different prise"

literature

are

may

above

disposal

presented

public

the

public

in the usage term

public

below.

exterand

government. than

such

externality and

and

entity

marketed

excludes

of the

attained

consumption

is broader

Philippine

economic

marketing

controlled

definition

definitions

in the

without

Variations

official

top management.

Two,

and/or

to consumption

sewage

one

as a productive

is actually

definition

first.

education,

to at

control

defined

with

prac-

instrumentality.

participation.

may

fact

refers

to appoint

enterprise

nality

here

is dissipated,

is in

participation

agency

minority

a private

2.3.

ownership

rivalness

in distribution.

if exclusion

the

If ownership

excludability

equity

government

A private

is characterized

Output

least

enterprises.â&#x20AC;˘

the private

health.

Literature as well "public

as enter-

administration

2.3.1.

Official

Philippine

Commission

bodies,

stock

special the

Plan,

law

purpose

non

the

under of

the

nature'. that

and arebelieved sector

profit

motive,"

"are

those

gative

and

are

primarily

to and

created law

are

for

peculiar

are

sociofunction_

predominantly

economic in

the

essentially

particulary

theprivate

the

suited

to be

because,

private

governmental

deemed

directly

governmental

whereas

that

owned

"Proprietary

of government

attractive

they

type

"corporate

which

to be

because

commercial

are

p. 35째

corporation

performing

economic

those

are

government

functions

1972

stock,

proprietary

"are

2.3.2

March,

enterprises

controlled

based

Reorganization,

Reorganization Public

Usage

prero-

while

to serve

the

functions

the

sector,

not are

the

destined

public

large'.

United

Nations

Social

Affairs,

Account_ Public

1968

Department A System

Economic

and

of National

p.78;

enterprises

are

"publiclyowned

controlled

enterprises...which

corporated

public

corporations..,

are

and/or (i} in-

(ii} large

2.3.3.

unincorporated

enterprises)

that

they

to the

produce

International

Finance

controlled

accept or both

2.3.4.

Hanson,"Report

Hanson,

"In

the

prise

context

controlled

the

state}

government State the

this

and p.

are

central the

I. public

owned

central

employed contributes

a controlling

and (in a

and

regional the

enterprises,

is that more

interest;

enterand

government

in mixed

Administration

agricultural

of thecapitalofam/xedenterprise, has

Study"

paper,

which

'participates'

state

acquire

market".

1968,

and

scale,

(in a Federation)...Where

criterion

If the

and

industrial, concerns

and/

deposits

Organization

Enterprise,

340

financial

of PreEiminary

commercial

unitary

savings

in the

ed.,

covers

sell goods

liabilities

assets

of Public

units

owned

on a large

1974,

government

either

time

incur

financial

are

public

demand,

goods

A Manual

Statistics,

which

to the

of the

Fund,

industrial

institutions

(government

public".

enterprises

services

most

Monetary

Government "Public

sell

units

of control. than

50 percent

it autDmatically it may

actually

exercise small

proportion

case,

the

2.3.5.

control

the

even of

the

enterprise

'public'

I. Musolf,

shares.

only

either

is included

Enterprise

in A.

Hanson,

in National

ed.,

Organization

of Pub!icEnterPrise,

111,

"Public

enterprlse_is

to government

S. Wickham, in Public

used

activities

or primarily

2.3.6.

holds

category".

and Administration 1968

concerned

"Public

Development"

when

the

economic

Enterprise"

Public

"The

term

in the

following

taking

selling

refer exclusively

model."

and

Financial

in _argolis

Economics, public

operated

"Management

eds,

here

1969

and

Guilton,

p.326,

enterprise study

Constraint

will

to mean

taken

any

under-

the

market

which or

the

public

in which

which

has

with

possible received."

products

they

hold

while

task

own

a majority budget

entrusted the

authorities

a separate

management, ties

its

and

the

running

complying

with

full

interest, its

public

own authori-

it as well instructions

2.3.7.

Houssiaux,

"Consistency

Compatibility and

of Decision-Making

Public

eds., "The

Enterprises"

Public

1969,

to implement

its

delegates

certain

to decision-making an instrumental of the

public

(including) (a)

units

and

economic functions

conferring

them.

the

total

given

Guitton,

p.424-425.

thus

function

production

by Private

executive

units,

enterprise

The

in Margolis

Economics,

State,

policy

of Action_

The

this

set

sector of

_instrumental'...

: State

local

economic

administrations,

and

agencies

public

undertakings (b}

The

so-called

which

constitute

public

sector

their (c)

The

direct

preceeding

cluding

industrial

independently legal

the

administration

or minority, two

enterprises

Joint

statute

enterprise--i.e,

in which

local (d)

the

origi n and

mixed

firm

national

the

state

holds

a shares

indirect,

majority

subsidiaries

categories, subsidiaries

the

in-

(e)

Some

private

apart

from

economic control it

"A_public which

the

authorities

result

Korean

decision

extractable

unit

services.

and

bya

public

authority,

internal

cover

which

the

the Output

than

half

such

intervention."

Econ_ic p.23. entity

by public

explicit

produces

goods

refers

either by

equity

other

public

power

to be

power is

to more held

directly

decision-making

cummonlythrough management.

indirectly

means

is marketed.

of outstanding

_ (including

1975,

'Ownership'

cent

'Control'

and

any

an identifiable with

i0 per

state

output

than

the

decisions

controlled

whose

budget

government

major

Case,

entity째is

making

a productive

and/or

and

A'productive

entities

their

under

state

Enterprise

The

owned

are

agencies

enterprise'is

and/or

that

Public

Develol3nent_

the

which,

measures

policy,

specialized

are

L. Jones,

general

a way

2.+3.8

enterprises

public enterprises}.

involved

processes, to

appoint

tmarketedt

of costs."

the

in most

top sale

16 _. 3.9

Report

eds.,

the

Seek inq

the

1981,

p.26o

r_,

"A public

and

entity

a business which

Vision

which

engage

character

Ente r-

organi-

in activities

owned

"Public

its

the

Enterprise and

Personality

output

extent

- A Word

Sicherl, Public

eds.,

Enterprise,

p.99p

"A public by

enterprise

a majority

achieve

is an organization,

owned, set-up

publicly

comme!cial

and

social

goals, the

in economic

activities

within

agriculture

industry,

commerce

invoiving of goods capable sheets

of Public

and markets

in Fernandes

Seekinqthe

â&#x20AC;˘or

Sicherl,

or more."

2.3.10 + P. Fernandes,

1981,

and

is a productive

is publicly

50 percent

and

in Fernandes

.personality

enterprise

zational of

Meeting

investment and of

and

services,

being

stated

profit

and

engaged

sphere

or se_ices,

returns

and

the

and

whose

affairs

terms

loss

wholly

accounts."

sale are

balance

2.3.11

Dhinatayakinaut,

Public

"Employment

Enterprises

in Thailand,"

f째r.AsianManp째wer Paper

No.

"A public which

82-14,

Ownership

and/or

refers equity

either

indirectly terms

Discussion

31.

eontrolled output

directly

other

public

are

50 percent held

defined

Council

is a productive

andwhose

outstanding

Other

1982,

enterprise

authorities

rity,

Studies

is owned

Effect

or more

Jones.

autho-

government

entities." by

public

marketed,..

a public

the

entity

2.4

SomeNotes

on the

The

Definitional

official

"public

enterprise"

paper's

definition

limits or

the

term

controlled

legal

form

ment

goods

latter

from

present

_he

former

services

public

type

corporate

while

includes of

they

i.e.,

purely

governmental

functions;

former

the

owned

of the

the

all

the

latter

govern-

nature

produce

government

goods

(i) the f_mar

departmental/ministerial

business

those

silent

the

government

regardless

excludes

organizations

the

and/or

producing

those

excluding

(il)

usage

lcnthesethreeaspects=

corporations

the

differs

bythe

undertaklngsof .does not;

Philippine

thus

Variations

while

the

corporations

those

performing

and

(ill)

"marketedness"

the

output

issue. The

UN=S_A

ambiguous

w_th

0wnership

_r_

broad The

regards

the

_opted

def_nltlom_is

broad

deEinltion

_its

with

the

IMF

limits

term

t0indirect

is ÂŠtherwise

de_i_Y_len IMF

use

very in the

identical

if the

is rather government

study,

to this

paper's

former ta;,_n_t_EÂŁal

la_her's_p_i_a_;g_s" to

the

present

f_nanÂ˘lal_stitutiens"are

ownership

50 percent

congruent and

if the

or more

equity

exposure.

agricultural

and

interpreted what

goods",

he did

the

public

the

present

not

criteria.

out

e_terprises

control

but

not

sizing

the

budget

Wickham

hand,

output

characteristics

"nature

This in

defined

ownership.

two

clear

and

does

private

goods

subsidy of

not

the

is totally

include that

element

externalities

are

non-

definition

is more latter's

broadly concept

limited. the

the

question.

Jones'

is more

other to

of output

(ii) the

output

a separate

regards

and

empha-

partake

(i) ownership

iatter

definition

presence

do not

with

criterion

for

lnternal

outbusiness

personality.

points:

a large

that

"marketedness"

so called

need

leaves

has

And

rules

definition

ownership

government

enterpr_se's

paper's

the

definition

majority

good"

the

Wickham's

is not

in the

with

regards

the

juridical

of the

c_nmittal

with

automatically

Houssiaux

the

that

"private

"marketed"

of ministries

a distinct

calls

in which

public

undertakings

but

enterprises.

control

might

activities

author

distinguishing

and

Jones'

same

include

is vague

"industrial,

concerns"

to the

Musulf

differ

Hanson's

con_nercial

to refer

produce

one

Although

Thus

production

actually

(perhaps

marketed

because

in consumption).

Dhinatayakinant modified

so as to

or more

equity

The over

control

limit

excludes

the

even

Jon_s'

minority

Wickham_

but

services

of which

most

as those

is like

ICPE's

pointraised

the

but

to 50 percent

above not

second.

equity

ParticÂŁ_ation

those

e_ag_

other

classified

regards

Fernandes'

is not

in this

goods

with

definition t_e

all

definition

social

Fernandes'

enterprises

internal

private

with but

those

exercises

and

are

producing

externality.

onl_

also

education

consumption

whether

not

with

the

owl_ership

government

_che provision

study

definition

interest.

ICPE

which

(just

uses

first

sbvious conforms

The

Philippine

Tabl_ the

section

public

interest.

The

in Appendix

Commission

Corporation,-Ministry of

IBON

Facts Based

and on

are

174

Using

the

broader

This

listing

may

able

due

This public

In making

(ECC)

said

this

two

(see

a compi-

some

equity

various

sources

Top

15,

the

study

July

resource

set

but

outllned

the

1000

1983

since

and

issue

goes

enterprises

controlling

202. where

author

the

control

has

interests

that

using

government

the

1982.

