This fact underscores the failure and inadequacy of the corporate governance system that was introduced as a much-ballyhooed reform under the administration of former President Benigno Aquino 3rd. He turned them into prime examples of mismanagement and corruption under the previous administration of President Gloria Macapagal Arroyo. 10149, which was designed to bring under control and rationalize the compensation and benefits system for executives and employees in government corporations. The governance mechanism has not stopped the looting of public coffers; indeed, it abets looting by approving the financial schemes devised by the GOCCs. In the face of the COA report, the GCG has done nothing to tell the GOCCs to comply with the COA demands.

Source: Manila Times November 02, 2017 16:18 UTC