Cited Laws
accordingly addresses the first concern/issue of the President. The Revised Interim Pay Plan only covers a two-year period, and is compliant with pertinent laws and regulations, including Section 4.4 and 7.2 of the SRC (n.b. the plan recognizes the distinction between the schedule for the Chairperson and Commissioners and the schedule for other officers/employees). The President will therefore not be overreaching by approving the SEC's Revised Interim Pay Plan. SEC will subsequently develop a new pay plan for 2016 (the CY 2016 Pay Plan), for the Chairperson and the Commissioners and for the officers/employees which will again be presented to the President in 2016. The anticipated CY 2016 Pay Plan will provide an appropriate number of steps, after considering (i) DBM's comprehensive study on the competitiveness of government compensation, and/or (ii) the CPCS submitted by the GCG of the approval of the President. SEC commits that CY 2016 Pay Plan will faithfully comply with (i) Section 4.4 of RA No. 8799, which requires that the salary of the SEC Chairperson and Commissioners should be comparable with members of the MB; and (ii) Section 7.2 of RA No. 8799, which requires that the compensation plan for other SEC officers/employees should be comparable with the prevailing compensation plan in the BSP and other GFIs. Requested Presidential Action SEC regulates more than 500,000 active corporations, which include banks and publicly-listed companies. SEC is likewise able to remit about [PHP] 3 billion annually to the National Treasury and is currently undertaking massive reform initiatives. Moreover, the SEC needs to hire and retain qualified and highly motivated personnel to carry out its mandate and be able to pay salaries competitive with those in the private sector. Should the President approve, and in line with DBM's recommendation, attached is a draft Memorandum to be sent by the Executive Secretary to DBM directing the latter to implement the following recommendations: Adoption of the Revised Interim Pay Plan for 2014-2015; The grant of the following increases in allowances and benefits effective 2015: Increase in the monthly rate of rice allowance for all employees from P1,000 to P2,000 to cover the increase in prices; Increase in the monthly rate of transportation allowance for employees at SG-22 and SG-23 from P1,000 to P4,000; and Employer contribution in the Provident Fund at 5% of the employee's basic monthly salary. Funding for all items under (a) and (b) shall be sourced from the appropriate agency funds and/or the Miscellaneous Personnel Benefit Fund (MPBF). . . . . SEC REVISED INTERIM PAY PLAN FOR 2014-2015 Salary Grade Monthly Basic 31 597,902 30 398,601 28 165,484 27 137,886 26 108,422 25 82,931 24 75,392 23 70,459 22 65,853 21 61,542 20 57,516 19 53,754 18 50,238 17 46,950 16 43,878 15 41,009 14 38,325 13 35,818 12 33,474 11 31,284 10 29,238 9 27,326 7 23,866 6 22,305 [79] Back to ND No. 14-002-001-(12), the SEC filed with COA Natio