The time & date in Clark, Philippines is

Benigno Ricafort removed as CEO/President of Clark Development Corp. or CDC. President Aquino appears hell bent on curbing corruption in governent owned corporations.

Stake-holders, potential investors as well as anyone who has a vested interest in the well being and future of Clark Freeport Zone, Pampanga, Philippines are happy to hear that Philippines President Aquino has finally taken actions to replace the top officers running Clark Development Corporation.

Here is a report published by Philippines Star on 17th April, 2011.

Palace appoints Melo as director of Clark firm
By Aurea Calica (The Philippine Star) Updated April 17, 2011 12:00 AM

MANILA, Philippines – President Aquino has appointed former Commission on Elections chairman Jose Melo as a member of the board of directors of the Clark Development Corp. (CDC).

Deputy presidential spokesperson Abigail Valte also confirmed over government-run radio dzRB the appointment of lawyer Teresita Herbosa as the new chair of the Securities and Exchange Commission (SEC).

Herbosa will replace SEC chief Fe Barin, who assumed her office on Sept. 1, 2004 and whose seven-year tenure would already expire.

Roberto Garcia, former president of battery manufacturer Ramcar Inc., was named chairman of the Subic Bay Metropolitan Authority (SBMA), replacing Feliciano Salonga, while Rafael Reyes, executive director for Southeast Asia of PineBridge Investments Asia Ltd., would be the new administrator and chief executive officer of the SBMA vice Armand Arreza.

Garcia was earlier appointed by the President as one of the SBMA’s directors to replace officials affected by Executive Order No. 2, which removed the “midnight appointees” of the administration of former President Gloria Macapagal-Arroyo.

The other appointees to the SBMA board were Alfonso Siapno representing the private sector, vice Ariel Castro; and Wilfredo Pineda representing the business and investment sector, vice Garcia.

The terms of the new SBMA officials will be until 2016.

At the CDC, the President appointed Cesar Villanueva, dean of the Ateneo law school, as chairman and board member, vice Rizalino Navarro; and Felipe Antonio Remollo, board member and president and chief executive officer.

Melo replaced Maria Theresa Abes-Laus while the others named to the board were: Francis Raphael Carpio Elum vice Maximo Sangil, Jose Danilo Honrado replacing Armando Madamba, Manuel Feliciano vice Tirso Santillan Jr. and Rommel Bondoc vice Adrian Chincuanco.

At the Department of Tourism, Myra Marie Villarica was appointed undersecretary, Maria Lourdes Jaleco as acting assistant secretary, and Mary June Bugante, acting regional director.

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Many keen observers of Clark Freeport affairs still remember vividly the expose of extraordinary compensation received by President and CEO Benny Ricafort.

According to reporter Leila B. Salverria of Philippines Daily Inquirer’s expose titled “Subic, Clark execs highest paid gov’t men” (full story on http://newsinfo.inquirer.net/inquirerheadlines/nation/view/20100807-285364/Subic-Clark-execs-highest-paid-govt-men ) CDC President and CEO Ricafort got his millions through “extraordinary and miscellaneous” expenses, including but certainly not limited to these for example: Php 832,400 in per diem for sitting in the Board of Directors of Clark Development corporation and the Clark International Airport Corp CIAC, another p606,056 in Rata and php497,441 in “others” and then nearly p400,000 in bonus and incentives.

Ricafort, named in the report as the second highest paid official as well as others also cited in the report, have protested that the COA had lumped into their compensation package the “extraordinary and miscellaneous expenses” which they said do not form part of their income.

But Ricafort admitted at the hearing that existing rules required him to liquidate the amount only in the form of a “certification.

A report by Philippines Daily Inquirer earlier this month indicated that a COA (Commission Of Audit) report showed that in 2009, Benigno Ricafort received P2.078 million in salary; P832,400 in per diem for sitting on the boards of CDC and Clark International Airport Corp.; P606,056 in representation and transportation allowance; and P396,344 in bonus and incentives or a total compensation of P3.912 million.

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