By Joann Santiago
MANILA, May 13 (PNA) — President Benigno Aquino III ordered the review of bonuses of employees and officials of government-owned and controlled corporations (GOCCs) citing that these might not be appropriate anymore vis-à-vis these agencies’ contribution to national coffers.
In his speech during the annual ceremonial turn-over of dividends and recognition of GOCCs’ achievements held at the Rizal Hall of Malacanang Palace Wednesday, the Chief Executive noted that reforms his administration put in place upon his assumption to office in 2010 enabled GOCCs to become more efficient and helped them increase their revenues as well as dividends they need to remit to the national government.
He said inefficient GOCCs and those doing redundant jobs were closed down as part of the reform process and to professionalize the agencies.
With these measures, revenues remitted by the GOCCs from 2010-15 reached Php 131.28 billion, way higher than the Php 81.48 billion they gave to the national government from Php 2001-09.
Dividends and other remittances for the GOCCs 2014 earnings reached Php 36.36 billion, higher than year-ago’s Php 32.31 billion.
GOCCs are mandated under Republic Act No. 7656, otherwise known as An Act Requiring Government-Owned or Controlled Corporations to declare dividends under certain conditions to the national government, and for other purposes, to remit at least 50 percent of their income
Aquino said he is confident that they can double the dividends during his six-year term as against what was remitted in the previous administration if the GOCCs will continue to look for ways to further improve.
Relatively, he said with the reforms in GOCCs, he wants that their employees and officials are also properly compensated.
Thus, he directed Finance Secretary Cesar Purisima, Governance Commission for GOCCs (GCG) Chairman Cesar Villanueva and Budget and Management Secretary Florencio Abad to review the bonuses “that have been accruing (for) all of the people involved in the GOCCs.”
”Dahil in our interest to make you more efficient baka naman kayo ang nakalimutan. Pinasaya nyo ang bansa baka naman kayo ang pinalungkot ng todo-todo,” he said.
The President expects “the review to happen in about a months’ time.”
”And we will seek to maximize the benefits accruing everybody as empowered by pertinent laws,” he added.
Relatively, Land Bank of the Philippines (LBP) remitted the highest dividends for last year’s revenues amounting to Php 6.254 billion while the Philippine Amusement and Gaming Corporation (PAGCOR) registered the highest total remittances of Php 10.137 billion.
These two GOCCs are among the 10 agencies that remitted billion-level dividends and remittances.
The others are the Bases Conversion Development Authority (BCDA), Php 3.2 billion; Development Bank of the Philippines (DBP), Php 3.14 billion; Food Terminal Inc (FTI), Php 2.31 billion; Philippine Deposit Insurance Corp. (PDIC), Php 2.1 billion; Philippine Ports Authority (PPA), Php 1.82 billion; Philippine National Oil Company (PNOC), Php 1.53 billion; Manila International Airport Authority (MIAA), Php 1.34 billion; and Philippine Reclamation Authority, Php 1.2 billion. (PNA)