Duterte abolishes First Cavite Industrial Estate
FILE PHOTO: President Rodrigo Duterte. (Photo from a PTV livestream video)
MANILA, Philippines — President Rodrigo Duterte has abolished the First Cavite Industrial Estate, Inc. (FCIEI).
The FCIEI started as a joint venture project of the National Development Company (NDC) and its partners “to acquire, own, lease, hold, subdivide, construct, develop, equip, operate, maintain and generally deal in industrial estates.”
It was created “to develop the NDC’s property in Dasmariñas, Cavite into an industrial estate and economic zone.”
However, the abolition of the FCIEI was proposed given that its intention “to undertake another development project did not materialize.”
The government-owned or -controlled corporations (GOCCs) recommended its abolition, citing that “its original purpose is no longer relevant to the State” among others.
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Article continues after this advertisement“The FCIEI is hereby abolished,” states Memorandum Order No. 62, signed by Executive Secretary Salvador Medialdea.
“The assets of the FCIEI shall be liquidated to settle the outstanding liabilities of the corporation, in accordance with applicable laws, rules and regulations. The remaining assets and/or liabilities of the FCIEI shall be assumed by its parent company, the NDC,” it also states.
A technical working group has been formed to implement the order’s provisions. The technical working group is tasked to submit an initial status report within 30 days from the order’s effectivity.
The order will “take effect immediately upon publication in the Official Gazette or in a newspaper of general circulation,” the memo reads.
