Compensation Committees.
Section 16
SEC. 16. Compensation Committees. —Subject to the ap proval of the President, compensation committees may be created under the leadership of the Commissioner of the Budget whose purposes shall ba to recommend on compen sation standards, policies, rules and regulations that shall apply to critical government agencies, including those of government-owned or controlled corporations and financial institutions. For purposes of compensation standardiza tion, corporations may be grouped into financial in stitutions, industrial, commercial, service or developmental corporations. The OCPC shall provide secretariat assist ance to the compensation committees, and shall be respon sible for implementing and enforcing all compensation policies, rules and regulations adopted. Salary expendi tures in all agencies of the national government, including those of the government-owned or controlled corporations and financial institutions shall conform to policies to be laid down by the Budget Commission in consultation with the heads of the agencies and corporations concerned and which policies, upon prior approval by the President, shall be monitored and implemented through its Office of Compensation and Position Classification.