Conscious Investing Today
  • Top News
  • Business Insider
  • Economic Indicators
  • Investing Ideas
  • Politics News
  • Stock Analysis
  • Editor’s Pick
No Result
View All Result
  • Top News
  • Business Insider
  • Economic Indicators
  • Investing Ideas
  • Politics News
  • Stock Analysis
  • Editor’s Pick
No Result
View All Result
Conscious Investing Today
No Result
View All Result
Home Politics News

Duterte orders dissolution of NDC-owned Cavite industrial estate

by
June 24, 2022
in Politics News
0
Duterte orders dissolution of NDC-owned Cavite industrial estate
0
SHARES
4
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT

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.

ADVERTISEMENT

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

Related Posts

G7 aims to raise $600 billion to counter China’s Belt and Road
Politics News

G7 aims to raise $600 billion to counter China’s Belt and Road

June 27, 2022
Measuring economic prospects through the growing demand for credit
Politics News

Measuring economic prospects through the growing demand for credit

June 27, 2022
Why credit scores matter to financial health
Politics News

Why credit scores matter to financial health

June 27, 2022
Next Post
Cisco, Nike quit Russia, as pace of Western firms leaving speeds up

Cisco, Nike quit Russia, as pace of Western firms leaving speeds up

Billie Eilish performing live in Manila

Billie Eilish performing live in Manila

Monkeypox case count rises to more than 3,200 globally — WHO

Monkeypox case count rises to more than 3,200 globally — WHO

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

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!

Categories

  • Economic Indicators
  • Editor's Pick
  • Investing Ideas
  • Politics News
  • Stock Analysis

Popular News

  • A Minute With: Family Reunion cast on relatable story lines

    A Minute With: Family Reunion cast on relatable story lines

    0 shares
    Share 0 Tweet 0
  • Twitter launches ‘Milk Tea Alliance’ emoji as movement grows

    0 shares
    Share 0 Tweet 0
  • Gas and car bills to soar under green revolution

    0 shares
    Share 0 Tweet 0
  • Level up your gaming experience with vivo Y20s [G]

    0 shares
    Share 0 Tweet 0
  • Rehab, expansion of General Santos airport seen completed by Q2

    0 shares
    Share 0 Tweet 0
No Result
View All Result

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Highlights

Hamilo Coast: Nurturing nature for 15 years and beyond

Abortion ruling casts cloud over usual cheer at US Pride parades

Driving social inclusion and using Tech4Good: Globe wins in 2022 ASEAN Tech for ESG Awards

Axelum Resources Corp. to conduct annual stockholders’ meeting on July 29 via remote communication

SEC warns public vs investing in three entities

SSC outlasts Perpetual Help in 5 sets, shares second spot

Trending

G7 aims to raise $600 billion to counter China’s Belt and Road
Politics News

G7 aims to raise $600 billion to counter China’s Belt and Road

by
June 27, 2022
0

JCOMP-FREEPIK SCHLOSS ELMAU, Germany — Group of Seven (G7) leaders on Sunday pledged to raise $600 billion...

Measuring economic prospects through the growing demand for credit

Measuring economic prospects through the growing demand for credit

June 27, 2022
Why credit scores matter to financial health

Why credit scores matter to financial health

June 27, 2022
Hamilo Coast: Nurturing nature for 15 years and beyond

Hamilo Coast: Nurturing nature for 15 years and beyond

June 27, 2022
Abortion ruling casts cloud over usual cheer at US Pride parades

Abortion ruling casts cloud over usual cheer at US Pride parades

June 27, 2022

Disclaimer: ConsciousInvestingToday.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.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2021 ConsciousInvestingToday. All Rights Reserved.

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

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.