The Governance Commission is now supervising the United Coconut Planters Bank (UCPB) until it's far subsequently privatized.
In a statement on Monday, the commission stated is exercise its authority over UCPB as a central authority- owned and -managed company (GOCC), in line with the GOCC Governance Act of 2011.
The sale of presidency’s seventy three.Nine percentage stake in UCPB, worth P1.1 billion, was stopped by a temporary restraining order (TRO) issued via the Supreme Court in June remaining year.
The TRO would no longer be lifted under the Aquino management, in keeping with the Privatization and Management Office (PMO). Such an evaluation of the situation has triggered the Governance Commission to take over and supervise the bank till the following administration takes over after the May elections.
UCPB became below the supervision of the Presidential Commission on Good Government (PCGG) through distinctive feature of a memorandum of agreement (MOA) among the PCGG and the Governance Commission, thinking about that PCGG was nonetheless overseeing litigations that concerned the financial institution.
The privatization of UCPB became accredited through President Benigno Aquino 3rd in January 2012 on heels of a Supreme Court ruling that stated the financial institution as a GOCC.
Executive Order No. 179, which approved the privatization of the bank, emphasised that the proceeds from the privatization of UCPB would be used by the authorities for the advantage of coconut farmers.
The privatization become stopped by way of the SC after the Confederation of Coconut Farmers’ Organizations of the Philippines Inc. Contested the flow as tantamount to denying the coconut farmers in their rights over the coconut levy price range.
“Until the privatization is implemented, UCPB stays a GOCC that ought to observe the company governance necessities of R.A. No. 10149, among others,” the Governance Commission stated.
It said the supervision of UCPB as a GOCC can be completed step by step over a -12 months transition because the bank has been operating as a personal organisation. The transition intends to permit any possible decision of the TRO earlier than imposing essential modifications within the inner governance setup of UCPB.
In a statement on Monday, the commission stated is exercise its authority over UCPB as a central authority- owned and -managed company (GOCC), in line with the GOCC Governance Act of 2011.
The sale of presidency’s seventy three.Nine percentage stake in UCPB, worth P1.1 billion, was stopped by a temporary restraining order (TRO) issued via the Supreme Court in June remaining year.
The TRO would no longer be lifted under the Aquino management, in keeping with the Privatization and Management Office (PMO). Such an evaluation of the situation has triggered the Governance Commission to take over and supervise the bank till the following administration takes over after the May elections.
UCPB became below the supervision of the Presidential Commission on Good Government (PCGG) through distinctive feature of a memorandum of agreement (MOA) among the PCGG and the Governance Commission, thinking about that PCGG was nonetheless overseeing litigations that concerned the financial institution.
The privatization of UCPB became accredited through President Benigno Aquino 3rd in January 2012 on heels of a Supreme Court ruling that stated the financial institution as a GOCC.
Executive Order No. 179, which approved the privatization of the bank, emphasised that the proceeds from the privatization of UCPB would be used by the authorities for the advantage of coconut farmers.
The privatization become stopped by way of the SC after the Confederation of Coconut Farmers’ Organizations of the Philippines Inc. Contested the flow as tantamount to denying the coconut farmers in their rights over the coconut levy price range.
“Until the privatization is implemented, UCPB stays a GOCC that ought to observe the company governance necessities of R.A. No. 10149, among others,” the Governance Commission stated.
It said the supervision of UCPB as a GOCC can be completed step by step over a -12 months transition because the bank has been operating as a personal organisation. The transition intends to permit any possible decision of the TRO earlier than imposing essential modifications within the inner governance setup of UCPB.
