16. MVL, a government-owned corporation, has three Cabinet Secretaries as ex-officio members of its Board of Directors. In 2024, the MVL Board of Directors resolved to grant additional benefits to qualified corporate officers and employees. The Commission on Audit (COA) disallowed the grant of benefits because there was no prior approval of the President. However, the MVL Board of Directors invoked the alter ego principle and argued that the President deemed approved the benefits when the three Cabinet Secretaries, as ex-officio board members, voted in favor of the resolution. Is the COA correct in disallowing the grant of benefits? Explain.