(implying

is probable

actual

paper,

50 percent

enterprises

this

Philippines

number

instances,

includes

unless

actual

and

this

between

the

paper

enterprise

Commission

In numerous

enterprises

and

be exhaustive

excluded

to confirm

using

has

from

included

Businessday's

deflnltlon

enterprlses

not

control are

1982

Appendlx

came

Budget

definition,

government

determined.

llmlted

publlc

equity

rule)

are

Figures.

government

PICPA

for

government

1983

the

that

from

Audit, of

the

there

the

1982

thepresent

culled

in which

list

set

adoptedln

1 is

Set,

entities

enterprise

Table

of entities

namely:

the

definitions

2.2).

lation

Enterprise

1 enumerates

Philippine

alternative

Public

not

been

in these

constraints. the not

GSIS the

the

Philippine

distinction

between

and

the

SSS

Employee's Medical these

under

the

Compensation Care

four

Commission.

government-run

social

insurance

Manual

Government

if benefits value

social

paid

their

members the

Finance

scheme the

are

other

determined

provision

author

falls

Statistics.

contributions,

are

the

to members

insurance

enterprise.

then

schemes,

then

the

considered hand,

In the

determined

government

the

service

and

universities

IMF

actuarlal controlled

flnanclal

benefits

the

IMFManual,

the

a public

Independently

back

their

paid

contributions,

considered

part

general

government. State 1982, The

are

not

decision

First, such

may

the

for

purpose

economic

i presents

might

the

useful

relative

income

account

public

two

these

provide

this

public

specific

and policy

Table

which

good

enterprises.

considerations.

enterprises

although in

numbered

fact.

are

marketable Bec_n_

which

large

and

in theory,

education

ne_e_slta_l

_ubllu

Attempt

Philippine

3 according

they

as a merit

ATaxonomlcal

the

non-marketed,

by many

The

llst

is based

element

services

considered

in the

this

subsidy

s deemed provision.

included to do

the

colleges

section

enterprise

is to

classify

set

identified

variables

that

analysis

in the

might

future.

a sectoral/industrlal from

a statistical

importance sector.

public

the in

For

enterprises

view

Section

meaningful instance,

classlfication point

elements

that assessing

in each

natlon_1

On vldes

the

a very

enterprises

other strong

and

measurement." Ing

agencies "I..

different

four

the

Asian

a subgroup

internal

monopsonlstlc entry

enjoyed

excess

profits

motive

a return

at to

competltlve In Nation tive board

but

role

that

for

different efficiency

of graln-market-

.commerce

by virtue

and They

resulting

between case,

farmer the

to eliminate from

resulting to

much

marketing the

point llke

the

application

reduce

break-even

capital),

power

the

resultlng The

been Chinese,

paddy

expected the

had

overseas

In this

power.

operate

very

have

from

monopoly

would

pro-

competitors.

intervention

private

board

consumer.

unnatural of

mark-up

for

may

buying

to bar

urban

out

trade

ability

and

pointing

variables

grain

controlled

exhorbltant

141-142)

countries:

dominated

their

different

A,the

classlfylng'public

target

In nation

who

for

enterprises

H ecltes in

(1975,

to motives

identlcal hence

Jones

argument

according

"functionally motives

hand,

mark-

(including

a private

producer. B,

the

foreign

internal sales

is established

market

high. (on the

was

Here,

competia marketing

assumption

price

inelastlclty

driving

down

allows ence

the

domestic

government

between

the

motive

benefitting is

operate 3.

revenue

much

In Nation and

foreign

demand

short-run

supply,

government to

the

are and

establishes stabilize motive

uncertainty,

and

the

sell

averages cycle

out

and

In Nation rage

system from

which D,

domestic

without

some

there

offending

the

government

and

but

of goal

a buffer

and

Here,

board

risk

the

price

consumers,

a dual

encouexchange price

a contlnual motive

weather

trend.

foreign

The

buy

which

over

deficit.

_, requiring

and

is to

stock

level

domestic

save

budget.

given

inelastic

promote

removal

a grain

urban

is maintained

However,

a monotonic

production

is unstable.

constant

allows

The

is competitive

operational

so as to maintain

In-

would.

a marketlng

and

is expected

variable

prices

The

price,

consumer.

market

differ-

sector

negliglble.

the

This

the

monopollst

hlghly

paddy.

rural

board

internal

goal

international

the urban

production.

and

a private

sales

the

appropriate

the

and

C, the

an effort

inelastic

the

taxing

with

price

domestic

thus: effectively directly

supply)

for

subsidy inter-

vention

is income-redistribution,

operational minimize

goal the

cost

the

board

and should

the

administering

the

subsidy." The

essence

_ethodologies

his are

enterprises

public

enterprises.

appropriate

public

Public

argument

that for

dependlngon

enterprise,

distinct

particular

the

evaluation subsets

objective

instrument

said

government

intervention in both

in economic

developed

ideological ment

are

backgrounds.

succintly

role

summarized

sector

(Virata,

(1975},

objectives

utilize failure,

the

(8} offset

not

of varying

their

establish-

business

areas

into

following

profits

partial

sectors_ for

(1979}

list

entrepremonopolies,

(4) provide

investment,

(7} prevent

externalities,

t_,e

Choksi

(2) contro_

heights/key

se,

at present"

(1) provide

substitution,

per

that

literature,

enterprises:

efficiently,

is perhaps

into

strategic to go

government

pronouncement_

to go

the

(5} earn

resources

following

provide

and

for

enterprise

economic

commanding

services,

public

the

public

support

{3) control public

countries

reasons

not

extensively

officialPhilippine

or very

would

1982}.

Jones

neurial

The

policy

is used

developed

The

in pioneering

private

and

the

is a government

except

less

multifarious.

position

"It

and

activities,

(6}

business

(9) train

skilled

managers

and

(11) raise promote (15)

techniciahs,

output,

increase

(12) reduce

regional

subsidize

(i0)

income

development, necessary

(14)

stabilize (16)

zation"

example,

promote

primary

exports,

(19) achieve

counter

balance

power

domestic

crease

national (23)

national

security

public

20,

implement and

enterprise

(e.g.

2, 5 and

22 and

(1981) based public

(25)

24 in

that

list the

revenue

failures"

or violations

give

public

monopolies, absence

and

scale

unemployment

a reproduction

the

and from

cases

Pareto

set

with

policy,

(e.g. Diokno

motives

may

(2) equity

Pareto

imperfect Diokno

for

increasing of

natural

externalities, capacity

information. presents

corresponding

conditions

(3)

conditions

include

excess

which

grouped and

rationale

production

19,

"Market

optimum

existence

of markets,

efficiency

economic

in nature.

in the

their

These

considerations.

and

in-

(24) promote

non-economic

violations

resulting

consumption

of a full

enterprise

national

efficiency

These

(20)

(22) enhance

the

(18)

socialism,

efficiency,

allocative

enterprises.

returns

labor

the

exchange,

classified

economic

set"moderni-

(21)

above),

raising

prices,

multinationals.

above)

(I) allocative

sector

rise

may

list

the

offset

(13)

capitalists,

government

"goals"

6 in

suggests on:

foreign

self-sufficlency,

prestige,

inequality,

commodities,

(17) earn/save

employment,

Table some

stated

violated.

and 2

public motives

With taxonomy on

this of

the

economic For

Philippine

purposes

primary

i where

and

The the

1 also

public

presents

enterprise

the

external

set might

set

control

and

based

This

also

government

for

Future

study

providesz

(1} a working of

enterprises

in the

Philippines

in 1982

the

adopted, and

(3)a

classification

a number

hopefully public

based

government

some

the

future

provide

(1)

the

motive,

agency

researches a better

are and

ability

efficiency

public

and

the

sectoral

for

conducting

area

enterprises;

which

the

profit-

Philippine

will role

Some

below: of

and doing,

development.

analysis

public

Inso

understanding

measurement

definition

Philippine

in this

enumerated

public

the

necessary

in economic

researches

using

criteria.

parameters

enterprises

suggested

each

definition

(2) a listing

controlling

Research

enterprise,

set

on the

is reported.

present

enterprise

public

done

agency

public

defines

a based

classified

entity.

supervising

Agenda

term

studying

control

enterprise

Summary

the

government

public

Table

motive.

accountability,

Table

framework,

of these

(2}

analysis

public (3}

(4}

effects,

external

and

Philippine

growth

enterprises_,

measurement of

internal

control

Philippine

control

in Philippine

enterprises_

analysis

public

and

analysis

public

in terms the

and

the

enterprises value

like.

added,

contribution to

economic

employment

0'_

zoaouaeqg :_ _

o_-

zv1=_zaw_)_

a:_z_

:w_muz_o aouaeq_zo_ _

(az_ua_ aau_mu_°_"

L,_I.__)

nm__zr_x_

_o_

-ozx_

(y,uv-)z__mzpuz

o_ -

uo_.zco

:_umn_xt'aa_ z'm_.T',-,_ -auz 'uoTar_,u_cx dozuno-o_z "9

o_ -

a:_'e.za,.m_ o_ -

Z_'-_mmoo)_

_ (uz_ _z_ zmzora_z au-r_(_zm) u_-_._z.zoo :izzm_x_-m__mup, s_xz Tmz_':_z (_

cupuaozvuo_z_z "_

uo-r_oczz_ :_um_'L_,'.__ __q

_zmZ'aa_ xa_ur_

:pm_lloZmwO gm_dldtT-Z'p_ _

sum_70_

a_ora "_

z •

sle_'_T_

m_rlAmm__rZ'l:_

e_zdLmo,_oTR_

0 ¢vl |n

n ......

,,___.

(ea_n:_ "_r_x_o)

......

_,_ _ _

a_ -

_um_;_

_c_

or4-

u_a_

('el) _m_I.OT_ c_ -

-c_

_.__

.c_mccT.x_ _ _:,m_o:_.e "_[

u_unH_o

:_mn:2_'o_ s_m__

_ _

-_ _o_., __

- (:x]_ .c_._ _ pure_'-"_.";_'_z __ (SHN)s_u.mI"_

o_ _

(;_m:_., u_.__) c_ ;x_ _'4.z,_ _ _mec_ _

L0U_ ucq__

_;m_;x)_

"l-_

_nr, an;roor_.A a.'_x_d_q_4_tx:_1"__

•

: n

"0t

-[ ;n_cF, T;

pa_3 s.

