MANILA — Government this week abolished food processing center Northern Foods Corporation (NFC), according to a document that Malacañang released on Friday.
Incorporated in 1984, the NFC aimed to provide alternative livelihood to Ilocano farmers.
“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,” Executive Secretary Salvador Medialdea said in Memorandum Order No 58.
He added that NFCs activities are “best carried out by the private sector.”
“The NFC is hereby abolished,” ordered the memo.
A technical working group was tasked to liquidate the firm's assets and resolve issues on the transfer of its equity investment to the Land Bank of the Philippines.
The memo also authorized the grant of separation pay to NFC officials and personnel.
FROM THE ARCHIVES: