Suspension of GOCC’s ‘excessive compensation’ sought (5:11 p.m.)

MANILA -- The Department of Budget and Management (DBM) recommended t two months suspension of “excessive compensation” of the board of directors of Government Owned and Controlled Corporations (GOCCs) and government financial institutions (GFIs).

Budget Secretary Butch Abad said he has already submitted to President Benigno “Noynoy” Aquino III the draft of his recommendation.

Senate earlier passed a resolution asking President Aquino to suspend perks and bonuses to be received by officials and board members of GOCCs and GIFs this year.

This resolution was backed by Aquino who initially broke news about fat bonuses of GOCC officials in his very first State of the Nation Address.

Abad said the suspension will take effect upon the issuance of executive order.

The suspension could be extended depending on the investigation of budget and finance department on the supposed lavish bonuses of high-ranking officials of GOCCs and GIFs. (Jill Beltran/Sunnex)