Three years since the Commission on Audit ordered 31 government-owned and -controlled corporations (GOCCs) in January 2014 to return P2.3 billion in unauthorized allowances and bonuses received by their executives, the government has yet to see that money back in the state coffers. This fact underscores the failure and inadequacy of the corporate governance system that was introduced as a much-ballyhooed reform under the administration of former President Benigno Aquino 3rd.

When Aquino assumed office on June 30, 2010, he made a big show and a big noise by questioning the allowances and benefits that were being paid by the GOCCs to their directors and executives. He turned them into prime examples of mismanagement and corruption under the previous administration of President Gloria Macapagal Arroyo. He made it a key part of his Tuwid na Daan (Straight Path) campaign

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