THE GOVERNMENT has closed down state-run Technology Resource Center (TRC), with its employees rendering their services only until the past weekend.
Memorandum Order No. 2015-11 issued by the Governance Commission for Government Owned or Controlled Corporations (GCG) last Oct. 27 implemented the abolition of the Makati City-based TRC.
The move was earlier approved by President Aquino via a memorandum dated Aug. 7, 2014.
The operations as well as books of accounts of TRC, which was created in 1977, were finally closed on Oct. 31, the same cessation date of its employees’ services.
The Department of Science and Technology (DOST), which had been supervising the agency, will settle the retirement and separation benefits of affected TRC employees, in coordination with the Department of Budget and Management.
The GCG said all of TRC’s remaining functions would be transferred to the DOST. TRC had mainly conducted business and livelihood training.
Also, the custody of TRC’s assets will be turned over to the DOST, the GCG said.
All of TRC’s present assets as well as the future proceeds from their disposition will be held in trust, after which any remaining assets will be transferred to the DOST, the GCG added.
Last year, the government abolished seven “non-performing and dormant” subsidiaries of two government-owned and -controlled corporations (GOCCs).
Under Republic Act No. 10149 or the GOCC Governance Act of 2011, the GCG has the power “to ascertain whether [a] GOCC should be reorganized, merged, streamlined, abolished or privatized.”