The Commission on Audit is looking into the books of government-owned and -controlled corporations (GOCCs) as well as government financial institutions, such as the Subic Bay Metropolitan Authority, Clark Development Corp., Development Bank of the Philippines, the Banko Sentral ng Pilipinas, the Bases Conversion and Development Authority, Social Security System and Land Bank of the Philippines.
To put an end to the scandalous perks enjoyed by GOCCs, like the Manila Waterworks and Sewerage System of old (32 kinds of bonuses per year; board met 8 times a month with each member getting P14,000), Mr. Aquino signed the GOCC Governance Act, or Republic Act No. 10149, ending the terms of all GOCC executives on June 30 and creating a Governance Commission for the GOCCs.
The law gives the commission, attached to the Office of the President, a free hand to review and recognize the corporations, as well as fix the salaries, allowances, per diems and bonuses of board members.