Negro, o_iden_ field

_ae_o_

M/rues

oevelapm_ _eian

{NDC) - Ministry

of Trade and

(_n)

- to =zre_ correct

for c_pieal in_,ibni_ for aheenoe of market

due tQ

risk and _Baer_.ty

6. R_C Coal _tian

PhilippineNationalOil _ rat/on_0C| - ML-/stzyof _)

- to correctfor _pital irni_ty_ to _=reut for abeenceof marketdue _o r_k and m=ereai._

7. R_

P_4_ppineNaticmalOil Oozperation(Rg0C)-Ministryof

- to correctfor capi4-al indivisibility; to asrrectfor ahsemueof m,eet

m_J_'RpineNat/a.a_ 0il ration (PN0C)_ Ener_ _aE)

- to aorre_ for capie_ indivieibi_ty; to _rrect far _m_noe of _md_et due %orisk and u.oer_.ty

m_mgy Drilling,Inc.

R_C _ploratt0n

SemirazaMining _

10.

__/an

Corpoof

Na%/c_ _t Corporation _DC) - Ministry of Trade and Xnmm_ _)

Vu_uanLnaustrL_l Mining Corpcratian

Natba.al _t _DC) - Si-/stry _)

II. WesternMinolcoMining (Mmpoa-at/on

Corpome/an of Tr_e ar_

- to _ f_ c_pie_ indivisibility; to _ for absemceof market eue to risk and _ty - to cozreut for capital in_/visibi_it_ to a_re_ for absenceof market due to risk end __y

NatJnnalDmvel_mm_ Oorpo=___atian - _o _ for capie_._ indivlsibility_ (NIX:) - Ministryof Tradeand to uorrectfor ahsemceof marketdue xn_stry _EX) to risk a._ m_ere_nty

III. %.

Alfa Integrated Textile

Dewelopment Bank of the Philip-

- to save "distz---_aed industries"

pines (ram)

2. ALfamhrasMenueles

Summ Settle_ntsDevelugmmt Carporat/cm(_SDC)-Mi-__tr_ of roman Settlements _ffS)

- to redistribute inaame;to generate revesme (ammem=_ venture)

i \

Table 1

Page4 ]

Public _ez_

Contzoll_

h_er_/ies

Motive/s ....

3. _

I_efi_

Ph___l_me __

Oil Company

- to _eza_e

(c_._,_rcie.1 ven_L_-'e)

_c_) 4. _,_1_ng Bricks, Inc.

Human SettlementsDevelc_EJ_t

e=poratio,m_c) - _ of m_an _ _s) 5. C_OC IndustriesInc.

- _o r_stribute

income;to generate

revem_ (ommm_1

venture}

- originally_o u0rrect for absenoeof manket _e t_ risk ar_ unuerta/nty;

_o _

re_e

(_m_rc_l

venture) 6. _

_el

PhilippineNa_

Bank (P_8)

- t_ save "distressedindustries"

D_ao 7. O_o-Cheml_]s Phil.; Inc.

National InvestmentDew_,_nt _t_n (NmC) - Phiti_ine

_mmk 8. _tal

Manufacturing

__._

_opmmt

- to ge_exate revesme (ommerclal ventx=e)

(mm) Bank of the l_1_p-

- to save "_:zessed

industries"

pines (ram)

9. CaSayan Sugar Oxporaticm

_d/il_pineSugar Cmmlm_Lon

_s_s0_0m i0. CelluloseProcessing

National DevelopmentCorporation

- _ __._

revenue (ccmne___l venture)

- to save "_ _%ressed industries"

]:.mm_,_ (Mzn 11. Oorfoods, Inc.

Human SettlementsDevelopment

oxporation(smx:) -_ of Human _ts 12.

Delta MOtor Corporation _

Philipp/neNa_ _

- to redistributeincome; to generate

reamue (_,_

vem=_)

(_mS) Bank (PNB)

- to save "distressedindustries" ,

,,r,

â&#x20AC;˘

_%_

_ise

o_trollir__/ies

13. E_t Visages A_ricul_u_al_ Projects, Inc. 14.

Fil-Oil Refinery Corpo-

rati_

_ive/s

Sab-ABasinDenatUrant Autbx_ity

- to zedlstr_ute income; to genera_

_eyte Sab-A)

re_mTue ((xm_exc/al venture)

Phih'Rpi,e Nat/onal Oil Cumpany

(m_c)_

of _

- to 9m_mmte

reamue

Is. _

Fa_ _ D_el_ - _ _zreutfor_ Corporation _C)-Hu_n Settle- riskand m_ts Dm_%qm_nt_ti_ mSDC)

16.

Nat/ritual Develolmlnt Corpcraticm

Herditex Text/le Mills

(uua_-cial wnture)

_) of marketdue _

- to save "distressed industries"

_c) - sk_m=y of T_r_m 17.

Integrated F_

Mills,

Inc.

Southern Philippines Development

- to _re_4.qtribute inuume; to g_mexate

m_rity (S_A)-Minist_ of HUman_ts _mS|

(umm_v/alwnture)

18. IsarogPulpandPaperCo. Develq_mt Bankof thePhilip- - to save"_-tressed industries" pines(ram) 19.

Iakeview Industrial Oorpo-

raisin 20.

Meat Packing ___corpmm_nn

Devel(Emsnt Bank of the Philip-

-to

save "distreesed industries"

(ram)

GOveL,,,_.tService Ir_mrance

- to save "_Istressed industries"

sys_m (Gs_s) 21.

M_land

C_mm_t Corporation Dewel_

22.

Mimdanao Text/le OorporatScm

Bank of the Philip-

National _opment O0rporatic_ _3C)- Ministry of Trade and

- to save "d/atresse_ industries"

- to save "_%r_ssed

industries"

Table1 page6 â&#x20AC;˘

23. Na_ Aero M_af_ch_;__ing Phili_ineAero Devalopm_t - to correctfor o_pit_1indivisibility; ___corporation COrporation(PADC)_ of to correctfor absenceof _-k_t due Tran_ortat/cnand O_municat/on _o riskand =x_inty 0Â˘_C) 24. Naf4r,_1Precision Cutting Na_nn_! _opmmnt Corporation - to save "distressedindustries" Tools,Inc. _mC)-Ministry of Tra_ and (_) 25. Na_

26.

StealCorporationNationalDevelopn_tCorporatic, - to save "distressed industries" (m_C)-Ministry of Tradeand ....

m_, m_ix,

L-_.

27. NIDC 0il M_1ls

m,:_,-_ _ _mC)-ain_try y.rnustz_, _rI) _ _tio. _atior_

C_-poratim of _ and

- to sa_

"_S_

industries _

_L._nt Development - to g_n-ate revenue(ommarcial (_DC)-_dli_ine vmture) Bank (PNB)

28. PaperIndustries Corporation of the z_i.].ippines

Nat/ocalDevelopn_tCorpozat/on - to save "distressed industries" _Dc)-__lop._t .]_m-,kof Philippines (r_p)

29.

Paragon P-_er Industries,

Inc. 30. _

Bank of the Philip-

- to sav_ "distressed _tries"

pines _BP) PaperMills,Inc. Natioml DegmlopmntCorporation - To save "distressed industries" _DC)-Ministry of _ and

page7

e_:_ic __,"wise

oontz'o]3..i_ J_jeecy/ies

y,oti,,,e/s

31. People'sLivelihoodEnter- Tec_ologyResource O_ter ffSC) prises, Znc.

- to r__ r_a_e (_

32.

- _o correct for capieal indivisibility; _ _ for ahse._ of marketdue

Ph/lippine _sso_Lat/on of Smelterar_ eefL_ing

Nat/or_l Develo_mmt(knl_eration (NDC)-Ministry of.Tradeand

oorporat/on

33. PhiLippinem-,osp_te Fertilizer(_t/n_

Na_

(MrI}

_oriskaria L_rtainty

Dm_iolm_tO_cn

(1'_Â˘_)_

of _

i, oome;to 9enera_ ven_-e)

and

- _ocmrrect foroapital inaivisibizity_

%0 correctfor absenceof marketdue

z.na.et_ (re'z)

to n_

a._ wcec'cat..-,_

34. PhiliRpinePla_eMills Co., Inc.

Nat/ritual _t Oorporatiun - to save "a4-tressed industries" (NDC)-Ministry of Tradeand

35. PhilippineN_

Ministryof Energy(MDE}

Oil

em_my

- to u0mtrol, a strategicactivity

36. R_C Alcc_1 Cc_peratlaa P_ __ppineNat/cmalOil Cumpm_

_0C)-Mi_st_y of _ 37.

Re.on Te_e

and

DeveLopmentBank of the _

plies me_)

tion

- to uorrectfor a_mce of marketdue to

(_)

risk and - _

save "distressed tnJustries"

3B. _ef_ O_ration of the Phn/ppines

Nat/on_ Developer Ccrporat_n- to save"_i_ e_C)_ of _ and

39.

Solid Mills,

DevelopmentBankof the Philip-

- to save "_4-tressed industries"

40.

- to save "distressed _ies"

Inc.

Textile _

f_ring em_ora_

pL_e 0_) p_

Bank of the _

_ies"

41. _c_ozogyvemufac_-_ing _Zog_ eesource center(_c)- - toredistribute income; _ate â&#x20AC;˘-.,..,..-.,-. , .,.:"and.. _eve_mt.-<brpo....... " _-try of_-,.:. se_ ._ _.. ..... _.:.....=_..e _4oommsrc_z .. ve_ ........ rat/on,Inc.

(MI_S)

_.__

,,sa_._

_r, qT.Z-_Tt_z _ -

(..':m'n:.ATUa},..

_umr_-m_ .UTm__

t:_ _u'_._

urm_ -_

(;:x_ uoT'_

_.TP,

o"._.-

:,-,_,_ ' (aS:z),m,UTd re.p,_:o_ :pz___

_._

°(e_

_p, _o _o UOT"4mzcx:izco :l.umu -cTol--et,a_ pureuot'4mu-4w.x:O"I .,"QOT._T.q

uo_mmo ,_I_

:,o__

(,_m)UoT-4z_,s_ _T/T._,oe1_ l'mm.T_,_

o'4-

l-_m'_m* Io Tox_o

o"4-

(mml)/,6mm_Io __

e_o_

o_Tx _.o_(o_a _

uo.r4_._:x]xO _

(S'S,Z) (_m::l.Ua,,,. Zkn-o. zamz:_) _ _"4_ oq. '7,.._ .m'w4..r'_c:xm pr, m _[sTa.oq.azzp_

Te.m_ _

"9_,

TeUOT:t_%1 "S

uo.r'4__

(zaz.Z)T_mpzzZ _:o.&__(oo_B

V.m _

•I_

SeT//_,_ _uT._

_ i

.oTm_ i

T oTcP_

*_J,9 t

Rf_rlrJ._

*4. Naticzm_ Izz/gaticm

_mlnlstraticm *5. Faro_ _. . merit c_t_m 6. Publlc Estates_

ritz

@era?lies

lÂ˘_tve/_

Ministry of Public Works

_-4-tryof _ and_

_m)-

- to oorrect for oapi___1indivisibility;tocorrect

for(xmm,,_-, ectezna_ty; to redis-

Wm_(s

Nat/onal IRxx_mv/c ar_

_e_mmt

- to _ for_ t0 r_zistxlbu_m

external/ty;

- to qmmerate revemue (oom,,_-_ venture)

_ority

VII. _Ik_I_mOiq_(_B

I. Air_

National Inves_.a_t and Dm,eloBmm__t_, m'mC)-_/]/pBiae __ Bank (ram)

- tOsave "distressed Inc_stries"

National _

- to save "distressed ir_1_,_tries"

Air Minclanao

*3. Light l_tilway

Transit 4. Luzon _Ing

oaqx_t.km *5.

tvL-,_=-o Venila Transit

oo__ 6. Natio.al Gal/eon o0_p.

Ministry of _tion

- control of rabaral _ly;

andOmmmloatio.(szn_) Nat/omal De_

oapomttc_ _mc)_ of _ a_ _

to oorrect

for(zm,_BLa%_zm _ity - bo save "dlstreued _es"

0_I)

M_-_:-trgof _ram_c&'_ation

- to ocz%'ec_: fam__

eslamaea/ÂŁt_.

andommmioation'_TC) National _t torsoration(t,DC)-aln_stz_ of

- to save"_-gressedinmmtries"

Oont_Zling _jettoLliEm

En_

v_r..i.ve/s

Pant:ran_ _

z,c.

]_p_s,

Na_

and Devel%T,,__sYc - to save "d3m:_

oc¢_z-at.t_ (mzx:)-_Lt_t,e

_austzi_"

Na_cmaZ Bank (PSB)

9. nUAippine _ Develolmeat Om_o-

Phni_irm_ Develolzmnt O_po- - to_ for_i_] inaivisibn/ty= ration(PADC)-Mi.i/mzy ofTrarm_ • tooorrect fc_ab_mceof-_,_et due

raticm

txz+..ation and _ticm(_S_C_)

z0. l_t_Li._ine_

Aero_

to risk and _t-_

- _ ger,em_ _

O_t/on (PADC}_ of _aztsp_-_tion ar_ C_,=.mic_J_on

Inc.

(,x._,_.._

eo_)

11.

Pl,_14qpj.neAtr_,

Inc.

GovernmentSezvi_ _ .__t _t.ic=

12. t_.__

_,_=tz:ies"

- to _

(_C)

sel_,_ ra_

- to save "¢U_e¢l

ve_t_e)

(I,AIX_).-_a._,_cr,zof

m:nc) i..I. R'ti.lipp.l.ne 1'_la_ Lines

ML,_I._Cczy of _tio_

_t.i_ •14. Phi__ Railways

@s:_)

REnistzyofT_and C_.-.unicae_,_n _)

and

- to _

for _

of market

to risk az__oec_m_

to gerwcate

- o0¢d:rolofnatural_y; to_ for ommu_ externality.

•'Table 1 • PageII

PublicEn_+e_q_rise

...... .-

Controlling A_/i_

...........

•15. Phil/ppinePortsAuthority Ministryof _ansportatlcmand C_,_u_aticn

_ -

Mo_ive/s

of oonsumptlon na cte m_;_

- to correct

16. PNOCCnx_ Oil Tankers, Inc.

_ir_ Na_ Oil __ (PNOC}-M/nistry of _ _EE)

17. _

RdllppineNat/onalOil Company (T_10C)-Min/stryof _ (MOE}

- to omtrol strategicactivity

18. Rrc oiica_ier,Lnc.

_iliRpine National 011 Cm_my

- to_ntrolstrategic activity

19. _

PetroleumCarriers, Corp.

_.mleu.

Tankers,

20. _

Na_ (PNOC)_

Inc.

e_i.t_L'_g andTransport _L-_

Oil: _

_t_l.

OIZ_

Philippine NatiunalOil _

22.

Philippine

Rm_uroe

_uoopter,

_nc.

_t/on

_ero.DevelcLmne_t

'nE_rtation (M:m:) •23.

Phividec Raih_ys, Inc.

24. Re[xd_icT_msportand

_ _

S_-'a_gic act/vity

of _ercjy (MI_E)

21. Pt_0C TankersC_poratlon Philippine

- to uontrolstrategicactivity

(_Dc)_

- _ c_=ol _=,'ab_.c _-'t_.vity - to 00ntrolstrategicactivity

_ to gm'_"ate revenue (oomme_'oialw_'hn-e)

and Cumunic.att_

RhiliL_ineSugarCommission

- to 9enerate

zevenue (._:....-._,'_! vent:ure)

Phili]_ineSugarCc_m_d.ssion

- to 8_nerat__

(oc_0e_clal venture}

tO _0

Table I

Page12 i

_ic

_.ter_ise

O_trolli__lies

-i. _cmma_oa_

Na_

*2. Bureau of Posts

Ministry of _tinn

C=p_ati_ eqDC)- - _trol

D_ei_t

O_.Jcat_

_bti_Is

and

_EC)

of _

_zy_

I:o

- c_ntrol of naturalmu,o_l짜_ to

correct for_o.

_ty

VIII.

i. MiB_-va Rafrigerat/on.. Southern I'nilippines Development n_cries Authorlt_ (S_

- to re__ __-tribute Jx_ume; to ga_erate _ (_ venture)

2. People'a T_mo,logy Tern/real OompZe_

Teclmolc_Resouroe Oenter(TBC}

-. to re__ _Btribute ir_ume_ to generate rever_ (_ vaYo_e)

3. _Yc/on.l _

National Investment I_velopma_t O_worae/o.eUDC)-_'_.e _at_ml Bank(P_B)

- to.get.rate r_v_nue(_o_-__rulal ve.b=e)

Gov_m_nt

- to save "(_tstre_edin_mtries"

IX, __CNS 1. _ulal

Bank of Manila

Service _

{GsIS} 2. D_v_o_R_t

Bank of the

R_tlipBin_

Na_i_._1 _

_ty

and _

(M_A)

- ori_y,

to oorrect for ab_EK_ of

-_,'ke: due to riskandum_rtainty_ to gererater_,enue (cummerc/al venture)

3. _ine

*4.

Bank

Servioe

Mi_4-,_ryof Finance _CF)

- to r__i-trlbute__

Na_

- to oorrectfor o_mmi_k_

and DeveloBm_t

to generate

_(._

.Table. Page

1 13

. .

•.....

Public ]n'_te,"prise 5.

Grains Insurance _

(:_:m_ Na_

_%ger_=y/ies Food __ty

(NFA}

c=_rat_, _c.

- t_ _

*6. Bu,e Developer and Mutual Fund 7.

_.ive/s

F1nancir_ Co_rporation

for _

of market due to risk

u.ceruU._

Ministryof _ (M_)

_ts

- to oczrect for _ r,_istrilmts :ino::me

Ministry of _

Settlements

- to correct for _

_ms)

extsrnal/ty; to of mark_=tdue to risk

and

8. Intermt/c_alCarpcrate Bank

De_/opma_ Bank of the Philippines (mm)-__ merit_ (NDC)

9. T_ndBank of the R/I/ppines

Si-4-tryof m_'arianSefom (_ma)

- orig_11y,to oorrectfor abseneeof market due to risk _ad u.cezTalnty; to _.rats reverme(_,/al venture)

rand Bank of the Philip_

- to gemerate revem_

(o:mmerclal _emture)

mme Fh'mncL_ Cozlx=ati_ mec)

- to save "_

_es"

Kinist_

of Trade and _

- to oozrectfor aI:eer,ce of marketdue to

- to generate re_ra_

I0.

Insuranoe Brokerage

to save "distre_edir_,qtries"

(um) 11. waunlad_ Assoc_t_m 12. _¢,t¢_

ar_ zoan

I_ve.lq_ant

___n,_:x_t.to.

13.

I_C _

Mir_!_,

Inc.

Na_

(m'n

C_po-

risk and_mc_ca.L_ (_dal

venture)

ratim__DC)-Mip_-try of Trade&

_i) 14.

Na_

and

Philippine Nat_r,_1 P_nk

_ve_p_mt c_x_at_ ,15. Na_ Home _ FinanceC=porati_

- _o correct for _

of market due to

riskand Ministryof HuronSet--is _)

- to correctfor cuasumpti__I to zed.iatr"._l:mte_

itys ,,,,,

"Table 1 Page 14

.......

Pubic

Ent_cl_ise

Omtzo_4r_

_jenc-yIJ_s

Mc_vels ,

16.

l_i_h_e _t_n

Crop _urance

ML'_=7

of FL,_nce 0_}

17.

R_I/ippine

Deposit

Na_

_atic= 18. _

Z9. _

_terna_t/trial F'ma-_,

Ltd.

20. PhilippineNa_

21.

and -

_velopmmt_ty

Bank

t:_il-_ppLne VeZarmm InvestmentDevelmpmEmt ODzpora_

reva____(omm_Aal

wsture)

PhiLt_ir_ Nationa.! Bank (P_)

_'_o g_'at_

venO.we)

National Econumic and Develc_)Authority (lmm_)

- origiv_,11y, to correct for ab___, of market due to risk and _%y; to generate (o,.=u,,.:,,.__l venture)

Ministry of Naticmel Defense _ND) Phil/ppLneNaticcal Bank (PNB)

23. Pi|4_,ma Bank

Phil_

Na_

__ial

- to zedistzib..,t:e :ixcx:,m; to generate revemas (oc_mercialventure) - to correct for ahsemce of market due t_ risk and uncer_,_nty

Nat/onal Bank (PNB)- - to save "distressed/2K%astries"

Nation__t merit _ticc

_ eUDC)

Food Authority (NFA)

Board 25. RepubllcPlant_.s Bank

for absence of market c_e to

,d_sk andtmc_talnty

Na_ znvesmmntand - to _rate DBve1_t C_raticn eUDC)R___-_ _.a_ Bank {_m)

22. P_8 Venture Capit_!,Ltd.

24. (A_K]an_mrantee Ftmd

- t_ correct for absence of market due t_ risk and uno_A_n_ _ - to o_'c

- to correct for absemoeof market due to

ri_kan_ummr_/nty PhiligpineSugar C_,,dssion

- to gmmrate revenm

(commercialwnture}

mmu_zrom â&#x20AC;˘"26...._ _SociaL_.,Securi_j: ,S_st_m.. .... ._._.._._.}_xmcmi_...and ./)e,.-e/op_,_ ,. ....... ...._, _F_.. czkrz_ct,,for...czmsum_i_...exe.e*7_I [_r

._mt_ty

(_r_)

'L"able1

Page!5 i

Pubic ____e i

_..i_Is

[

27. Summa_ c_'poration

xa_ _ct:nmt _t.i_n (z_c)__z_, of Tra_e and

- to mwe. =_

28.

Ministry of Fixmx¢_ (HCF)

- to omCzol ed:rat:ecjicac,t£vity

Export and Fc_-e.tgnLoan O__

29. :_u_=t_ roan_ X.

