Plunder of PNCC Gratuity Fund (4)

AS non-salaried officials, therefore, members of the PNCC Board, are NOT entitled to PERA, ADCOM, YEB as well as retrenchment benefits.

Further, it is provided in the very Articles of Incorporation of PNCC itself (Section 5.09) relative to the Directors  Fees and other Remunerations, that each board member shall be paid a per diem of ONLY  P1,000.00 for each day of attendance in any meeting of the Board.

In its same AOM,  COA cited Supreme Court decisions holding that where the law specifies or limits the amount of compensation of members of the board of government corporations to only per diems, then they should receive only per diems, and nothing more.

COA further stressed that This Board  cannot justify its act (of baselessly establishing an exclusive gratuity fund for PNCC board of directors, and what appears to be its pillage thereof) under Section 36 of the Corporation Code (which permits a private corporation to establish pension, retirement and other plans for the benefit of its directors, trustees, corporate officers and employees), because such power is not absolute, apart from the fact that PNCC is a government corporation.

In any event, how this PNCC gratuity fund  has been covered up by ‘legalizing documents’  betrays   a  care-fully thought-of legal maneuver.

It began when This Board, on December 8, 2006, issued Board Resolution No. BD-064-2006 authorizing Management  to open a depository account with the Postal Savings Bank (“PSB”), Liwasang Bonifacio (Manila) Branch.

In the name/for the account of the PNCC Retirement Trust Fund.

Such account was, indeed, opened. But not in PSB’s Liwasang Bonifacio Branch.

It was opened in  PSB’s Mabalacat (Pampanga) Branch – and the check intended for such deposit was HANDCARRIED there-to, reportedly on the behest of a powerful person responsible for nominating most if not all the members of This Board. (To be continued)

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