MANILA — President Rodrigo Duterte has ordered the abolition of government-run firm First Cavite Industrial Estate, Inc. (FCIEI) after the company completed its tasks under the National Development Company (NDC) and for now being irrelevant.

"Given that intention of FCIEI to undertake any project did not materialize, the abolition of the company was recommended, and was approved in principle in 2015," Duterte said in his Memorandum Order No. 62.

• Megaworld unit to develop industrial park in Cavite

The government may abolish government-owned corporations such as the FCIEI, Duterte noted, if these no longer achieve their purpose or are already irrelevant to the state, no longer "cost-efficient," non-operational, and no longer involved with any activities with the private sector.

The estate, built in 1990, was a joint project of NDC, Marubeni Corporation and Japan International Development Organization (JAIDO) meant to "service all basic needs of any manufacturing concern of the light-to-medium scale industry," the website of the Cavite local government showed.

Aside from being able to develop NDC's industrial estates and turning its property in Dasmariñas, Cavite into an economic zone, the state-run company was able to sell "all saleable lots" in 1995, the outgoing leader's memo read.

RELATED VIDEO

Watch more News on iWantTFC