OmtzoZLt__r_cylie.s

Gua_--ant_ and

in_ust_es"

ea_ of the _d._pp.tnee - to o:_ect _0zabsence of _ dueto _ (C_) and_; to redts_ibute L,come

_._G 1.

Asia _es,

Inc.

Na_

Developmemt Oo_t_m

- to save "d:LeP.zee_e_ irclust__es"

zndu_c_0_z) 2.

Beta E1ect_c Q_xation

Na_

Develc1_t

_Ltss _

_mem Settlem_ts Development

oo_x=at_o_ms_c)_ Human_ts

*4. Center of _,¢ez'_tional Expceftiuns and

5. E_t Visayas __es

O_a1_m

(_c)-_p_Pu_ of _ade and znem¢_ e_z)

_:Lrm _tic_

(mS)

L,d:ez_cmai (PZ_)_

Trade of

_-_yte Sab-__Veve_c_t

- t_ save "_

- to redtstz_Ce

in_s_i_s"

income

- tO cc_'ect for _ of market due to _ uncer_a_r_cy_ to _ for (rr_

-w__o_e_

t_ ge_'a_

_r_

Table I Page 16

.....

.... â&#x20AC;˘

Public _oezprise

OonL_ollin_ Agenc_/ies

6. FoodTamdral, Inc.

Na_

7. KoRP, I, Inc.

NationalDeve/apm_tCorppration - to save "_Jmmsed _C)_ of Tradeand _try e_I)

8. Nation_ SugarTrading Corporation

PhilippineSugarOmmiesion _.c_OC_4)

- to ex_oit .zmo_ly powerin international trade;to generate_evenue (__ial venture)

National _t

- to generate revenue (oaL,t__rciai venture)

NDC-NACIDA Raw M_ter/alR

oozlx=ation 10.

Petrophil

11. Petnm _A

FoodAut2nrity8_A)

Motive/s

Corporation

- to correctfor absenceof marketdue to riskand mm_talnty; to redistribute inom_ industries"

8_C)-Ministry of Tradeand Phl]it%pine National Oil Omapa_ - to gemerate (PNOC)-Ministry of Energy (MOB)

Philippine Natic_ Oil Ompany

revenue

(oomme.r__'_!..venture) "

- to generaterevenue(ommercialventure)

(PNOC)-Ministry of Energy _DE) "12.

PhilippLne Internally1 Deuelopment Oumpany

Philippine International Trade _ (PI_)-Ministry of

Tradeand L.a,.__=y _Â˘I) "13.

Philippine Ineerna_ Trade Corporaticm)

of Trade and _ _EI)

- to cozrec_ for absence of market due to risk and _mEta_y; to cozTeot for consumption

externality - to correct for absenue of market due to risk and tEcErtain_; to omrrect for o3mstlRptlon

extema_ty 14.

Philippine Tc_accx)

Minls_

of AgricultuLe (I_%)

- to redis_

incum_

Administration 15.

Philtrade USA, Inc.

Food Tezmip_] Inc. (FTI)-Na_

FoodAuthority_FA)

- to generate _

(_ial

venture)

(_'q.uaA Te'_._cmoo)_

_ -

C'lOomoR_[ _gu'rdo'[TCr_

(I,m) _

t,,__ .g_._

eu_cx,'T e_v__

uo'r_u',_m_ _ _,_,z_._.

co,

TT-O-TT_"9

ixm _:_e,_

,_q_Tul:J_(;:X2_i) UOT'__

o_-

co.-

(as"0 mu'rc_TT-c'r_ _ _ _

_ _

_ ..c__

uoT"._. _:x:l.=:O

_'L"_'_[_

-_:,,. "_:

uoR'e_

o_ -

.se'r..---,-_ g_n_=_m_. _

o:t.-

.m_._ur,_7 L0_m._m._,,_

(sm_.):_."m_ Oa, x)_e_ _u'T.c_T,'cTq_

_o,.TT, n,Uq.T_"I: _

I i

•

_ _S_, _ _(::x_ _.. __,_ _um_k_

-ou.z_

_-ooT-4_

"]:x

"/..I

/.I ....

I e'L'q_T,

•Tab_ 1 _e18 i

_blic _xcer_ise 8. _

nayanne_2_

con_o:Lti_ _e_'yli_

_iwls

,_ nm._of the P_t2iz:,p.izJ(Lm_) - _ Veneratermm.._ (oamm_

_ _t.i.m_

i0.

Dew_q_m_c Bous_'_ C_1:x_a_on

R_i21_

_lational Bank (Pnn)

- to save "d.t_

_es"

Ha_onal Bank (P_)

- to saw "clts'__

_ies"

12.

- to _

"13.

Na_

_._

Raalty Oor_ra_ _

14.

_'_-Estat_s,

15.

;a_chccity Y._. _e_)_y

oevelx_ommtCx_loo_t_c_ (t_x_).-_ of _ an_ (_,_) ._ .

Na_ _ (m_)

- to save "c_l_t_M_l "__"

Ministry of HumanSeCCl_n_ts 0qBS)

- to oo_'ect fc_ _:_r_ to x_Ltstr_ inoon_

Natim_ 6_C)

Developmm¢Cccporatix_n

- to _te

X_0pm_t

- to save "distzessed _es"

(X_C)

Co_orat._

venture)

venture) exte_1

£tyl

z_ver¢_ (_cnm_..,_al venture)

-::_

16. _

_ty

I. oebuveteransPorts services,Inc.

_e_

- to _

venture)

veteransIz_bs - to z___ i_oome;tp generate _ I_ve1_t c_tton z_m_oe (oamm_ wmtuze) _)-aim_ of _aticr-l Defense(_)

Table 1

Page19 i

Publicmnte_se

co.trolllng _z_mcy/ies

_ve/s

EEl) Data Center

De_

Bank of the

Phili_ines(mml 3.

_mm_t

- t_ gemerate _-v_.ue (ommerdal

venturel

Devel_mmtBankof the

- to gmwraterevem_ (_._LI

4. Hote__1 Devalc_ment expmm-

Develo;msmt Bankof the

- to save"distressed ir_ustrles"

5. _

__t Service _ syst_ (GSIS)

- _o save"_=_.ed

Kar.UaganF,otel _), Inc.

Gov_.,ent Service Insurance System(G_S)

- to save"distressed i_lustries"

Lumg Center

Ministxy of H_n

- to oo_

cumpany

Ent_prisesof the Pb__

inamtries"

6. *7.

of the

Lm21_ Sab-A Basin _ MeritAuf/zzity

settlements

Na_ _c and Development AutSority (l_II_)

for oc_umptiam

- to _ for absenue of market due to risk and u_cert__nty; to

z_ibute "9.Lm_sodng _h_e_n_C_i_n's ebspi_

Ministry of SumanSettlammts (ms)

inoome

- to cnrrect forocmsumptlon extema_ty

z0. varam_ Hotel amdResort Combat/c.

Developm_tBankof the _ines _em)

- to save "_Ls_essedineme_iee"

11.

Gmvermmmt Serv_oe Insurance

- to save "(Listressed

Mam_l_ Bbtel

_ticm

industries"

S_.;_- (GBIS) 12.

l_'_;;a

l_u_'in

Hotel,

Inc. 13.

Manila Psninmda

Hotel

Deve/opm_t

Bank Of the

_in_

(ram)

Developmm_t Bank of the

- to save "_ _-tressedindustr/es"

- to save "distressed industx/es"

Page 20 i

•

P.blic _._

Ccn',=ollt_ hg_--_,/_s imll

14. Na_

Service_

)_./._/s

Na_

Bm_ (R_)

15. Marlkina Plaza_jora

Phllipp_eVeterans Znve_mem_ a.i_eve_t _ U_IvII_c)

16. _C

Nat_

Holdi,gs, Inc.

DevelopmentOori_rat_

(_c)-a_._

IS. Parw_y Agora_" c_t/on "19. _

Fisheries Deval_ment Authority

*20. PhilippineBereftCent__ f_r As_ 21. pb41_r_1_ Botel/ers,Inc.

_e_t

- to realstrlbate _; rev_m.e(_

(,._.,,ere/al ve_ture) togenerate w._ure)

to generateru_enue (comerc£.l venture)

of Tradeand

.17. Northern Palamn Develoi_ent Phi_ppine Fisheriesand

Authority

- t_ gent-ate rev_

__ty

- to _

(PFDA)

for o0mmmptlon extervality_

tO re_-tribu_e i.cu_e

__ veterans _ts a._Devel_t Cor_oratlon _nulmc)

- to re_Lstrlbute i._me; to ga-_te _ (0omm__lal venture)

National Food _d_ority (NFA)Ministry of Natural Resources

- to correct for o_nsumjL=#_i_ exte_rr_ity; t_ redistribute

- tD correct for consumptionexterr_1ity

of P___ ]th _)

Dev_lopmmltBank of the

- to save "distressedIn_stries"

0xm) 22. Phillp[_hle Ir_rlmt_ek_l Cormentton_center _

Ministryof Finance 0_C_)

v to generate _

(oO.m_=ial ventnre)

23.

NatiUmLl _

- to gemerate _

(oummro£al venture)

Phi_

_erL-_

Sbil:yard _

_ti_

24. PhilippineTourismAuthority

_t _

and

(_o_ _

eUDC)Ba.k (P_)

Ministryof T_urism _DT)

- to get,rate revera_ (coamaro_1 venture)

Page2i i

]_se

Contz,-,_14,_j Agemcyl:Les

. .

_ ......

)k:*.1_../s i

*2s. _Ltim_e_-aae_it_ts

m.-_of_e_]_l._

O_z) -to_f_:u=em_Lonextene_ty

26. _t).tm:le Inc.

Food'_,_,_

27. et,_ce_e',ac_eemt ane s__ces

P_u:h;;i__oli_ (moc)_ of _

Imm

-to_umem_ vmb_)

(omne_t_.

28. R_cmr'_me_t.to.

]_l.t.t]_me_jmmio_1_ (m(x:)-m_st_ of _

(ram

-togeme_tez_sme wntmce)

(_._._al

*29.

_c,o _

_._ "

Inc., (t_)--Z_'_,'_

_ an] _eve]xxlmt _t_on (nsDc)_ of -_.mn settlmenta (ms)

- to 9enera_ z,_em.le(,_,._s.1.

