Senate to probe high salaries of GOCC execs

MANILA, Philippines—A resolution seeking an investigation into the alleged “excessive and unwarranted” salaries, allowances, bonuses, and other perks of top officials and board members of government-owned and- controlled corporations (GOCCs) and government financial institutions ( GFIs) has been filed at the Senate.

In filing Senate Resolution 66, Senator Franklin Drilon specifically asked the chamber to come up with appropriate legislative measures to “rationalize/standardize to a reasonable level the compensation package of the top officials and board directors of GOCCs and GFIs, and thus promote public trust and protect public fund.”

“In these difficult times when workers both in public and private sectors are clamoring for more decent pay, such reports of excessive and unwarranted benefits and privileges being enjoyed by top officials and board directors of GOCCs and GFIs only exacerbate the level of discontent on the part of or poor countrymen,” said the resolution.

“This seemingly anomalous situation arises primarily because of the powers vested in the boards of these institutions to determine and fix their own compensations and benefits,” it said.

The resolution also pointed out the reported fat bonuses of board directors and top officials of these institutions that were treated as their own earnings when it should properly accrue to the treasury of the GOCC and GFI, which they represent.

“These alleged excesses in the use of public funds would have to stop,” it further said.

Drilon, chairman of the finance committee, then urged the Senate to come up with appropriate legislative measures to address the problem.

And in accordance to the administration’s promise to eradicate corruption in government, the senator vowed to help President Benigno “Noynoy” Aquino III achieve this “by ensuring that transparency and good governance will be in effect from this moment forward.” –Maila Ager, INQUIRER.net