Press Release
August 27, 2010


Following yesterday's Senate Finance Committee hearing on the compensation of GOCCs (Government-Owned and Controlled Corporations), Senator Edgardo J. Angara stated that the huge intelligence funds allocated to these officials should be given a closer look.

Angara and the rest of the committee were taken aback by the hefty compensation packages that were detailed in the report, with some GOCC board members receiving in excess of Php6M in 2009. Included in the report were millions of liquidated Intelligence Fund expenses.

"As I have said before, these dealings with the intelligence funds are highly questionable," stressed Angara, Chair of the Finance Committee during the previous Congress. He concurred with Enrile's statement that the granting of unnecessary intelligence funds to some GOCCs is highly irregular.

In the previous hearing held last August 24, Angara already raised the issue of allocating intelligence funds to corporations without any need for these kinds of operations. These mysterious funds are a big chunk of the already huge compensation packages received by GOCC board members and directors.

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