Press Release
August 16, 2010


The Senate Finance Committee chaired by Senator Franklin Drilon is set to investigate the fat bonuses of top officials of government-owned and controlled corporations on Tuesday, August 17.

The Finance panel will discuss Senate Resolution No. 66 filed by Drilon to lay the basis for a remedial legislation that will be enacted.

The committee, Drilon said, will review the implementation of Republic Act 7656 that mandates government-owned and controlled corporations to declare dividends to the national government. He said possible abusive practices by government officials should be eliminated.

"Let's look for ways of increasing revenues without raising or imposing new taxes," Drilon said.

The hearing was called to look into possible excesses by state officials and seek ways to plug the ballooning budget deficit projected at P307.5 billion this year and P285 billion for 2011.

As such, the lawmaker also calls for the rationalization of non-performing government agencies that are heavily subsidized by the government, which results to depletion of funds. He said the panel will also review the mandates of state firms.

Executive Secretary Paquito Ochoa, Commission on Audit Chairman Reynaldo Villar, Department of Finance Undersecretaries John Philip Sevilla and Jeremias Paul, Department of Budget and Management Directors Mary Grace Chua and Myrna Chua have been invited to attend the public inquiry.

Executives of Subic Bay Metropolitan Authority, Philippine Amusement and Gaming Corp., Development Bank of the Philippines will be called on the next hearing slated on August 24.

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