Philippine Sugar Corporation (Philsucor) Ordered to be Abolished by Pres. Duterte
DUTERTE – The abolition of the Philippine Sugar Corporation is recently ordered by Philippine President Rodrigo Roa Duterte.
In the Philippines, there is a government-owned company that centers on the manufacturing of sugar. It is the Philippine Sugar Corporation or the Philsucor which was created in November 1983.
Previously, there was a call for its abolition. Based on a report on ABS-CBN News, it was the GOCC Governance Act of 2011 that raised the suggested abolition due to the presence of the Sugar Regulatory Administration which has similar functions.
Recently, Pres. Duterte has made an order – the abolition of the Philippine Sugar Corporation. It is aside from another recent decision which is to put the Bureau of Customs under temporary military control.
According to the President, the function of the government-owned firm is not anymore needed.
Based on the report, in his Memorandum Order No. 30, the 73-year-old Chief Executive cited that private banking firms are now providing for the financing of the sugar mills.
Furthermore, the GOCC Governance Act of 2011’s contention in which the Philsucor got similar functions with the Sugar Regulatory Administration was also mentioned.
Based on the report, it is stated in the Memorandum Order No. 30 that the assets of the government company should be liquidated and the outstanding liabilities should be settled.
Those officials who are affected by the abolition of the Philsucor may reportedly get separation and retirement benefits.
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