Duterte abolishes Philippine Sugar Corp.

  • Page Views 1214
  • President Rodrigo Duterte has abolished the Philippine Sugar Corp. as part of his effort to streamline the bureaucracy.

    The abolition of the state-run firm is contained in Memorandum Order No. 30, which was issued last October 25.
    Duterte said the Governance Commission for Government-Owned and Controlled corporations has recommended the abolition of PHILSUCOR because its functions and purpose duplicate or overlap with those of the projects of the Sugar Regulatory Administration and state-run financial institutions.

    PHILSUCOR was formed in 1983 through Presidential Decree No. 1890, primarily to provide financing in the acquisition, rehabilitation and expansion of sugar mills, refineries and other related facilities used in the manufacture, packing, storage, distribution and shipment of sugar and its by-products and derivatives.

    Duterte noted that much of the financing needs of sugar mills are already being provided by the Development Bank of the Philippines, the Land Bank of the Philippines and private banking and financing institutions.

    The assets of PHILSUCOR will be liquidated to settle its outstanding liabilities. Government workers who will be affected by the abolition will be entitled to retirement or separation benefits.

    Duterte also formed a technical working group that would assist the GCG in implementing the abolition.
    The group will consist of representatives from the agriculture, finance and budget departments, the SRA and the Privatization and Management Office. (A. Romero, PS)

    Share

    New Posts Recently publish post More

    • 22 September 2022
      2 weeks ago No comment

      Vhong Navarro under NBI custody for rape charge

      Metro Manila — TV host and actor Vhong Navarro remains under the custody of the National Bureau of Investigation (NBI) as of Tuesday, a day after he was slapped with two arrest warrants over complaints filed by model-stylist Deniece Cornejo in 2014. Navarro’s camp has yet to file a motion ...

    • 22 September 2022
      2 weeks ago No comment

      Meet and greet with Jinny, Ramon and Surrey Forward

      The Surrey Forward party is ready to serve the city and its residents. Surrey Forward is fielding Jinny Sims as mayoral candidate in the October 15, 2022 local election, and the party also has seven candidates for council. One of these candidates is Filipino Canadian financial professional Ramon Bandong. ...

    • Queen-Elizabeth-King-Charles-2022
      15 September 2022
      3 weeks ago No comment

      Farewell Queen Elizabeth, Long live King Charles!

      The world is mourning the death of Queen Elizabeth II, U.K.’s longest-serving monarch, who died on September 8 at the age of 96. Queen Elizabeth, whose reign spanned 70 years, was succeeded to the throne by her eldest son Charles, who has been proclaimed as King Charles III. The ...

    • 08 September 2022
      4 weeks ago No comment

      Filipino concert scene returns to Vancouver

      After a long hiatus because of COVID-19, the Filipino concert scene is revving up in Vancouver. A series of shows has been lined up starting in the month of September 2022, and ReyFort Media Group is calling on the community to support these events. The ReyFort Media Group wants ...

    • 01 September 2022
      1 month ago No comment

      Boni Barcia’s summer soiriee with B.C. NDP and Filipino community

      Boni Barcia hosted a summer party at his Coquitlam residence, which saw leading figures with the ruling B.C. NDP government rubbing elbows with members of the Filipino community. Among those in attendance at the August 28, 2022 bash was David Eby, presumed frontrunner in the race to become the ...

    %d bloggers like this: