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NEWS ARTICLE
After operating at a loss for the last five years, President Rodrigo Duterte has ordered
the abolition of the government-owned and controlled corporation (GOCC) Quedan and
Rural Credit Guarantee Corporation (Quedancor).
Executive Secretary Salvador Medialdea, by the authority of the President,
released Tuesday Memorandum Order No. 13, which directed the abolition of
Quedancor.
Quedancor is now legally prohibited from continuing its guarantee function under its
charter, having exceeded the allowable outstanding guarantee obligation provided
therein, the memorandum read.
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Quedancor has been operating at a loss for the last five years, it added.
It said affected officials and personnel of the said GOCC would be provided with
separation benefits, the computation of which would be based on their years of service.
Source: http://newsinfo.inquirer.net/909770/duterte-abolishes-quedancor
DARYL JOEH T. SAGABAEN ARTS APPRECIATION
BSAT-3 5:00PM-6:00PM