DOF to speed up sale of PDA, TRC assets

MANILA, Philippines — The Department of Finance (DOF), through its Privatization Management Office (PMO), is seeking to speed up the liquidation of the assets of two abolished state corporate bodies, the Partido Development Administration (PDA) and the Technology Resource Center (TRC).

Finance Secretary Carlos Dominguez has ordered the PMO to ensure that the disposition activities for the assets of PDA and the TRC push through.   

He said this is in line with the Duterte administration’s thrust of ridding the government of its non-performing assets (NPAs).

The PDA was created in 1994 with the goal of accelerating the development of 10 municipalities comprising the fourth district of Camarines Sur that is also known as the Partido district.

In 2017, the Governance Commission for Government-Owned and Controlled Corporations (GCG) recommended the abolition of the PDA as its functions unnecessarily overlapped with those of another government agency.

 The recommendation was approved by Malacanang last Sept. 25 through the issuance of memorandum order 29, signed by Executive Secretary Salvador Medialdea.

“Despite the operation of the PDA for almost 20 years, the fourth district of the province of Camarines Sur has the highest poverty incidence level compared to other districts of the province, and has a higher poverty incidence compared to the average for the entire Bicol Region,” the memo said.

“The PDA and its various operating units have been consistently operating at a loss for several years, which necessitates continuous subsidy from the national government,” it added.

Under MO 29, the PMO was directed to dispose of the assets of the PDA to settle its outstanding liabilities.

Meanwhile, the Office of the President also ordered the abolition of the TRC in 2014 due to its involvement in the irregularities related to the Priority Development Assistance Fund (PDAF).

Subsequently, the GCG issued memorandum order 2015-11, which ordered the Department of Science and Technology (DOST) to wind down the operations, dispose of the assets, and settle the liabilities of TRC.

“The date of the final closure of the operations and closing of books of account of TRC, and as recommended by the DOST, the cessation of the services with TRC of the employees shall be Oct. 31, 2015 — all positions herein abolished,” GCG memorandum order 2015-11 said.

 It also stated that by Oct. 31, 2015, all remaining functions of the TRC and custody of its assets should have been transferred to the DOST.