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 signed the directive on Oct. 25, 2018.
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.
The President’s order said banking and financing institutions are already providing the financing needs of sugar mills.
Besides,he President’s structure said keeping money and financing establishments are as of now giving the financing needs of sugar factories.
The Development Bank of the Philippines and the LandBank of the Philippines are likewise offering loaning offices, it included.
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.”