What defines a government-owned or controlled corporation (GOCC)?

A government-owned or controlled corporation (GOCC) is defined primarily by its ownership structure. Specifically, it is owned wholly or mostly by the government, which distinguishes it from private corporations that are owned by private individuals or groups. This ownership structure implies that the government has significant control over the corporation's operations, objectives, and policies.

The role of GOCCs is often to deliver public services, manage public resources, or foster economic development in areas that benefit the public. While they may engage in profit-generating activities, their core purpose is not solely to make a profit but to serve public interest.

The other choices present characteristics that do not fully encapsulate what a GOCC is. For instance, while a GOCC can have non-profit objectives, it is not exclusive to that model, as some may operate for profit with a government mandate. Functioning entirely outside of government regulation would contradict the very nature of a GOCC, as they are typically subject to regulations and oversight. Lastly, while generating profit can be a goal for some GOCCs, it is not a defining requirement for all such corporations.