Duty-Free Philippines restructuring deferred

MANILA  -The Governance Commission for GOCCs (GCG) has approved the request of Duty-Free Philippines Corp. (DFPC) to defer implementation of its restructuring plan for 60 days from March 15 this year.

But while it has approved the deferral of the implementing rules and regulations of the restructuring plan of this GOCC or government -owned and controlled corporation, the GCG said it might have a negative effect on the ongoing status of DFPC, citing its limited fiscal space.

The request was made to enable DFPC to prepare for the transition to a new organizational structure and staffing pattern.

“The Governance Commission understands that DFPC may need more time given that the restructuring plan may have certain repercussions in policies and core operations,” GCG Justice Alex Quiroz said in a press statement.

“GCG takes into consideration the inputs of the employees union and other government agencies concerned. The deferment will be granted to give way to a streamlined transition that will be beneficial to all concerned,” Quiroz added.

Pursuant to Section 5(a) of Republic Act No. 10149, the GCG is mandated to ascertain whether a GOCC should be reorganized, merged, streamlined, abolished or privatized, in consultation with the department or agency to which the GOCC is attached.

The GCG vowed to remain “steadfast in its mandate as the central advisory, oversight, and monitoring body for GOCCs, to institutionalize transparency, accountability, financial viability, and responsiveness in corporate performance by monitoring and evaluating GOCCs’ performance.”