Ex-officials offer to return excess pay

Posted at Jan 07 2013 12:46 PM | Updated as of Jan 07 2013 08:46 PM

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MANILA, Philippines - Former executives of government sequestered companies have offered to return their excess pay after receiving demand letters from the Presidential Commission on Good Government.

PCGG Chairman Andres Bautista said at least 2 former officials of the Independent Realty Group (IRC) Group of Companies, which handles the 18.5-hectare Payanig sa Pasig property, have already offered to return nearly two million pesos in excess pay after receiving the demand letters.

He denied that the PCGG is open to a settlement with the former officers.

"We are giving them time to pay but in terms of amount, we have not reduced them. Ang kanilang hiningi is kung pwede daw amortization, installment, which I think naman is fair," he said.

ANC, January 7, 2013