MANILA, Philippines?The Department of Budget and Management (DBM) is drafting an executive order that would put a cap on the huge salaries and bonuses of executives of government-owned and -controlled corporations, President Aquino said yesterday.

President Benigno Aquino made the remarks after the Senate came up with a resolution asking him that he issue an executive order suspending the payment of the exorbitant salaries of the executives and even employees of GOCCs.

Mr. Aquino said there is actually an executive order issued by former President Gloria Macapagal-Arroyo that controls the compensation and benefits of those who work for GOCCs despite their exemption from the Salary Standardization Law.

?There?s already an existing law. It?s an executive order, series of 2001 that was not implemented,? President Aquino said.

?I am awaiting a draft coming from the DBM on how to tighten up that existing executive order precisely to prevent the excessive pay benefit package that some of the GOCCs have been basking in for such a long time,? he added.

Mr. Aquino was referring to Memorandum Order No. 20 that Arroyo issued in June 2001. The order provides that salaries of executives of GOCCs and government financial institutions should not be more than twice the regular pay in government.

?Of course there are some resistance from those who have gotten all of these fat pays but we will insist that they?re positions due the government and their benefits are also due government and the people,? President Aquino said.

?Hopefully by next week that will become part of the law of the land,? he added.

Mr. Aquino indicated that the government is now studying ways to strengthen the order controlling the perks in GOCCs.

?You have to do an inventory of all the GOCCs, all the various pays that they are getting, the bonuses, etc., the legalities of how they manage to afford themselves all of these, and come up with an all-encompassing EO that will rationalize, meaning put a cap and a limit to what should be the pay packages for these government nominees,? President Aquino said.