- to _

_t_

, 2

30. _

m_ua _

31. S_Ra.d_O_tlx_'at.to.

CUe_)

Bankof the _h_aAmtnes - to _

_Lt_pI_l_eVete_ms _nvut=_:s

Sn_mt_es"

-togm_rat__

(m{IvI_C) 32. __b_bl.q_

(_ven_n'e

_._t_ofB.m_Se_

(mS)

-t_c_-t_o__o_maz_=t __ to gemerate ze_m_e (cmmme_w__)

33. Tectmolog_;_scxm_ec___

*34. Hsnila _ntem__ 3S. mm=t __

(Has)

of _

Settmlm_nts

_ zoneA-ttm_tw

- to (x_ f]=_. absemoe of maxl_ (_e t]o_ anc_ __ to ze:11st:r_J_,x:x:me . to oozzect_:_ ocmm_.t_ _!tt',Z

mx,.ts'c_of _

a _-_.stz,Z

- to _

(_.,._._

......... *m_a,i_-,m__i_,__--.,e_e-_e __,(_,_be _.m_-__ng-e_e -_,_,m__ ._b_'t_ba_ __ alle.tries with_ oc_ theblggersetoo_ to the_ _f.i(_.

_e_u_

_) _

Table

ILLUSTRATIVR I_BLIC DTE_RISE CASKS, STA'f_ _IONS, AND VIOLATIOU OF 3_CllCY

FOR CONDIT[CffS

Public

Enterprise

Cases

Water Supply S_orage Telephone systems

Stated Internalize

Cigarette manufa.cturing IA quor, distilleu

Offent

Motiveo -_ .. externalities

•

Assumption8

Convex consumption Set

Violations Consumption Externality

externalities

Public utilities such as electric power supply, teleco_unicatto_

Control

Capital intensive industries such as mining, oil . exploration, end heavy equipment

Control _ding heights Provide entrepreneurial supporttsubstitution ,

end oil

Min/ng

Violated

monopolies

Convex Production Set

Increasing returns to scale

Capital Ind£vi8ibility ..................

Provide entrepreneurial ' _[Jte_e of full 8upport/Bubetitutt6n set of msrket8 .................... '.i_i .i.i .......... " •

Absence of market due._to risk and ...... _ert_ty

exploration

_-scale labor inte_slve enterpr_as (e. g, _rou work, slaughterhouse) 'Sick t tndustrias •

Incresoe emplo_nent Raise output Train 8k£Ued umuLgers end tecbn£cim_s Utilize resource efficiently Prevent bus_ene failure Promote pr/mary exports

Full enplo_esnt of resource

Labor unemployment

Excess .......

_ -

Capacity

(Table .2 Continued)

Public

Enterprise

Cases

Pioneering /ndustrtes such as steel, hydroelectrlct

Stated

Motives

Ass_pttons

Provide entrepreneurial s_port/sul_tttut£on

Perfect,

Violated in£ormatlon

Violations Imperfect _nfozlation Divergence between private and social costs and benefits

£et/liser

atsee

Choksi

(1979),

Source:

Diokno

(1981)

Table

2.1,

P.8

and Jones

(1975),

Table

9-1,

.p.l&$.

p..8-9

52-

BZ_I_RAP_

Bus lne$sday, I000 ezon C

Cot

rations

CxmmliBsion on Audit, 2982 S_ on= Government-Owned and Self-Governinq Boards and Universities and Colleqes,

in the

Phili

ines,

Annual Audit Report Controlled CorDoratlons, Commlsslons t State Queson City: COA, 1983.

Camnlssion on Audit, State Control Over Public Enterprines, Queson City= COA Research and Development Foundation, Inc., 1983. ,. Commission on Reorganization, Inte Plan, Philippines.COR,

rated

Reor

anlzatlon

Dhlnatayaklnaut, K., "Employment Effeot of Publio Enter' prises in Thailand", Counoil for Asian Manpower Studies Discussion Paper NO. 82-14, 1982. Diokno,

B., "Local Public Enterprises in Developing Countries= Issues and Practices" University of the Philippines S_hoo! of Economics Discussion Paper _a.__, Quezon City: UPSE, 1981.

Pernandes, P., "Public Enterprise - A word and Vision," in Yernandes, P. and Sicherl, P., eds., the Personality of Public Enterprise, Ljubl_ana: International Center _for Publlc Enterprises in Developing Countries, 1981. HanSon,

Ao, ed., _,

"Report of Preliminary Study" Organisation and A_istration 1968.

in A. Hanson, of Public

Hounelaux, JÂ°, "Consistency of Actions The Compatlbil___ of Decislon-Making by Private and Public Enterprises," in Margolls and Guitton, eds., Public Eoonomlus, New York: St. Martin_s â&#x20AC;˘Press, I969. 2BON

Fauts

and

Figures,

July

15,

1983.

International Monetary Fund, A Manual statistics, Washington, D.C.: Jones,

L., Public Enterprise Korean Case, Korea:

and KDI,

on Government IMP, 1974

Econnie 1975.

Finance

Develo_n_ent:______h_e

- 53 -

Hagtolis,

L., "Public Enterprise in the Philippines: Structure and Problems," Philippine Journal of Public Administration, 1969.

Musolf,

I. "Public Enterprise in Nation_. _=v=._pment" in A. Hanson, ed., OranizationandAdmlnistration of Public Enterpris_ ....................

Wi_,

S., "Management and Financial Constraints Public Enterprise" in Margolis and Guitton, , New York:

St. Martin's

in eds.,

Press,

United Nations Department of Economic and Social Affairs, A system of National Account, 1968.

_overc._t_e_

P_¢c_t_

.T _evtl_pn, rnC _u_ Phlttpp:ne_

o£ the (DBP)

11 _.265.7-$, L

.a,t_Jt $nr.earaCed

5._

A_eoc_a_ed

_,6

_ocaC_ucC£._U

_sJ

t.,,,_'_tena_J.

$,10

_akav£ew

5,L2

_,_la

5,1_

H_chan_

5.16

._f_lar_

cms_c

$. H

_clC/e

Ceual:.

5.18

Pape_

_'emt.£1_ _£11_

_._xclla

_m_ac_ur£ng

commerc£_l

_ek

_kta_

1_0.0

24_.0-_12._

LV_I * - P_td-_p

¢_Fi_all_at£Ou-

• _/

30.0_1

Tor,aL Z _¢acm

sud _wlo_enc

Zqu_C7 _Z--

_t_ore_e

c_.merciaL

Coc_x]rltlon

Iad_l_r_a.l

te_Ctlla

_utkl=q_

_acCur_

_0.0_./

[raJ,.d-,,O Ca_z_xZtza_/on

?_0.-

9S._:f

_ki-up

t161,7 -t

ca0_LI_?u

tGo,..',c. _:u£cy ?e.,-J.p._.a, R,at:ed,

hoz_:eLc_

_w:,s_moe

iev_C_e_t

tnd_cies

Corpors_-oa

Corp_rat.l_m Co.. Cor_.

cmee¢

Inc. of

_z_me

=szu(_e_,_

L63.._.1/ !l

68._1../

"Pe,.$d-_o,

_0.0 _/

35.Ce"

ccmeaC m_r_sce_'_n| _

_'hils.

psp_r

am_at_&ett_l

75_"_-'

cap£e._l.£zact.¢'o

_'239.0 _

_ad_-vP

c_Pl_a'_t:_t_a

I'LOt"_J_l

Fat_-$1p

aa_ic_ltz&t_o

I._,(T "I [I :_2.Z-

-1_

.)8a, o _/

_6._/--

s._ h,qm. _+_ _,4_,m_., _, 5+_0

Pbl_l_4_

L,'_

.......

• :r_mA_

• $.;6

•

+m+-

•

. ..... -

•

-'. "

..+ ,'

.__'..

-- - . • •

• . '++, "

"_ "_+_

'_ •

.,:

• / " "-"..":

."-" _.

.': •

. +

• ;..

_o._j

"_. ;

":+.

-'.-

+ ,

..:.+ ;-_-._+. . ,,. - ; .-.,.

. "

':...:+"

++_-3_';',"

..? : " . ':"

++.+ .....

,.:.,._ •.-:;-+

5.1z

_n_

•

• ,

• .

o,_q,_c '

•

• .

_.36 _

'..

_I+N_I_I_I..

• _'_ _

_,r,

+.;

.:'

. ....

.......

_ -, + .. -. • l_,._'.+

• "'+ .+_(+_.+__'_';'._5''L7_'.'+'":'.+" ".:'. ,'

--. •

..+

- _',:"

. . •

:. :LI-..-.'.._t_-':

. -.

....

. '

- ' ..-.

....

?..

..,

:.:...,.r.-

• _

•

" 111,_ •

'. . ._..+

_00._

.... "i.,+'r+

" "i " . "

_,.-,.-..,-

+7..oui: ,_

,-.

...

• ..'..-

, ." .

.. i ....... ' " ""

,.... . .y..oi_..:;i:,_(_"if..._!..;+..,/:_, .."

- ' ."-

.:.

.'.==-"-. ..- ...?'_'/:_"-!,:'

.,... .. .

.,'_ ....

...- .... _ - ,- .... ......... " ..+ -'.-. _' .

...

. .

..:

_:" '_.-!I/.':.'"

,.._..,.,._..._-._'_...,,.

.. , %:.

" "

--,

• _t

.._.+.:_...-._:_.o_./..,..-.. .... , Um.o_

... • '- " ': .'..'-_. ':.,7+'+_.'.:'.'-.",+','-...'+ '_ :" . ."/. ,_"_5 ,+._.-"'.".'_'.:++::' ' " .,,+ . . • . _ ,. . . , _ "Lt _ , ..; • • .'. i,;.'-,." .. -. L,+." +'- , _"'_" '.

., +

L :,.. .i,..,_.._, .,_"'-+_.,_. :,./.:!.':.:.:;-°",_+;!_-i..,:'..'.+.+;... :_'_'

mmo . .

•

" l'_,_.l

,._

+".""

s.. _,+...._ _m+,,-,,-: -i! +.:_4 +-.-..=_-:i `+:;:i_i!:::-+:L_ ._ii:,.'!": ,.'+:?:," • " • " + + • , ' " -. '. ..._T(..'+:+ ":i.-"f- 'i," : : "].;.: '

?A_-.e _.et_'=_,_m _.m#-':

....

" " ,._ +, ' . : ,, . . +_

.'- " /'... • ".-_'-..:'c'+_",,- ,/_.:.., +'...'. o : .+,. _.. ... <_+.... +.. .... ,,.. , : .... " ....•

" _oV

:.=.. ?:/ ! :':...- .+.+:.t r'.':'

+.'-" "" -

...:

.-.. .., ' .; ,- "' "'i,. "' .. '-. ", :-_:.i::_..,." '

-?+___+_.-:,..,, +_" ." .' ¢

" i +_,_' " -- ' ..

. •

' .".,,_+" -, .'m + _."-_.'..._;,:_.

• ,

-._. .- ......'._.L +.'h. ,_-.q: ...

,.: . i. ::..,,..,_,_+,.:

" . " 11_11o_11I_1_tI_._ml.,4_m_t_l._

.. _

• .. lrelk. _j_,, <_.'_ls) .- ,.._t_;_

II_u_te

+., ,,-++.. _ • -

.....

•.

IMP.

