PRESIDENT Benigno Aquino III on Friday required the directors of government-owned and -controlled corporations to sign a performance contract so they can be removed if they fail to deliver.
Mr. Aquino announced the new policy as he received P29 billion in dividends from various state-owned and controlled corporations in Malacañang.
Five companies made it to the Billionaires’ Club: the Bangko Sentral with P14.23 billion in dividends; Land Bank of the Philippines with P4 billion; the Development Bank of the Philippines with P2.8 billion; the Bases Conversion Development Authority with P1.8 billion; and the Manila International Airport Authority with P1.49 billion.
Mr. Aquino said the money would be used to boost the economy, reduce poverty, and enhance the government’s social services.
“GOCCs will no longer be milking cows for politicians and their wards,” Mr. Aquino said.
“Also, we are working on a process that will require GOCC directors to sign a performance contract with the Office of the President and their supervising secretaries. Non-performance of a material obligation will be a cause for removal from the board.”
Earlier, the President extended the suspension of the bonuses, incentives, and other perks for the board members of state-owned corporations to Jan. 31. These companies’ top officials would receive only their basic salaries and “reasonable per diem” until the review was completed.
The President also ordered a moratorium on the increases in salaries, allowances, incentives and other benefits—except those adjustments covered by the Salary Standardization Law—until those increases were approved by the Palace.
Last year, the President created a task force to review all the remuneration granted to the board members, officers and rank-and-file employees of state-owned and -controlled corporations, and then to recommend measures that would rationalize the compensation system.
He created the group after reports said that the officials of the Metropolitan Waterworks and Sewerage System had given themselves 30-month bonuses. –Joyce Pangco Pañares, Manila Standard Today
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
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