What is the primary purpose of a government-owned or controlled corporation (GOCC)?

The primary purpose of a government-owned or controlled corporation (GOCC) is to serve the general public interest. GOCCs are created to fulfill the needs and objectives of society that are not effectively addressed by the private sector. These corporations typically focus on providing essential services, such as utilities or public transportation, and may prioritize social goals, such as community welfare and economic development, over profit maximization.

In contrast, operating purely for profit, as suggested in one of the choices, does not align with the primary motivation behind GOCCs. While they can generate revenue, their profits are often reinvested in public services or infrastructure rather than solely benefitting private stakeholders. Working as a private entity is also not reflective of a GOCC's nature because these corporations are inherently tied to the government’s public policy objectives, ensuring that their operations are transparent and accountable to the public. Competing with private businesses is generally not the main focus of GOCCs; instead, they may serve as partners or complements to the market, emphasizing public service over competitive advantage. Thus, serving the general public interest remains the central function of a GOCC.