Achievements Over Graft & Corruption: Philippine GOCCs Has Huge Share of the National Debt

Tuesday, September 14, 2010

Philippine GOCCs Has Huge Share of the National Debt

The Senate Development Budget Coordinating Committee took a dose of shock on 13 September 2010 when it learned that 43 percent of the Philippine national debt came from the Government Owned and Controlled Corporations. Known for their "very generous" pay and incentives, that could come as no surprise, after all. [See GOCCs/GFIs page for details.]

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THOUGHTS

"With the numbe rof cases that are being discovered nonstop, as I have told those who report to me, I have already reached the saturation point... Our litany has been, 'Pati ba naman yan... hindi pinalagpas (What, even that wasn't spared)? ... I already find it difficult to be shocked. I was already shocked at the number of cases that we've come across... It's really quite a number." BENIGNO "PNOY" AQUINO III, 15th Philippine President [02032011]

"The truth stares us in the face that greed and its monopoly have corrupted the military institution and for this, those who raided the military coffers and raped its system must be held accountable. The investigations should work as to make these crooks know that they are not invincible and that they are not above the law." FRANCIS ESCUDERO, Philippine Senator [02032011]

"Corruption steals elections. It underminds the rule of law. It can jeopardize security. And the vulnerable suffer first and worst." BAN KI-MOON, United Nations Secretary-General

"Real corruption is moral and spiritual corruption. The rejection or disregard of morality and religious beliefs is at the core of corruption. Moral and spiritual corruption breeds its kind in other spheres of life--political, social, and economic." CATHOLIC BISHOPS' CONFERENCE OF THE PHILIPPINES, "Securing our Moral Heritage: Towards a Moral Society"

"I know how smart the Filipino people are. I know how hard they work. I'm not sure there's any group of people anywhere in the world that work harder than Filipinos. But let's be very honest here. Too many of them feel that they cannot progress in their own country. Too many of them feel that the elite in business and politics basically call the shots, and there's not much room for someone who's hardworking, but not connected. Too many of them believe that even if they get the best education they can, that there won't be an opportunity for them, and so they take that education and help build someone else's economy, very often here in the United States." HILLARY CLINTON, USA Secretary of State [09242010]

PHILIPPINE TRUTH COMMISSION

Created through the very first Executive Order (EO 1) of newly elected Benigno S. Aquino III, the Philippine Truth Commission is tasked to investigate graft and corruption committed by high ranking officials in the GMA administration.

Chairman--HILARIO DAVIDE JR
Retired Supreme Court Chief Justice
Former ambassador to the United Nations

Members:
Romeo Callejo Sr., retired SC justice
Flerida Ruth Romero, retired SC justice
Carlos Medina, law professor at Ateneo De Manila
Menardo Guevarra, lawyer

President Aquino swore them to office at Malacañang on 13 September 2010, Monday.