President Benigno S. Aquino III assured on Friday last week that the P29.25 billion dividends and other remittances turned over by 19 government-owned and controlled corporations (GOCCs) will be given back to the people in the form of social services, including anti-poverty programs.
"As you can see, we are working overtime to bolster our abilities to give back to the Filipino people what they have given us, the President said. We will do this, not only because this is what we are mandated to do, but more importantly, because this is the right thing to do."
In his message at the ceremonial turnover of GOCCs check dividends and remittances at the Rizal Hall of Malacañang, the Chief Executive said dividends and other remittances from GOCCs will allow the govern-ment to frontload its expenditures and speed up the implementation of anti-poverty programs, among others.
He reminded the GOCCs that the money belongs to the Filipino people, who he said are the government’s share-holders, and not to the Board of Directors of GOCCs nor to officials of his administration
"The people are our shareholders. It is their interest that we have been tasked to protect. We give them what they own, and we give them the government they rightfully deserve: one that works for the public interest. It is in their trust that we hold our respective offices.
Stressing that good governance is the corner-stone of his administration, the President said he is working on achieving a transparent and accountable government, worthy of the people’s trust thus the need to undertake reforms to enhance the ability of GOCCs to act as stewards of the people’s resources.
These reforms, according to the President, will be implemented with the help of Congress.
He noted that GOCCs have weak board governance, lack of transparency and disclosure practices, poor oversight and multiple and conflicting mandates.
Early on in his administration, the President, having discovered that GOCC board of directors receive exorbitant allowances, issued Executive Order No. 7 directing the rationalization of the compensation and position classification system in GOCCs and Government Financial Institutions.
"GOCCs will no longer be milking cows for politicians and their wards," he said, adding that competent CEOs and Directors were chosen and they are expected to deliver improved services and finances in the GOCCs."
The President said GOCC directors will soon be required to sign a performance contract with the Office of the President and their supervising secretaries so there will be basis to remove non-performing board members.
Moreover, the Department of Finance is developing an IT-based reporting system that will require full disclosure of several aspects of GOCC operations so the public will have access to the financial and operational results, renumeration policies, related party transactions, governance structures and policies, among others.
"Make no mistake about it: our positions are not our privilege, but an obligation placed by the people upon us. We promised to do, not only everything we can, but that we do it with honesty and with only the people’s welfare in mind. We pledged to serve them with commitment to professionalism and integrity, and they expect no less than this. We must not fail them," he advised.
A thorough review of GOCCs will be conducted during the first quarter of this year with the Department of Finance convening a strategic planning workshop with key GOCCs to strengthen coordination, and improve the oversight capabilities of the Government, and to draft a roadmap for the entire system of GOCCs.
"In line with government’s zero-based budgeting, the continued operation of a GOCC has to be justified once the GOCC Governance Act of 2011, introduced by Senator Drilon, has been enacted into law", President Aquino added.
"The time for patronage is over; now is the age of professionalism, meritocracy, and government institutions that are committed to the people… We will leave a country less poor, easier to invest in, and where people trust their government and all of its entities to work for their interests," the President emphasized. /MP
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