PH Aerospace Dev't Corp. finds support to extend life for another 50 years
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PH Aerospace Dev't Corp. finds support to extend life for another 50 years
Jasmin Romero,
ABS-CBN News
Published Nov 15, 2021 11:18 PM PHT

MANILA - The Philippine Aerospace Development Corporation (PADC) found supporters for the bill that would support its corporate life for another 50 years.
MANILA - The Philippine Aerospace Development Corporation (PADC) found supporters for the bill that would support its corporate life for another 50 years.
House Bill 9165 was sponsored by Rep. Kristine Singson-Meehan to extend PADC's life.
House Bill 9165 was sponsored by Rep. Kristine Singson-Meehan to extend PADC's life.
"It (PADC) is the government’s arm with the development of the industry with the role of addressing internal and external threats, achieving self- reliance as regards defense equipment and promoting transfer of technology from neighboring countries,” Singson-Meehan said.
"It (PADC) is the government’s arm with the development of the industry with the role of addressing internal and external threats, achieving self- reliance as regards defense equipment and promoting transfer of technology from neighboring countries,” Singson-Meehan said.
PADC was created on September 5, 1973 through Presidential Decree 286, and will expire in 2023.
PADC was created on September 5, 1973 through Presidential Decree 286, and will expire in 2023.
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"Failure to do so will paralyze the industry and would create a vacuum,” she said.
"Failure to do so will paralyze the industry and would create a vacuum,” she said.
“It will make us vulnerable to internal and external threats, and it will make us trail behind other countries in modernizing our civil and defense aviation," Singson-Meehan added.
“It will make us vulnerable to internal and external threats, and it will make us trail behind other countries in modernizing our civil and defense aviation," Singson-Meehan added.
The Government Commission on GOCCs or GCG, Department of National Defense, Board of Investments (BOI), Office of the Government Corporate Council (OGCC) threw in their support for the PADC’s life extension.
The Government Commission on GOCCs or GCG, Department of National Defense, Board of Investments (BOI), Office of the Government Corporate Council (OGCC) threw in their support for the PADC’s life extension.
GSIS, while it did not oppose the purpose of the bill, it did not give PADC a glowing review. “We want to convey that the investment has not yielded expected returns,” said GSIS’s Vice President for Legal Lucio Yu.
GSIS, while it did not oppose the purpose of the bill, it did not give PADC a glowing review. “We want to convey that the investment has not yielded expected returns,” said GSIS’s Vice President for Legal Lucio Yu.
“We are suggesting that the GSIS will be excluded from PADC and provide transitory provisions for PADC to either buy out or in any other investable scheme," he said.
“We are suggesting that the GSIS will be excluded from PADC and provide transitory provisions for PADC to either buy out or in any other investable scheme," he said.
Yu added their investment is also “not aligned” with GSIS’ purpose.
Yu added their investment is also “not aligned” with GSIS’ purpose.
"We must receive necessary fair value of what our investment is,” Yu added.
"We must receive necessary fair value of what our investment is,” Yu added.
Read More:
PADC
Philippine Aerospace Development Corporation
House of Representatives
PD 286
Presidential Decree 286
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