Palace to suspend GOCCs’ ‘excessive compensation’ 10/04/2010

Palace to suspend GOCCs’ ‘excessive compensation’
10/04/2010
Malacañang has adopted Senate Resolution 17 that suspends all the bonuses and allowances, except “reasonable payments,” of the executives of various government-owned and -controlled corporations (GOCCs) and have these sums of money turned over to the country’s coffers.

President Aquino yesterday said he is just awaiting the executive order (EO) — revising the previous one issued in 2001 — that would “tighten” the cap on the excessive financial packages being given to GOCC officials as well as those in the government financial institutions (GFI).

Aquino, in a quick press conference, announced that the EO may be released next week as soon as the draft of the order by Budget and Management Secretary Florencio Abad reaches him.

“Of course, there is some resistance from those who have gotten all of these fat pays. But we will insist that their positions are due to the government and the benefits are also due government from people. So, hopefully by next week, that will become part of the law of the land,” he said..... MORE

Source:  The Daily Tribune

URL: http://www.tribuneonline.org/headlines/20101004hed6.html