P_ .._._!_..

¢._mer,.l, sl m_.

_.-_=,_,_ $._1

Gov_t_.

5,3a.

J ?-(,.,ezaido

:_lXls

Corpe_l_ÂŁ_n

teztile

_nuÂŁac_,_i_

2i3,0 _'_t

Pic_a,lt

A-_

A-5

_e,rmb_c

ServlL¢_ I[_mcn_

_.d

1a 6. Z J_oJe KI4;n4 _q_csCtua, *. 3" _um_c

;_'.

aJL_

Hotel

1-_°

b_teLqr"

Oe.v411o_ar. ,%q_cilr_Lo_

l_7.,__j )

mrd_Jae "

PatJ-up ..:_.ptt,_,l. Ua_ri'-.'_,IPO_ lt.L'A_'I/

".-,,

6o'$

_l_tu

Ife_'_ll"lla._ A:_ClLmnra.'gt,d6 "

!_L$1tramr

" |9-_

" ,_.• o,,,t_.,_nmm. _._. _._ ,_._, ,m,_-_.

L,eSas_.o_mwoLX4at.u4ltlalel,

4.LS

lu_,ILA_It_

_-,,_

C_.

lq_z,'_plmt ltl_f.ml

e.tO

m_kM*

I_lrr ...

.u_+. ,

18+) _

,_.._3

.'dallAS

,_llp,oa_

6.16

;_,t..*-'_, ,:,.pl, t_lLlzst!e,r_ 1,1"f._J

coy:. _m+_,et_'

_._j..

,_ _. _,.

_L_

_ln

.. _lJ),l.l_ r"

1.0k _I _.g4.0 Z.; _ .¥J--_"

r,,,.._ _,_.,L_,_,

_,'-._/

_'_..t_:-.,,_. _e; _:aL:sac:L_.. e_s:.'._.'_-L_ _+_-;_

_ar_ti_a:t._

?ttd'_

¢4p1_.,lSJsm_|on|JI68. t_l'_$

ez-_]. 'n" ' c_v_. I_r_e

X-6 Gr.l,NJgum_t(

_._2

P_!,

t,_'_,_g,t_¢er_:t Tel. P_).

).2b

9_vte

b._O

M&tls _J£E_JB

_¢_

_,._oa ;_t_

JtSut 3¢r_qt b_mrg

_a_

_-_2.3_1

c_lr_gt_

¢)'._ 43._,_-'

_.¢_I_ •

L."g

Oo].?.r

30.{!

1_._ Ld_g* Shoe_c_U_, 13. t

*,5,0_/

k,Jseul) bJ_gP_l_

Eo:_];

P_r_£

S._t

"_/

9_.6_;

ICapq,c_ 1'.singCorp.

•

,.21

r_,..,:r

:_t¢_l_-_t_n

II.SO0.O_ t!

I dl.llla_

¢4,qmMl_ It GX III

_S _

I£<mllll_t/ _

_IKDceJ.t_ z.o._¢lB¢C

Oasr¢ C=I_

,_r+_

reel+

_le8atom

4ml.*r aI21.1NI

I.]1/._r

11 _ uoverum*ut Ca_pocaC o_ iq_f_f4_e_.r_ Na_onal

SubeJ.dfaur_a/kl[flJ_La_*s

Acctvf.¢ 7

_oauraJ_/f)

PRrc_mt _,av _ 100 0

ho_ 13 I

W, aclc_a2

Znve_Cwmt Devel_l_ms_ Corpo_at:£ou

13 1 I

AS: _£j

1_ : 2

esco_4 s_

15 2 )

Bie_lamlln

Lq Z 4 L S

Inc

ncr,_

air

_n_Lus cor_..t_a fqls:

coca*Clum_:_

100 O2.--t

¢o_

la¢

C_s_

L5 I I_

s_t_

_t_

|5 I $

tl'_Cloul

S.,,_t

1.5 ]_ 9

_*oul

Suits' _

36 O-1

L7 8 2/

$O0.ot/

raal _CSl_

19 (_ _

_0@ 0_j

,_4a_: _tJeekm v_ad_o .t.stl

Corp

13 % Is- P_ml_::anco N_l:h Zxl_rimG Ina

r. sm_i, 1_t_

1$ 1 12

_I_I[I_r._it

t_su

l._ 1 13

15 I 1_

Itsjm_

¢0

ot qan£to

Cos'IF

100 0-_'_

,:op • p,d.._it_ d$

manlpOV__

Carp

Sh:Lpya_d _ad I_S*$

euZa_ _t[_

Cmrp

1._ 1 J._ 1_sl:Janal garah_uslnI

.qO OIJ

_nLuil SUl_r p_wdius_f_

dmUm_ _U_l_

(.Die)

chute_tss

znc_

_blp r_ be _el_,

2 O 2__ _

100 0_'_

_-/

200 0 -_

t2 38).2-/

10_0 l-j

11_ 94--Z/ 26 987 _-I 1_

O_-j

01 -- #

II O--L_ 60 0l-I _¢ 0 _

.t_t_)

seem_ _omm

ILl .L _

l_dr+tt

U 1

,till'

,l_ GIIS. ','.'t_)

mclJ_-z+

_-+- .",-..:,-_+

I f

I t

,ku_I

i I

S,II6-1J'

IW It

!_ sc++.c_,_+_pmot,dsat(sS_t_tl) }_tlP,ddqlp_ e_,ml, vt,,+..,,,_of_I,,_ e_Sl of IP31

105,.0_

I G,,'m'¢_ l

tqltt I_atWPmll,

__K

_&,-_

]Weo

f_Oq, pe$_,,,I

1/l't,t+.,_ tee -,eec_.

27_ ?hZLtpFtmgazlmml Oil

_lr.t L'_f_tuS '

32.t

N.O

21, J Xal_nqpwCc.d,L_zaefoa

e_p.l_oration& xS_r4 ef ,,_a,1

87._

lO0.O

27. 4 ht_u

_cinS

of _ve

12. $

27, 6 I,et'u_pblZC_Jr_zZms

uart_'t_

o1[_-_X_,,m p_,'o_,,.:c- .107.4.

27, _ h_tt

t_t_r

2r. _1 FLlo;tXhf/m,ff

C_l, ot_:i_m

_l& _q_r_t_m

lrmJ_

Coqm_e_ln

z;. _ m_ coax_m_

17.2

e_q,_,r-c_ _ _

_ _

_1_.; 11.5

:_.u

_..

_._,m_

_ .w_

e_umrvacJ.cm a,mru_r_

.SO

.i_.0'

100.0 100.0

100.0'

_,_;._ e_,,tl.-._o,,,

100,0 X00.0

_ Ot'JXJ.f.n¢, l.m:. •

_v_,t3 _

•/.I$ _

_p_ttk_

_q._tttos

i00;o

10.0

l,_O"

_tl wq4_r_.t_o_

J8_,1

9S,F

O_ e_l_l_/._

a_ _

_?.t

Soee E_J_s:_

I'tL_.7_ --/

r,_8_mcA¢

{..__-,,_,_.,_ .." _,_______

._J_'_.__,

_M._*,.f_!z.

h_if.r.

___.3.__,._ z

_._.t &t,,¢L.

_].I.T

{'_

i.1|| f_ldrlrJ_¢.-'• ";1_.

II_.lilp_ll.

1:3f.._OlrLll_

_.1.,i_. P_I_ $taa_ipmu¢ & [,_.=i-e'.c;ll 5elvl_ss, _._,

_m_se

& r.4a_ateaJ_,_srv',.:e

:Y.2t

II_|Fl_.l_l m4 _'_lt_¢d[nLt

k'P_k:diit,L.e,p,l.r4l, k f'¢41_1._1' *_lr',).

i._.0

.J.l$

SO.O

_,1t_.._

_1_.3

15_._I

Cs.rl,w.r_m

;El, . lp._L:.._q,_rl;

end Ih_._l..

/i_.*ilr,_:e

t;_¢. -_.

_nl; _,vn:i_r ol cite L_:,L_.J'IPIPL,',es Idlil[

u',_mJ_

ot -'_l;S k ._L11¢4 _t,i_mm_

LO0.O

f_r _

k_ _._-_l,,I,_r,_

I_b_i_,

J3. t, c_,_,,_,

(_z'bu_ _Z.

g_tr.vez'_ir.l

z_c.

O._a.L t

_zs-'r._' _.oc":r,tt_ og Life

]D.,)_ "-'0" ¥.99

.too.o._t

99.0.__/

3..'._'_J_l¢_

.1.).t,i ,;_tCo_ (,',ST.'(:. _'_. :,,F..,,,,, "_;._

A_.O_!

"_/_.cr_b,L,

"-'/}9.'_

Sv_.dczSa_., 9.95

pa-"J-L,_.

&,-14

_oI

C.os'poc,,,r',,,0ib

.,,-_J"

,1_._ -.,

.15._. '_

|i_lOC, UI_,,

_._ _

,,-,_o_, _,_,.._,t

W_.. til_

_,., ,.,.,_ ...., _._._. _._t_.

vs_. _.

_,_, _,_._,,_,._-

.... ot.t,l,l_

.a_k_

.o_t._ i_ _ er_._'_

' ,..""

I_.

;

IL_OC _f,_

• •

,,_.

,_ _00.__

_ '_ _'_'_ _'_'

1_014 _

80T atS_

e_.o '_%" .'¢_¢Ar

,.o--.:erj_,__. "_rp_,r.tt t,_n

"37,

,_lar.-'.osal :i4,-,,,,,,, M_'r"_.',.Lte b'lr,._.:e.ae

39.

P_.l_4.'pt-.',_

._'-_'.._:_cJ,

e_ I ;,f_ : t1,_e.

*,:c_'i:_

__s,__.%._

Pot,z,

2_£

4 ..,__. - L_._ ..____._

Lg$.L_._./

.",.H,*c C_*n,:,_c _or .,_',.a.

_''_T_

**..-16 Cove_at

P_Lt_tr_

_mml_pluc

2A._

_l.S

..,

l_._t

IG0°O

Pam_thm_¢ r,a_dJ_W_, to;.

*_t._" e,_ma

h_'_

I_'_'_.

eat.

co_.

0.*0 J.l

6_.(_ __1

C¢_p., Ir_.

_oo.o. _

_FaL4-_

_qpl_t[

_Lc_k.

"_ :_art_

e_sy

i'l_s

_or_

_L.?r_. (.q,d.. (>_..

_x_ora$t_m

4, D_ t

O,_O_- ?.

•

_,I0

2 .*" _._._--

£:)'_. 6"

Cugpofatlo,

I_,_,_)

equ,.l,._,',,_-,[..._,

_.1

dO.O 2t

_?._ Po_._.c.b., _._ar_-tuq

(tt_,D_t :,'t';t_ tiT..,_,,..;I.1,

100.0

2/ ;.'dO.O--

LGO.0

t2,_

_csm_L .'31M4.'11::

+,+). _

,1ilk+-'_._.$,_t;_'_e:,,

,;9.;6

Dz,_.s_S._.ta

[sc_t_8

I._.

