President Rodrigo Duterte has ordered the abolition of the Philippine Sugar Corporation (PhilSuCor) through the recommendation of Governance Commission for Government Owned and Controlled Corporations (GCG).
Signed by Executive Secretary Salvador Medialdea on October 25, Duterte issued Memorandum Order 30, ordering the abolition of PhilSuCor.
The GCG recommended to Duterte the abolition of PhilSuCor because it is no longer performing its objectives and purposes. The GCG also said that PhilSuCor鈥檚 functions overlap with that of the Sugar Regulatory Administration鈥檚 (SRA).
PhilSuCor was created in Nov. 14, 1983 under Presidential Decree 1890 primarily to provide financing in the acquisition, rehabilitation, and/or 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. /je