MANILA, Philippines?The National Development Co., an attached agency of the Department of Trade and Industry, believes it should stay in business as a part of the public sector, amid calls for its abolition or privatization.

Responding to a recent Asian Development Bank report, NDC general manager Ma. Lourdes Rebueno said the agency is faithful to its mandate of investing in and spearheading development-oriented projects.

?There is a need to retain NDC because its mandate allows it to perform vital roles for the government,? she said in a statement. ?It can respond immediately to the urgent needs of the country.?

?NDC continues to invest in pioneering and development-oriented projects in response to the country?s current development concerns that facilitate socio-economic growth,? she added. ?As a result, NDC serves as a catalyst and as an enabler, paving the way for private investors to pour investments into projects that form part of the national agenda for promoting and accelerating socioeconomic development.?

She related that some of the agency?s latest investments or loan financing projects include minority shareholdings in ethanol refiner San Carlos Bio-energy Inc. and in the Philippine Mining Development Corp.

The government firm likewise provided funding for the rehabilitation and restoration of the National Irrigation Administration?s irrigation system.

According to the NDC charter, as embodied in Presidential Decree No. 1648, the government firm is mandated to invest in or extend loans and guarantees for development-oriented projects that the private sector is unwilling to undertake.

The agency can also enter into joint ventures with local or foreign firms in commercial, industrial, mining, agricultural and other types of projects that will contribute to the economic development of the country.