Executive Secretary Salvador Medialdea File Photo Manila Malacanang Has Issueda Memorandum Order Directing The Abolition Of First Cavite Industrial Estate News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Executive Secretary Salvador Medialdea (File photo) MANILA - Malacanang has issued a memorandum order directing the abolition of the First Cavite Industrial Estate, Inc. (FCIEI), a 154.5-hectare industrial subdivision in Dasmarinas, Cavite. The FCIEI was built to service all basic needs of any manufacturing concern of the light-to-medium scale industry. Executive Secretary Salvador Medialdea signed memorandum order No. 62 on Wednesday and was released to reporters on Thursday. Under the order, Medialdea said the Governance Commission for Government-Owned and -Controlled Corporations (GCG) recommended the abolition of the FCIEI because "its original purpose is no longer relevant to the State." It also cited how the FCIEI "is no longer achieving the objectives and purposes for which it was originally designed and implemented", "is not cost efficient", and "is dormant and non-operational." The GCG also cited how the FCIEI "is involved in an act ....

Cavite City , Exchange Commission , First Cavite Industrial Estate Inc , Governance Commission For Government , National Development Company , First Cavite Industrial Estate , Secretary Salvador Medialdea , Governance Commission , Controlled Corporations , Philippine Economic Zone , Executive Secretary Salvador Medialdea File Photo Manila Malacanang Has Issueda Memorandum Order Directing The Abolition Of First Cavite Industrial Estate , Nc Fciei , A 154 5 Hectare Industrial Subdivision In Dasmarinas , Avite The Fciei Was Built To Service All Basic Needs Of Any Manufacturing Concern Light Medium Scale Industry Executive Secretary Salvador Medialdea Signed Memorandum Order No 62 On Wednesday And Released Reporters Thursday Under , Edialdea Said The Governance Commission For Government Owned And Controlled Corporations Gcg Recommended Abolition Of Fciei Because Quot Its Original Purpose Is No Longer Relevant To State It Also Cited How Achieving Objectives Purposes Which Was Originally Designed Implemented , Uot Is Not Cost Efficient Quot , Nd Quot Is Dormant And Non Operational The Gcg Also Cited How Fciei Involved In An Activity Best Carried Out By Private Sector Medialdea Noted Was Registered With Securities Exchange Commission Sec On Dec 14 , Nd Started Asa Joint Venture Project Of The National Development Company Ndc , Nd Its Partners To Acquire , Aintain And Generally Deal In Industrial Estates The Fciei Was Primarily Formed To Develop Ndc 39s Property Dasmarinas , Avite Into An Industrial Estate And Economic Zone , Nd Have Sold All Saleable Lots Within Such Estate To Locators In 1995 1999 , He Other Joint Venture Partners Sold Their Shares In Fciei To Ndc , Aking The Latter Parent Company Of Fciei After Completion Development Ndc 39s Property , Hich Served As The Fciei 39s Sole Industrial Estate Project , He Board Of Directors The Ndc Deferred Dissolution Fciei Considering That It May Be Used To Develop Another Property Quot Given Intention For Undertake Development Project Did Not Materialize ,