Duterte abolishes Ilocos Norte’s tomato processing plant

By Prince Golez

President Rodrigo Duterte has abolished food processing center Northern Foods Corporation (NFC).

In Memorandum Order No 58, Executive Secretary Salvador Medialdea said the Ilocos-based NFC was scrapped for three reasons:

*the functions and purposes for which the NFC was created are no longer consistent with the national development policy

*the NFC is not producing the desired outcomes and not cost efficient and does not generate the level of social, physical and economic returns vis-a-vis the resource inputs; and

*the NFC is engaged in activities best carried out by the private sector.

The memo created a technical working group (TWG) to settle the firm’s liabilities, liquidate its assets, and assist in the winding-up of its corporate affairs.

The TWG was also tasked to resolve issues on the transfer of equity investment in the NFC to the Land Bank of the Philippines as well as implement the retirement plan for NFC personnel.

The directive likewise authorized the grant of separation pay of affected officials and personnel.

Medialdea signed Memorandum Order no. 58 on December 1, 2021.

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Source: Latest Politics News Today (Politics.com.ph)