DARYL JOEH T.

SAGABAEN ARTS APPRECIATION

BSAT-3 5:00PM-6:00PM

NEWS ARTICLE

Duterte abolishes Quedancor

By: Nestor Corrales - Reporter / @NCorralesINQ
INQUIRER.net / 06:47 PM June 29, 2017

President Rodrigo Duterte. PRESIDENTIAL PHOTO

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.

The memorandum stated that Quedancor should be abolished for dormant or

nonoperational and for performing functions overlapping with other government
agencies.

Established in 1978, Quedancor was mandated to establish a sustainable guarantee

system towards improving access to credit in the agriculture sector and accelerating
productivity and the flow of investments and credit resource.

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

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