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Palace: Reforms in GOCC system to keep bonuses of executives from getting too high

Posted on January 22, 2014

MANILA, Jan. 22 (PNA) — Malacañang on Wednesday reassured the public that reforms in the rules in the operation of government-owned and controlled corporations (GOCCs) will prevent the bonuses and other incentives of the GOCCs’ executives from getting too high.

Presidential spokesman Edwin Lacierda also said GOCCs are now more transparent as they are mandated to list the details of bonuses given to officials on their websites.

“If you compare, under the previous administration… the highest you can get under the previous administration is (between) P1.8 to P13.5 million. Under this administration, the GCG (Governance Commission for GOCCs) Law (the highest) incentive is only P3 million,” Lacierda said at a media briefing.

He also said the GCG continues to improve its rules based on information and complaints from the public.

Also, he said the GCG’s own website can give the public an idea of incentives and bonuses GOCC executives can get.

“It’s no secret to the public as all these bonuses and incentives are posted. We have basis how much each director received,” he said. (PNA)

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