Public Debt Management

In: Business and Management

Submitted By cynthiadelacruz
Words 2509
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GROWTH OF GOCCs

RA 10149 – otherwise known as the Governance Act of 2011

An act to promote financial viability and fiscal discipline in government-owned or controlled corporations and to strengthen the role of the state in its governance and management to make them more responsive to the needs of public interest and for other purposes.

This act is part of the present administration’s drive to minimize graft and corruption in the government service. It created the Governance Commission for Government Owned or Controlled Corporations (GCG) as central advisory, monitoring and oversight body with authority to formulate, implement and coordinate policies concerning GOCC’s and other related corporations.

SALIENT FEATURES OF RA 10149

1. Performance Review - Creation of Governance Commission for GOCCs which shall be composed of five members – the chairman with the rank of Cabinet Secretary and two members with the rank of Undersecretary appointed by the President; and the Budget and Finance Secretaries as ex-officio members. The GCG will review the performance of GOCCs.

2. Restitution and Prosecution of Corrupt Public Officers – any board member or officer found to have benefited from the GOCC excess benefit or profit shall be subject to restitution without prejudice to any administrative, civil or criminal case.

3. Salaries and benefits are rationalized – Rationalization of salaries and benefits of officials and employees of government-owned and controlled-corporations to curb abusive perks and based on their performance with regard to financial capability of the GOCC.

4. New Job Positions and Classifications of GOCCs – The development of new positions and classification system that will apply to officers and employees of GOCCs, whether covered by the Salary Standardization Law or exempt from it. All GOCC personnel shall be paid just and…...

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