GOCCs

MANILA, Philippines – President Aquino issued yesterday Executive Order 7 suspending the allowances, bonuses and incentives of directors and trustees of government-owned and controlled corporations (COCCs) and government financial institutions (GFIs) for more than three months or until Dec. 1, pending the issuance of new policy and guidelines on their compensation.

MANILA, Philippines – The Senate has approved a resolution that creates an oversight committee on public expenditures that would review the performance of the 157 government owned and controlled corporations (GOCCs) and monitor the mishandling of funds and unwarranted bonuses and commissions.

MANILA, Philippines – Running on a treadmill that is moving faster and faster is how Finance Secretary Cesar Purisima describes the work that needs to be done to fix the country’s fragile fiscal position. One major part of the problem is the problematic situation of many government-owned and controlled corporations (GOCCs).

Stories about Mendoza’s murderous hostage taking have managed to bump off the news headlines the scandalous stories about the excessive pay and perks of officials of government-owned financial institutions and corporations, which were further exposed during recent Senate hearings.

MANILA, Philippines – When Finance Secretary Cesar Purisima speaks of the National Food Authority (NFA) and its debts, his listeners can’t help but notice the urgency in his voice.

MANILA, Philippines – Malacañang justified yesterday a higher government subsidy for government-owned and controlled corporations, saying the administration of President Aquino needs the technical expertise of these firms.

MANILA, Philippines—Cagayan de Oro Rep. Rufus Rodriguez is seeking the abolition of at least 36 “underperforming” government-owned and -controlled corporations (GOCCs), and government financial institutions (GFIs).

MANILA, Philippines—Former top officials of the Social Security System (SSS) received not only per diem allowances and directors’ fees but also millions of pesos in profit share from a private bank where the pension fund has a substantial investment, the Senate finance committee Wednesday said.

MANILA, Philippines— (UPDATE) Senators unanimously adopted on Wednesday a resolution urging President Benigno “Noynoy” Aquino III to immediately suspend all the “unusually large and apparently excessive allowances, bonuses, incentives and other perks of the governing boards” of government owned and controlled corporations (GOCCs) as well as of government financial institutions (GFIs)

After being pilloried for weeks in media regarding his alleged scandalous P26.8 million annual compensation as administrator of the Subic Bay Metropolitan Authority, Armand Arreza was finally given the chance to correct what turned out to be inaccurate reports of his actual pay.

(Updated 3:34 p.m.) The board of trustees, corporate and regulatory offices of water utility MWSS received P384 million in bonuses and allowances last year, documents released by the Senate committee on finance Tuesday showed.

MANILA, Philippines–Under fire for alleged excessive salaries and bonuses of its officials and employees, the Metropolitan Waterworks and Sewerage System has recommended to President Benigno “Noynoy” Aquino III the immediate suspension of nine months’ bonuses and a review of four other bonuses.

THE Aquino administration has formed a body that would look into which obsolete government owned and controlled corporations (GOCCs) would be abolished in line with efforts to rein in its budget deficit.

Instead of abolishing the National Food Authority (NFA), a newly formed think tank proposed measures to transform the agency into an economically viable state firm even while fulfilling its primary mandate to help pursue food security and stabilize the price and supply of rice, especially for the benefit of poor Filipino consumers.

MANILA, Philippines—The National Food Authority must be transformed into an economically viable entity that will fulfil its mandate of pursuing food security and stabilize prices of rice for the benefit of underprivileged Filipino consumers.

While state workers constantly complain about the restrictive rules of the Government Service Insurance System in the grant of benefits, top executives of the pension fund are enriching themselves through fat compensation.

Each of the Government Service Insurance System’s (GSIS) board members received about P6 million in salaries and perks in 2009, an official of the state pension fund told a Senate inquiry Thursday.

MANILA, Philippines—Sending a strong message to officials of government corporations, President Benigno Aquino III has slashed the allocation for subsidies to government-owned and -controlled corporations (GOCCs).

Once again, heads are shaking over the size of compensation received by directors and top executives at government owned or controlled corporations (GOCCs) and financial institutions (GFIs). I last wrote about this more than five years ago when reports about executive pay in government corporations similarly shocked the public. Then GSIS president Winston Garcia, for…

MANILA, Philippines—Two government owned and controlled corporations (GOCCs), whose executives have been listed as among the highest paid officials in the country, are among those losing state-run firms, a government official told a Senate hearing on Tuesday.

I wish to deny reports that I earned P10 million in salary and allowances last year. I earned only one million “Rizal” (see your Central Bank-denominated peso coin). Where the Commission on Audit got the six zeroes is something it has to explain to my spouse.

I can understand it when the average person—the proverbial man on the street—raises his hackles over the fact that some government appointee is receiving millions of pesos in annual compensation. A couple of million pesos is probably a mind-boggling amount for someone who doesn’t know when his family’s next meal is coming from. It would…

FOLLOWING its zero-based budgeting approach in next year’s proposed budget, the Aquino administration is considering the “possible deactivation” of nonperforming government-owned and -controlled corporations (GOCCs) and irrelevant task forces under the Office of the President (OP).

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.

MANILA, Philippines — It’s not only the officers of the Metropolitan Waterworks and Sewerage System (MWSS) who are enjoying sky-high perks and bonuses from the government.

P298M goes to PSALM Power consumers are shouldering about P297.8 million spent for fat bonuses, overtime pay and consultancy fees of state-run Power Sector Assets and Liabilities Management Corp. (PSALM), Sen. Ralph Recto charged on Tuesday. “These were among the reasons why power rates have never gone down nine years after Epira [Electric Power Industry…

MANILA, Philippines – The hefty salaries, allowances and perks of officials of government-owned and controlled corporations (GOCC) and government financing institutions (GFI) may soon be a thing of the past, particularly those enjoyed by officials of the Metropolitan Waterworks and Sewerage System (MWSS).

Many obsolete GOCCs, GFIs on chopping block The government is looking at abolishing government-owned and controlled corporations (GOCCs) and Government Financial Institutions (GFIs) that are not only obsolete but are also incurring ballooning liabilities.

MANILA, Philippines – State-run firms remitted P316 million in dividends to the National Government in the first quarter of the year, more than double the amount remitted in the same period last year.

MANILA, Philippines – Dividends remitted by state-run firms to the government rose to P11.067 billion in the first nine months of year, already surpassing the full-year target of P4 billion, Finance Undersecretary Jeremias Paul Jr. said yesterday.