GOCCs

PRESIDENT Benigno Aquino 3rd on Thursday issued an order standardizing salaries and bonuses of executives of government-owned and -controlled corporations (GOCCs) and government financial institutions (GFIs).

MANILA, Philippines –  President Aquino issued an executive order yesterday capping the salaries and incentives of top officials of government-owned and controlled corporations (GOCCs) and government financing institutions (GFIs).

President Benigno Aquino III has signed an executive order banning Cabinet and other government officials sitting in the boards of government-owned or -controlled corporations and government financial institutions from receiving salaries and any other form of compensation from those institutions.

SIZE AND PROFITABILITY will be used to determine compensation at state-owned firms and board members can shortly expect to see their perks slashed, officials yesterday said.

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.

The days of executives of government-owned and -controlled corporations (GOCCs) enjoying unwarranted salaries and excessive perks, some of which were noted to have been the equivalent to 25 months of salaries, will soon come to an end.

MANILA, Philippines –  Malacañang has extended the suspension of all allowances, bonuses, incentives and other perks enjoyed by directors and trustees of government-owned and controlled corporations and government financial institutions until Jan. 31.

The operations of some of the 157 government-owned and controlled corporations (GOCCs) will be placed in another round of scrutiny by the Senate.

THE SUSPENSION of allowances, bonuses and incentives at state-owned firms will be extended for a month after a deadline passed last Dec. 31, a Malacañang official said.

State subsidies to non-financial government-owned and controlled corporations (GOCCs) slightly dipped at end-November. Data from the Bureau of Treasury showed that for the first 11 months, the national government gave out a total of P16.323 billion in financial support to state-owned firms, or three percent lower than the P16.84 billion last year.

MANILA, Philippines – Congressmen discovered yesterday that the huge salaries and allowances in at least two government-owned and controlled corporations (GOCCs) are without legal basis.

MANILA, Philippines – Subsidies extended to government-owned and controlled corporations (GOCCs) jumped 54 percent in the first 10 months of the year as financial assistance to cash-strapped National Food Authority (NFA) reached P7.7 billion as of end-October, the Bureau of Treasury reported yesterday.

MANILA, Philippines – The Senate committee on finance has endorsed the proposed Corporate Governance Act of 2010 for approval, a measure intended to put an end to the reported abuses committed by officials of state-owned firms.

The proposed law effectively clipping President Aquino’s authority in granting excessive bonuses and allowances to government-owned and controlled corporations (GOCC) executives is seen to be approved by the Senate soon.

To whip state firms into efficiency, a legislator has proposed that government-owned and -controlled corporations (GOCCs) and financial institutions to periodically give to the public what is equivalent to the requirement of the bourse on listed firms, which is adequate disclosure of their financial conditions.

THERE is really nothing wrong with paying more to people who work in government. This essentially is my point here. It seems that since President Aquino came out with that expose on the excessive pay and perks of the Metropolitan Waterworks and Sewerage System (MWSS) in his SONA, the Commission on Audit (COA) has been…

MANILA, Philippines – Budget Secretary Florencio Abad defended yesterday President Aquino’s power to rationalize the pay and perks of officers and employees of government-owned and controlled corporations (GOCC) and government financial institutions (GFI).

Sen. Franklin Drilon has been harping about the excessive pay, allowances and bonuses of executives of Government owned and controlled Corporations (GOCC) and Government Finance Institutions (GFI), but in his own backyard, the Senate, some Senate executives have been found by the Commission on Audit (CoA) to be receiving excessive allowances and bonuses, with some…

MANILA, Philippines—Malacañang will continue to implement an order suspending the perks and privileges enjoyed by officials of government-owned and -controlled corporations (GOCCs) and government financial institutions (GFIs) until the Supreme Court “restrains” it from doing so, it said Monday.

THE unauthorized expense for per diem of a state university has already breached the P1-million mark because of the apparent disregard of university officials on the mandate of the Budget Department. The Commission on Audit (COA) noted that the payment of P5,000 for the chairman and members of the board of regents of Polytechnic University…

MANILA, Philippines – The Senate committee on finance unearthed on Thursday more excessive salaries and bonuses at a government-owned and controlled corporation (GOCC). This time, it is the Philippine National Construction Corp. (PNCC) that has come under fire.

MANILA, Philippines – More than P532 billion had been appropriated for 14 government-owned and controlled corporations for this year, or roughly 37 percent of the P1.441 trillion total for the period, Sen. Franklin Drilon said yesterday.

MANILA, Philippines – Retired Armed Forces chief Narciso Abaya Jr. denied yesterday that he was involved in the “Hello, Garci” electoral fraud in 2004. “I was not implicated in this ‘Hello, Garci’ controversy nor in alleged fraudulent election,” he said. “My name was never mentioned in investigations.”

Much media space and Congress energies have been devoted to the scandalously high compensation provided by the Arroyo administration to its officials in some GOCCs, especially for those in corporations perceived to have performed poorly like the SONA-mention-worthy MWSS.

MANILA, Philippines – A former military general tagged in the controversial “Hello, Garci” scandal and a relative of the alleged errand boy of the husband of former President Gloria Macapagal-Arroyo are among the top earners of government-owned and controlled corporations (GOCCs) listed by the Commission on Audit (COA) in its report in 2009.

PHILIPPINE government-owned and -controlled corporations (GOCCS) have recently been in the limelight on the issue of the compensation of their respective boards and management who are largely appointed by the incumbent administration and the measures of their performance.  By the term “government-owned or -controlled corporation,” straightaway there are many issues that come to the fore…

MANILA, Philippines – The Commission on Audit has found that the continuous granting of the P20,000 per diem given per meeting to the Subic Bay Metropolitan Authority’s board of directors in 2009 did not have permission from the Office of the President.

EXECUTIVE Order (EO) 7 issued by President Benigno Aquino 3rd cannot cover the government-owned and -controlled corporations (GOCCs) and government financial institutions (GFIs) that are exempted by law from the Salary Standardization Law, Sen. Franklin Drilon said Thursday.

PRESIDENT Benigno Aquino III has issued an Executive Order suspending all allowances and incentives—including Christmas bonuses—to the board members of government-owned corporations amid a public outcry over these officials’ excessive perks.

President Benigno Aquino 3rd has ordered three months’ suspension of excessive perks and bonuses of top executives of government-owned and -controlled corporations (GOCCs) and government financial institutions (GFIs).