_!_ps_

;,_L,.'y .;+_h+.r_,*'y O.,_.,aCL:l_

;1,,_ "_'_'

1'4dC_.e_l._

;.r_.O+_':

l"/_+_:d' "@ :_F+I':._+-,C+_._+O /+_.';_1-

•

....

. _..-...

• .-.

.,'_......

•

_._at_.,_

q ,

,,,

....

. _ •

,,..

•

. • •. ,

.:,.

_0,I_ a_

C_L_,

_,_s_-

6_,_ I_. _I_ l_s •......

. -

" " ._-L '*.'*' _ "_':

. ....

,t ,.

_...

...1- _ • . • "_

,. _

., ,.

.- . .....

•

.. • _..i....._.,...-..._.__i_-_._%..'__._._.-..-'. _. ..= " , • .'.

,-_.."

_...., ._i,.'._,

..$ ..

.- _,

:../_ ..:".. __ _.

._,

_ ...,

......-.,-.,.

•.

• -,,_,__,,_u._u

.. , , ..,, . .,', ....... ... . . : ..,..., :. • ... .... ....... • .. . .. • . -.

•

: ..,

- .

",,., .._

.,_.-.-

,:_

'..-

-..-'.

.,,.

_,._.

•

f._

... =-

.....

. .'... ,_.:.:_. ,:,..=. *-.._.:..-._

:..,_:,_ ;"....;.... ,-_.... _ • - " " ' ..:...'. _ . .. • .._'_". _.'..:.. ,' '-. ..:_".'" .._._..;_'_'_ ... _._-_. :... _#-_,._.:-'_.. :._../_... •_,-'... -_ ..._. ....: ..... . .., : .....-. .'."-.-.'.:_.__,",'_ .-_._.-,_L_.,,J._'_::.,:__,-L,._. " ,..-, _ :_:,..',;'...: .,'-"_:'.,_:' ' ._'_. i_._,, ./:._,-},:_.-_._',_L!.! _-",',._ =__:_-:"..."S _-_ ., '"_" .. . • >... ....-_._ . .. ... ,. . _..-,.,_-._--.-_ _..;._,_. _._,- _ '_'_;- _ . . .*. •. .: . .. Ir_ ,_ _ ........ _ ,_ ..... _=,, _ ..... _ .=-.-, ...... ,,_, ...._ .... .._..,. :..-_.. :_. ._,, _.._,.... ,., ..::._ .-.;.-._. _-.:..., .. _t '. .

..', .- '.." • • '-" " • -' " ':', . •,'.._. :._. .._ _ ..... ....,-...':, ' __,_l_u

" "" /.

_-"_._.--. _' "" ...... ,,..I_

_JJ_q_._

_-_

._.'-_ # ,_.._ .'_.-_' .i_-.'7"_..":'.' . "''_ •

". '. ' ....... _...-, -__., , ..... ..,.,-.., :,,..... _.._,.

i ,, i"

•

. .

•

, ..,_

- ' .....

-..

' ". : :"'" __._,:_:/:i-::-_ /:__ :"_ _ :-",,/._.'.'- "".".: - -,_..__'-:.-::,-:_,:__/._._:_-_.'_.:".:,_..'-,..'_,L_._'_,.'.-'..-,., ._:. '.-' :-_-_i/"- . _........,.:-:..._._-.__....-...._.._._ , • ._ .'--_,',_. .. ,.... ,;- .....

Im_._ ,, •

__:_.

.._

..............-..:: .... .. _o._..___ _........

_:. "

:.V: ..."._:.--"

. . •

•"

.=..- ,. _.

.. "

...:._ ...._ . :-:"-,'. _" ... : .' ,

.•

•. "'

._.__u_.

"."

• _

.:.•

, ";.• .c•........ .

....

_v._ __"..... '. :., "

•

_':_i'!". :".7 ....

s_ '

• .

..,... •

_n..

..:.

. . _: _._._:_._.'_,..._.:.', . ._*_-.F--.'.'. _ - :.....

,....

,.-.-,., ....,. ....

, ." .

• - - -_ .

,. _

":....

1_'_

_,1

;

.= .,: _..._-

_)._*n_l

• _

..,

• •. .

-.-_,._'-. ,.

..,-...-.. I

_-_'["

.;.._ _/

-..

•.

,... .

....•

, ,-

. = -_,,_- ..-._._...- ..'_..,,,_

_.,._

......,

.' .... -........ . :,..._ _,.,.,-.'-,'-'..::;;-_',.._-;- ..,_.._-...._ ..-./., ..., ...._

. :

• .

._.

.-. " r:_r"Y'. '" ' . .';!F_:"'. "',''','_._._'."_,_" " --'_-,'_" '"._"

. . . ,

•

.....

' •'_•.' .

_.-.".'

i',"'. ' "

"" " ., .

. ...

., . "

,.. _ , ' ._. _:.-,,._-:_ ......_, ,m.:"._!i_,'-L'_:-_._':..,,;! '... : .-= -,_. _

"' • "

""_ _._ *." ..... .. • '..... *. : :_':-'"'_-',"'"_ _. _.....,....._, _ :*'_"" _".. .._ ."_ . .'.....i"" _- ,. -.. . ,.._.. . •

. • ,.

. .

. .._

.._...:... _-_.._._....._..._. ,_..._.%,. ,-'....:.'i_ ;..."_ !,, ':'. .-.._-.-'_ . ":... " " - • ";":

": . .

..,

...... _:_ ' l_v_ (_, .,.,_._..... .-_ .__..-'_"/,., ..-".... " ....._....• ..' . ...... ...... ...._. _,.., -.-.--

' "":• ".... '"...... -__.,._,_.,.._ "-_.-.•" ;" •

,..

._-. :...

_,_.::"-.i-:./: _",._ ., .._ . . ..

.... .

..,:

_••Ir_r_ ._._ _ _'-..._._,_ ._.._,_.._.._...,.._.:..._...__.:::._ v.._..-c _._.v,_• ,_J _•'. ""._, .,-.__.._.,_..-... /"". _ -.'. :...,._'-,. .i_II _.,_,;./....," ":',-_ ._.._'. -_;.:.._.., =-....' : •"

_._....... L,J_ _v,_ _ . •

_._ _

",-:,_

":._.:-_:_..._m_ ._-_/,._:__.:.j;._-_:.Y_=_/.

••. ..:-'_, '..: ' " • ....... , - . • • .. _ •

,......,.::._,'c,_.,._;._:_..,,,:_._;:,.._.. !..:._,_.:-.

-.-'-".;_!-:.,,._.._-.._-'. *, .,.*..,lie -..._,....._.',;_'_,_.,_..*.,._*/._._.._-_,_'.,.:_.-,_. ,

' - :'" _- "

_, ..,_...._,;..._ ._..z..-_...._:._.',,_I/_-,_:;;_.,:;_.._,._._:_:_.._,.... _:,._ _,..:.... _.-. . .... .., ..,

..... J

_,.._.;.__,

. • ,. ,. :

. .,

_,.. " "'..' "/,.-.qil4_,_l_..._

',".

" i

_10

• .

'. ,....'.:".:,-../...i-.__.."./. _

.-.,. ..

•

_'_C-Cu_hvte

t_.,

;_,_:_,_

_t. jrj_

--*,'_"_. ,.

_.o_" l-

•

r" ".

....

_,_14

;am_l_ • ° v. 5t_t

_ar_lQ_

..... + '

_r._s_ _lI

. ,

:.. • - ....

• : ,+ ._¢

1_.0 It° :]

•

41._4 •

r,.,u,,_..,+ l_;g

_'_I_

_1_i,

.w_'_'_V

"::"I_

•....

_!_I_._I_

t_+. (_S_)

_l_pltt_

_L++¢_--.

s,+*J_+c+

<+.+m+,+++,+, _+,,+ m+.

+ _ --

• ,,

....

. _ "z_._-_

"+'. ".

." _lO: _1

.+ .+

+++ + ,..., .... ++', .-. -. :.+.++_+ :,+ .

. _I_

I_I

IIi

_'_-

"-"

+'_m_,_+++ + _.

-_, _,._+. . _,._

+9,_,6 'EI_LZt/.IpZmll_m_m/¢+'-

•

_A_ ++-._r_a_p, E

++,6]

-*- ,,,**++-+,,_m,_i ". i._" -

/_c,

4_._0

•

• _'+:.".. " +. : '

....

.': ..+.+.,

:+_._+++_+ " +

_o_mm.. "

•

" •

+*-o _J ,.

,+,i+ ...... .+

+-+'-

_'r,l.:..,,'p

eaC|r,_atte_,

F1.+.39. "_ •

"OE 4/

A-23

_1,73

t,,,e_l,_nc llt_'.o.ie,_a, _L'p.

oil

e_oca_t_4

. -i,; lit

tl.ll

it,

ii_

lvll_

_liilli _@lit$_il _i_i

i It#

l/ lilt

i_iill_,_

/Iln

16,!t

51,# _i/ i/ â&#x20AC;˘ 0 --

_ll-I

_pital/ii:

:. liC?._.

T_arsq_rt

r_c

cakr

ILI'I!A

Â˘llpllll

$lSlCk

A-Z$

VO • t/

_Z.

t_.+_k _l+te _tJ._tr_t---r+_.

4S. _

;'_ll...lotm

V'ro+.._,_,,1,nl,;.:_1_,

r.,¢_Jo,,Ft.,,_ _,t,_¢_'.r.¢

49.11b

|lal_tlP.Og,

[4r.,+

_eI¢.

_9.,til

1_pl_

I_-,_ip¢,

Ct_l'_'_),/,_t,J,c_n

_.'P,e,

69,0 ''f _OC._.+'`I"

l+3it I_md.++lt+ 6 ,IJ,lrl@_'t'-'lL_Jla

l+t_,_t

I,,_.,:,,rowetoo,_.

"_,,_z,m;, e._,. 50.!

PAIL. Io_,_t|ou_ ¢4k. +_"J+.¢,¢I,

94r+'t.

m,_+. tctt_

•

;I.

14_¢:e+_l_,,t14 '1"r,_Z'r,, ¢+l+-iPor++,l+-

"+..00. ,_

_1_11_

i;=+m_p,_r+c+l;[t+,o

•_.,P)"_'

9+, );p+21

:,.+,;r_

_.e_._

:';), ¢l.u '4,_r_-nagl Gu*_r_t.

.+|_' ti_+.,

lO0,q

+SlP4_td-+ c+lt);

lr.o_k, .IPgI._.: I.,L+:_'I++

Pt,fJ.-+.WCalp_*" .F'_'S. ++.,'+,_