6 February 2012
President Benigno S. Aquino was presented with Government and Controlled Corporation (GOCC) Dividend check amounting to more than nineteen Billion Pesos that were later turned over to the national teasury.
President Aquino met with the different representatives of twenty one GOCCs as they presented their agencies’ share to the national treasury. In his speech, the President said that with the dividends that were remitted to the government, more children will be brought to school rather than working in factories and in the streets, that more will have food in their tables and more services will be funded for the welfare of the people. The President also said that with the agenda that the government has set, the negative reputation that some GOCC has been known will be transformed.
The Governance Commission for GOCCs (GCG) was created under Republic Act 10149, also known as the GOCC Goverenance Act of 2011, to act as the “central advisory, monitoring,and oversight body with authority to formulate, implement and coordinate policies”. At present the GCG is prioritizing the Compensation Position ans Classification System which governs all Board Directors and employeesof all GOCCs.