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Speech of President Aquino on GOCC Governance Day, January 28, 2011Speech
of
His Excellency Benigno S. Aquino III
President of the Philippines
On the occasion of Government-Owned and Controlled Corporation (GOCC) Governance Day, and the ceremonial turnover of GOCC dividends checks to the National Government
[Delivered at Rizal Hall, Malacañan Palace on January 28, 2011]
Good governance is the cornerstone of this administration. Our people are tired of the old way of doing things—shrouded in secrecy, prone to abuse and lacking in accountability. We are now working under the broad light of day as a transparent, accountable government, worthy of the people’s trust. As managers and employees of Government-Owned and Controlled Corporations (GOCCs), you are part of this reform.
Today, 19 GOCCs are symbolically turning over 29 billion pesos in dividends to the National Government, your biggest and, in some cases, your only, shareholder. This money will allow us to frontload our expenditures and speed up the implementation of our anti-poverty programs, among others.
Today should also be a very clear reminder that this money belongs, not to your Board of Directors, not to this administration, but to the Filipino people. The people are our shareholders. It is their interest that we have been tasked to protect. We give them what they own, and we give them the government they rightfully deserve: one that works for the public interest. It is in their trust that we hold our respective offices. Sila ang boss ko. Sila ang boss ninyo. We must always remember that.
With that in mind, we are undertaking reforms to GOCCs that will enhance your ability to act as stewards of the people’s resources. Our GOCCs have long faced challenges—weak board governance, lack of transparency and disclosure practices, poor oversight and multiple and conflicting mandates. With the help of our allies in the Senate and in Congress, we are determined to address all these challenges.
Board governance is important, as it is the Board that sets the tone at the top in government-owned companies, which means that it is also they who practice leadership by example. I have vowed that this government will put a stop to the abuses of impunity from unregulated power. I intend to hold you to that vow as well.
GOCCs will no longer be milking cows for politicians and their wards. We have chosen competent CEOs and Directors, and we expect them to deliver improved services and finances in our GOCCs. We have issued an Executive Order to put a stop to exorbitant Board allowances and we will soon come out with guidelines for the compensation of the Governing Boards. Also, we are working on a process that will require GOCC Directors to sign a performance contract with the Office of the President and their Supervising Secretaries. Non-performance of a material obligation will be a cause for removal from the Board.
Make no mistake about it: our positions are not our privilege, but an obligation placed by the people upon us. We promised to do, not only everything we can, but that we do it with honesty and with only the people’s welfare in mind. We pledged to serve them with commitment to professionalism and integrity, and they expect no less than this. We must not fail them.
We will work doubly hard to strengthen GOCC transparency and disclosure practices to conform with international best practices. Daylight will shine upon all our operations. Your companies’ major shareholders—the public—will have access to your financial and operational results, remuneration policies, related party transactions, governance structures and policies, among others. The Department of Finance is developing an IT-based reporting system that will require full disclosure of several aspects of GOCC operations. This will give everyone a chance to, once and for all, prove to the people that every institution in government is on their side—on the side of transparency, on the side of truth, on the side of progress.
These steps are necessary, and we will take them. With the help of our partners in the Senate and in the House, we will conduct a thorough review of all GOCCs. In the first quarter of this year, the DOF will convene a strategic planning workshop with key GOCCs to strengthen coordination, and improve the oversight capabilities of the Government. They will also draft a roadmap for the entire system of GOCCs. Our government has pledged to be partners, not competitors, of the private sector in economic activities. Being an accountable government, we owe it to our people to require of ourselves, especially GOCCs, results. This means that if results do not justify the allocated funds, then funding must be ceased.
Analogous to zero-based budgeting, we will have to justify why each GOCC needs to be retained. Senator Drilon has already led the way with his GOCC Governance Act of 2011. We expect to work with him closely in reforming our GOCCs.
As you can see, we are working overtime to bolster our abilities to give back to the Filipino people what they have given us. Uulitin ko po: Sila ang boss natin. We will do this, not only because this is what we are mandated to do, but more importantly, because this is the right thing to do. The dividends will go back to the people, because this is the way it should be. You are making money for the people—you are keeping food on their tables, sending their kids to school, and keeping the most marginalized members of society afloat. And I commend and thank you for that.
The time for patronage is over; now is the age of professionalism, meritocracy, and government institutions that are committed to the people. I know that you are eager to show me what you can do, and you are eager to rally behind our transformative agenda. We have worked and sacrificed so much just to be in this favorable position, and I will defend this relationship we have regained with our countrymen with the full power of my office. We will leave a country less poor, easier to invest in, and where people trust their government and all of its entities to work for their interests. And you will have been a part of that. This is our ultimate goal. This will be your contribution, not just to your family but to your country. This is our opportunity to strive for success—to give the children of the Philippines the nation that they truly deserve. This is our chance. Work with me. Let us make the most of it.
Thank you and good day.
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