Plunder of PNCC Gratuity fund (5)
To cure such infirmity, This Board, in patay malisya fashion, issued Resolution No. BD-031-2007 (4/25/07) authorizing the establishment of a separate/distinct.
“PNCC Retirement/Resignation/Gratuity Benefit Program” covering ONLY the members of This Board, and retroacts to those already part of it one (1) year prior to the approval of the same resolution, as well as senior management officers with the rank of Senior Vice Presidents, Vice Presidents, including the Corporate and Assistant Corporate Secretary and Corporate Secretariat Staff.
COA insists that the aforestated gratuity benefit for directors and members of Management is in ADDITION to the retirement benefit already given to executive directors, such as the President and CEO, EVP, including SVPs, Corporate and Assistant Corporate Secretaries and the Corporate Secretariat Staff.
COA opined that said gratuity benefits granted by the members of This Board to themselves and corporate executives are grossly excessive, extravagant, injudicious and unconscionable, even as they lacked legal basis.
How would such gratuity benefits be funded, given that at the time of its establishment, PNCC was already in the red? This Board, then, passed Resolution No. BD-031-2007 (4/25/07) identifying the gratuity benefit’s source of funds as: (a) whatever savings there still are from operations; (b) NLEX revenue shares; (c) retirement share under the NLEX Joint Venture Agreement; and (d) dividends from other subsidiaries and affiliates.
To shield themselves from future plunder and/or anti-graft cases arising from their implementation of the said gratuity/retirement plan (on the assumption that the members of This Board conceded, at threshold, that PNCC is a government corporation), they also issued, among others, the following resolutions, to wit: (a) BD-043-2007 (8/3007) authorizing it to approve full and partial payments and releases of CASH ADVANCE of retirement gratuity; and (b) the ‘CATCH-ALL’ BD-031-2008 (11/5/08) bestowing ADDITIONAL POWERS to the trust fund board, such as the power to realign and distribute savings and other income from its budget to its intended and respective beneficiaries; to implement the payment of regular gratuity approved under BD-028-2005 (3/028-2005 (3/29/05) and the funding and transfer of such funds to the retirement trust; and if the amount of gratuity is increased, such amount shall likewise be transferred to the retirement trust, supposedly for effective implementation. (TO BE CONTINUED)