My Google Page Rank

EO standardizes pay, perks of GOCC, GFI execs

PDFPrintE-mail

Malacañang has issued an executive order standardizing the salaries and bonuses of executives in government-owned and –controlled corporations (GOCCs) and government financial institutions (GFIs) to strengthen control over compensation levels.

President Benigno Aquino III signed Executive Order No. 24 recently to address deep concerns on the excessive and unreasonable pay and perks received by board members and trustees of GOCCs and GFIs that had unnecessarily depleted government funds and caused demoralization within the bureaucracy.

“This EO will serve as a stop-gap measure to rein in excessive pay for GOCC board of directors and trustees until a law is passed mandating such,” Executive Secretary Paquito N. Ochoa Jr. said on Friday.

According to Ochoa, one such measure is Senate Bill No. 2640 or the proposed GOCC Governance Act of 2011 put forward by Senator Franklin Drilon, which is now pending in Congress.

The Executive Secretary said the EO set out the policies on salaries, per diems, allowances, bonuses, incentives and other benefits of the GOCC and GFI board of directors and trustees “to a level that is reasonable, justifiable and appropriate.”

“While we do not begrudge GOCC execs for rewarding themselves for exemplary performance, these financial rewards should be within reason. This EO seeks to set the guidelines that will standardize pay rates to prevent abuse,” Ochoa said.

He thanked the Departments of Finance and Budget and Management for “working with us to exhaustively study and review existing compensation policies. Their input was invaluable in the drafting of these policy guidelines.”

The EO covers board members and directors of GOCCs and GFIs regardless of classification and whose compensation shall be subject to the approval of the President.

It also includes representatives of GOCCs in the boards or private corporations wherein the government or GOCCs have investments.

This means that all chartered and non-chartered GOCCs—whether covered or exempted by the Salary Standardization Law—and their subsidiaries are directed to comply with the policies and guidelines on compensation and reimbursable expenses set by the EO.

Under the new guidelines, the peculiar nature of corporations in terms of size, strategic positioning, nature of operations and financial capability should be taken into consideration in determining a compensation system that is consistent with the pay practices in public and private corporations, as well as the principle of equal pay for work of equal value.

The maximum amount of performance-based incentives to be granted to board members or trustees should depend on the size of the GOCC and GFI, and should not exceed 50 percent of the board member’s annual compensation received for outstanding performance.

The EO says reimbursable expenses cover performance of official functions such as transportation going to and from the place of meetings, travel during official trip, communication and meals during business meetings. These, however, are subject to budgeting, accounting and auditing rules and regulations.

“Let me emphasize what the President said on GOCC Governance Day last January: The money earned by GOCC belongs to our people and should be used for their benefit, not the benefit of those who run GOCCs. Our people are our boss, and this EO should help those who manage our GOCCs remember that,” Ochoa said.




Related news items:
Newer news items:
Older news items:

Add comment


Security code
Refresh

FOOTBALL CHIEF… TENG

19 Nov 2017 Hits:44 Be the first to comment!

Este si VICENTE EDUARDO S. TORRES, ta llama conele “Teng/Pardz/Boboy”, 62 años de edad , casao y su esposa si Esther Facultad Torres Y diila anak si Pompeyo F. Torres III y Dayanara F. Torres ,  residente de Tumaga , Ciudad de Zamboanga . Su mayores si Pompeyo P. Torres Sr. y Gloria F. Suarez Torres , tiene 9 hermano y hermana . Ya estudia elementaria na Ateneo de Zamboanga University – Zamboanga Normal Laboratory School, secondaria na Zamboanga State College y Colegio ya gradua  na Ateneo de Zamboanga University , curso Bachelor of Science in Business Administration . Este su istoria … “Ya principia yo juga football na Zamboanga Normal Lab. School , mi uban si Bagaan, Rick Marmoleño y Father [...] Read more

Prev Next Page:

AboitizPower sustains strong foothold in hydropower business

18 Nov 2017 Hits:106 Be the first to comment!

On the back of a strong demand for renewable energy (RE), AboitizPower continues to ramp up its portfolio of generation facilities across the Philippines. AboitizPower's subsidiary, SN AboitizPower, has completed the [...] Read more


ZAMBOANGA FOOTBALL - ROLL D BALL

18 Nov 2017 Hits:58 Be the first to comment!

Del Nov. 12, 2017 Domingo el Segundo semana de Season long Zamboanga Football league. El primer juego tan feature cun Resto del Mundo contra  Zamboanga United . Ta pricura man [...] Read more


Police shift war on drugs to anti-gun-for-hire drive

17 Nov 2017 Hits:77 Be the first to comment!

Police regional director and vice chair of the Regional Peace and Order Council (RPOC) for Western Mindanao Chief Supt. Billy Beltran announced recently that all police operatives previously assigned in [...] Read more


