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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 518 - AMENDING
CERTAIN PROVISIONS OF EXECUTIVE ORDER NO. 486 DATED 8 NOVEMBER 1991
ESTABLISHING A PERFORMANCE-BASED INCENTIVE SYSTEM FOR GOVERNMENT-OWNED
OR CONTROLLED CORPORATIONS AND FOR OTHER PURPOSES
Recognizing the need to amend certain provisions of Executive Order No. 486 dated 8 November 1991, I, CORAZON C. AQUINO, President of the Philippines, by virtue of the powers vested in me by law, do hereby order:
Section 1.
“(a)
Sec. 2.
“b.
A
B
C
D
E
The above incentive fund shall be the source for rewards, either in kind or in cash bonuses, to be granted by GOCCs only to deserving officers and employees based on an evaluation of their individual performance and relative contribution to the attainment of the corporation’s goals and targets. The maximum allowable amount of incentive bonus for a GOCC officer or employee shall vary according to the performance grade of the GOCC and of his department or division or unit, and to his individual performance but shall in no case exceed three (3) months’ basic salary or its equivalent.”
Sec. 3.
“Sec.
5.
Sec. 4.
“Sec.
6.
“The GCMCC shall assign or
appoint a Comptroller to a GOCC that registered a performance grade
lower than Satisfactory in an evaluation year.
“Any GOCC that fails to achieve
at least a Satisfactory performance rating in two (2) consecutive
evaluation periods shall be subjected to whatever measures and
sanctions by the GCMCC, such as, but not limited to, the immediate,
replacement of the member(s) of the GOCC’s Board of Directors and/or
any or all of its key officers, in accordance with the provisions of
Executive Order No. 236, series of 1987, and other pertinent laws.
“Any officer or employee who
violates any provision of this Order shall likewise be penalized
pursuant to existing administrative and other lawful means.”
Sec. 5.
“Sec.
8.
Sec. 6.
“Sec.
9.
Sec. 7.
“Sec.
10.
Sec. 8.
“Sec.
11.
DONE in the City of Manila, this 29th day of May, in the year of Our Lord, nineteen hundred and ninety-two.
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