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Congress approves bill to reform state firms By Gerry Baldo 05/12/2011

Thursday, May 12, 2011

Congress approves bill to reform state firms

By Gerry Baldo 05/12/2011

The congressional bicameral conference committee yesterday approved a bill creating a body that would oversee the operations of government-owned and controlled corporations (GOCCs).

The move, aimed at curbing the alleged excesses of some officials of the GOCCs, will look over the 157 GOCCs under the present Aquino administration.

Sen. Franklin Drilon said the approval of the bill will institute wide-ranging reforms in government corporations.

“This law will create a Governance Commission for GOCCs (GCG) which will review the performance of these GOCCs. The abusive practices of the board — as we have seen in the MWSS (Metropolitan Waterworks and Sewerage System) — of granting 36-month pay for 12 months of work, or in GSIS (Government Service Insurance System) where the directors would earn half a million pesos for attending one board meeting,” he told a press conference yesterday..... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/headlines/20110512hed4.html

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