Military launch rescue ops for latest victims of ASG

17 Nov 2017 Hits:101 Be the first to comment!

Government troops are now conducting operations to rescue the six people, including two children, who have been abducted by about 15 suspected Abu Sayyaf bandits in Patikul, Sulu, according to [...] Read more


OCENR sets city-wide clean up on Nov 25

17 Nov 2017 Hits:55 Be the first to comment!

The City Government through the Office of the City Environment and Natural Resources (OCENR) will head a city-wide clean up drive on November 25. “We are going to have a city-wide [...] Read more


2017 MUAY THAI NATIONAL CHAMPIONSHIPS

17 Nov 2017 Hits:70 Be the first to comment!

Este si Leo Gandy Serrano, 15 años , Grade 10 na Claret High School Ciudad de Zamboanga . Ya principia juga Muay Thai cuando Grade 5 ele , producto le [...] Read more


Zambopen PWDs endorse Kahil as AVRC III head

16 Nov 2017 Hits:73 Be the first to comment!

The Persons with Disabilities (PWDs) in Zamboanga Peninsula as represented by their chosen leaders have strongly endorsed Zamboangueno Teddy Kahil as head of the Area Vocational Rehabilitation Center (AVRC) in [...] Read more


City SWM Board meet set today

16 Nov 2017 Hits:72 Be the first to comment!

The City Solid Waste Management Board will meet today, November 16, to prepare for the full implementation of the solid waste management ordinance in the City slated on November 27. According [...] Read more


BAP BASKETBALL TOURNAMENTS AND ACTIVITIES

16 Nov 2017 Hits:63 Be the first to comment!

Venue : Southern west campus Gym, San Jose Gusu. Category 40 and 50 years old Master division. Team Standing:    WIN         LOSS J VINCE            [...] Read more


Phil. Coast Guard SWM joins clean-up drive

15 Nov 2017 Hits:70 Be the first to comment!

The Philippine Costal Guard Auxiliary SWM, a volunteer organization, joined the International Costal Clean-up drive (ICC 2017) last recently from 5:00 in the morning to 12:00 noon along the coastal [...] Read more


Mendicants rounded up by the CSWDO

15 Nov 2017 Hits:108 Be the first to comment!

At least 266 mendicants and vagrants were rescued from the various streets of the city proper by the newly created Task Force Mendicants, according to Assistant Social Welfare Officer Dr. [...] Read more


GOLDEN BOY SWIMMER…. GRANT VINCCI

15 Nov 2017 Hits:68 Be the first to comment!

Juego de Zamboanga 2017 Swimming Elementary boys, MVP – GRANT VINCCI VILLANUEVA , Grade 6 na Ateneo de Zamboanga University . Ya saka el 5 Gold medalla na 5 individual [...] Read more


15TH LANUZA SURFING FESTIVAL WINNERS ANNOUNCED

14 Nov 2017 Hits:261 Be the first to comment!

Doot Poktoy, Lanuza Surigao Del Sur Philippines– After almost a week long of festivities, the 15th Lanuza Surfing Festival announces Neil Sanchez (Baler), Mark Aguila (Baler), Daisy Valdez (La Union), [...] Read more


Seven hurt in three road mishaps

14 Nov 2017 Hits:104 Be the first to comment!

Seven people were injured in three separate road accidents in Barangays Buenavista and Talisayan, Zamboanga City over the weekend. In Sitio Buntot, Buenavista, an 11-year-old pedestrian identified as Reynalyn Rodriguez y [...] Read more


Military recovers 30 firearms of Maute terrorists in Marawi

14 Nov 2017 Hits:87 Be the first to comment!

At least 30 assorted firearms believed to be from the members of the Daesh inspired Maute terror group have been recovered by combined troops under the Joint Task Group Ranao, [...] Read more


JUEGO DE ZAMBOANGA 2017... ADZU AQUAFORCE SWIMMERS

14 Nov 2017 Hits:64 Be the first to comment!

Este el Resulta del Nov. 3-6, 2017 Grade School Swimmers: BOYS : 1.     BUNDAJON, GEOFFE PAUL R. --  GOLD 50m Butterfly, 200m IM, 100m Butterfly, 4x50 Free Relay, 4x100 Free Relay. [...] Read more


SCC RED MAMBA … KAIS

13 Nov 2017 Hits:75 Be the first to comment!

Este si Kaiser Nuludin Sabaani , su palayao “Kais” , 23 años de edad, 5’7” el altor, residente de Camino Nuevo, Ciudad de Zamboanga . Su mayores si Ibrahim E. [...] Read more


Filipino-Turkish Tolerance Int’l School shares Noah’s Pudding

10 Nov 2017 Hits:118 Be the first to comment!

The Filipino-Turkish Tolerance International School on Wednesday visited Zamboanga Today Office to share Prophet Noah’s Pudding following the ancient tradition of sharing of food, love and peace to neighbors regardless [...] Read more