PH Aerospace Dev't Corp. finds support to extend life for another 50 years

ADVERTISEMENT

dpo-dps-seal
Welcome, Kapamilya! We use cookies to improve your browsing experience. Continuing to use this site means you agree to our use of cookies. Tell me more!

PH Aerospace Dev't Corp. finds support to extend life for another 50 years

Jasmin Romero,

ABS-CBN News

Clipboard

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.

"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.

ADVERTISEMENT

"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.

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.

“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.

"We must receive necessary fair value of what our investment is,” Yu added.

ADVERTISEMENT

ADVERTISEMENT

It looks like you’re using an ad blocker

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by disabling your ad blocker on our website.

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by disabling your ad blocker on our website.