Board members of government corporations would not be able to receive their bonuses and perks for two months, pending a review of their salaries and benefits, Budget Secretary Florencio Abad said last Friday.

Abad announced that Malacañang will soon order a two-month suspension on the bonuses of the board of directors of government-owned and -controlled corporations (GOCCs) and government financial institutions (GFIs).

A draft executive order on the rationalization of the top officials of GOCCs and GFIs has already been completed by the Department of Budget and Management (DBM) and the Department of Finance (DoF). President Aquino early in the day said he would sign the EO soon.

“The economic managers today (Friday) agreed to endorse the resolution of the Senate calling on the suspension of bonuses and other perks for two months, with the exception of ‘reasonable payments’,” Abad told reporters at the DBM office in Manila.

Abad said the government plans to rationalize the system of compensation and allowances in government firms within two months