Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Investing News

Duterte orders dissolution of NDC-owned Cavite industrial estate

by
June 24, 2022
in Investing News
0
Duterte orders dissolution of NDC-owned Cavite industrial estate
0
SHARES
23
VIEWS
Share on FacebookShare on Twitter

PRESIDENT Rodrigo R. Duterte has ordered the dissolution of an industrial estate in Cavite after a follow-on project to be developed by the estate operator failed to materialize.

The dissolution order was contained in a memorandum signed by Executive Secretary Salvador C. Medialdea on June 23, ending the corporate life of First Cavite Industrial Estate, Inc., (FCIEI), which was registered with the Securities and Exchange Commission in 1990.

The estate was originally a joint venture of the National Development Co. (NDC) and partners. NDC became the sole owner in 1999.

“After completion of the development of the NDC property, which served as the FCIEI’s sole industrial estate project, the Board of Directors of the NDC deferred the dissolution of FCIEI considering that it may be used to develop another property of the NDC,” according to the memorandum.

The abolition of the company was recommended given that the intention for the FCIEI to undertake another development project did not materialize, the memorandum read. “[It] was approved in principle in 2015, with the condition that the FCIEI’s liabilities, particularly to the Philippine Economic Zone Authority (PEZA), are settled.”

It said that through a Memorandum of Agreement dated March 7, 2016, the FCIEI and PEZA agreed on the partial settlement of the former’s obligations to the latter.

The Governance Commission for Government-Owned or -Controlled Corporations (GCG) recommended the abolition of the FCIEI after determining that “its original purpose is no longer relevant to the State and it is no longer achieving the objectives and purposes for which it was originally designed and implemented,” according to the memorandum.

The GCG added that the FCIEI was not cost efficient and is involved in an activity “best carried out by the private sector.”

“The assets of the FCIEI shall be liquidated to settle the outstanding liabilities of the corporation,” according to the memorandum. “The remaining assets and/or liabilities of the FCIEI shall be assumed by its parent company, the NDC.”

In the memorandum, Mr. Duterte ordered the creation of a technical working group to oversee the settling of liabilities, liquidate of its assets, and assist in the winding-up of its corporate affairs. — Kyle Aristophere T. Atienza

ShareTweetPin

Related Posts

Senate grills Rodriguez on approval procedures for sugar import order
Investing News

Senate grills Rodriguez on approval procedures for sugar import order

August 23, 2022
Trade dep’t expecting sugar price monitoring report by Friday
Investing News

Trade dep’t expecting sugar price monitoring report by Friday

August 23, 2022
Fisherfolk seek halt to reclamation on municipal fisheries
Investing News

Fisherfolk seek halt to reclamation on municipal fisheries

August 23, 2022
Supreme Court rules petitioners have no standing in PDS ‘monopoly’ case
Investing News

Supreme Court rules petitioners have no standing in PDS ‘monopoly’ case

August 23, 2022
ERC signals planned overhaul of regulatory practices via benchmarking exercise with regional counterparts
Investing News

ERC signals planned overhaul of regulatory practices via benchmarking exercise with regional counterparts

August 23, 2022
Malaysian trade official urges PHL to sign up for RCEP  
Investing News

Malaysian trade official urges PHL to sign up for RCEP  

August 23, 2022
Next Post
Duterte signs memo to boost financial inclusion

Duterte signs memo to boost financial inclusion

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

Increased activities helped 2GO return to profit

Increased activities helped 2GO return to profit

August 11, 2022
7 Ways to Plan Your Successful Business Trip

7 Ways to Plan Your Successful Business Trip

August 15, 2022
Actor Tirso Cruz III named new FDCP chairperson

Actor Tirso Cruz III named new FDCP chairperson

July 11, 2022
Samsung unveils new foldable smartphones, seeking keep lead in growing market

Samsung unveils new foldable smartphones, seeking keep lead in growing market

August 11, 2022
Del Monte Pacific’s unit buys assets of US brand

Del Monte Pacific’s unit buys assets of US brand

August 4, 2022
Philippines Q2 GDP grows 7.4% year on year

Philippines Q2 GDP grows 7.4% year on year

August 9, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.