PITC nets P12.9-M in first 8 months

The Philippine International Trading Corp. (PITC), whose new president is former National Food Authority (NFA) administrator Anthony Abad, reported yesterday a net income of P12.9 million for the first eight months of the year.

The PITC is the trading arm of the Department of Trade and Industry.

Abad’s appointment as the new head of the PITC was welcomed by Trade and Industry Secretary Manuel Roxas II who said that Abad’s experience in the NFA would be beneficial for his new task in PITC, especially in the area of countertrade.

Marlene R. Lopez, vice president for finance and administration of PITC explained that the P12.9 income of the PITC from January to August this year is a dramatic turnaround from PITC’s P7.051 million loss for the same period last year.

Lopez attributed the 268 percent increase in PITC’s income to the major overhaul of PITC’s program and business units under the leadership of Arthur C. Yap who had resigned as PITC, head to President Arroyo last week.

PITC has seven key business units including pharmaceuticals, countertrade, commodities, exports, order regalo, logistics and warehousing and procurement services.

The pharmaceutical units implements the Presyong Tama, Gamot Pampamilya program in close coordination with the Department of Health. PITC undertakes the sourcing and importation of branded medicines for the program. – Marianne Go