Section 4. Authority to Grant Five Percent (5%) Salary Increase to GOCCs and LGUs.— Subject to the availability of funds, government-owned and/or -controlled corporations (GOCCs) covered by Republic Act No. 6758 (the Compensation and Position Classification Act of 1989, as amended, and local government units (LGUs), are likewise authorized to grant similar increase in salary effective July 1, 2001 chargeable against their respective funds.