Duterte abrogates sugar organization

Duterte abrogates sugar organization

Duterte abrogates sugar organization

Duterte abrogates sugar organization

Duterte abrogates sugar organization Duterte abrogates sugar organization

President Rodrigo Duterte has abolished the Philippine Sugar Corporation (Philsucor), a government-owned and -controlled corporation (GOCC) created on Nov. 14, 1983.

Duterte abrogates sugar organization

Duterte signed the directive on Oct. 25, 2018.

Duterte abrogates sugar organization

Hence, the agency created 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 abrogates sugar organization

The President’s order said banking and financing institutions are already providing the financing needs of sugar mills.

Duterte abrogates sugar organization

Besides,he President’s structure said keeping money and financing establishments are as of now giving the financing needs of sugar factories.

Duterte abrogates sugar organization

The Development Bank of the Philippines and the LandBank of the Philippines are likewise offering loaning offices, it included.

Duterte abrogates sugar organization

Further, the nullification suggested by the Governance Commission for GOCC, which said “Philsucor’s capacities or purposes copy or superfluously cover with the capacities, projects, exercises or ventures of the SRA (Sugar Regulatory Administration) and government money related establishments.”

Duterte abrogates sugar organization

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