COA flags P710M given to execs, workers in gov’t firms

COA flags P710M given to execs, workers in gov’t firms

The Commission on Audit (COA) has questioned at least P710 million in employee benefits paid by government-owned and controlled corporations (GOCCs) in 2017 without legal basis.

In its 2017 Annual Financial Report for GOCCs, the COA flagged the unauthorized payment of P593 million to trustees, directors, officers, employees and contractual workers of 17 state-owned companies.

The COA said the companies should have secured the approval of the Office of the President or the Governance Commission for GOCCs and discontinued payments that lacked legal basis or authority.

The National Irrigation Administration, the Land Bank of the Philippines and the moribund Intercontinental Broadca…

Keep on reading: COA flags P710M given to execs, workers in gov’t firms

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