Nabcor closure to be completed next mo

MANILA, Philippines - The closure of the National Agribusiness Corp. (Nabcor) is seen to be completed by March as most of its employees have already been dismissed and plans are made for the turnover of its existing projects.

Nabcor president Honesto Baniqued said yesterday that of the agency’s total workforce of around 60, only 15 have remained.

The agency is also preparing the turnover of some of its ongoing projects  – especially those dealing with the development of high value crops  –  to the Department of Agricuture (DA).

He said he Governance Commission for Government Owned and Controlled Coporations (GCG) will take care of the disposition of assets and liabilities and the closing of book and accounts of Nabcor.

Baniqued said they have also coordinated with the Department of Labor and Employment (DOLE) for the placement of the retrenched employees.

Nabcor was the corporate arm of the Department of Agriculture (DA) mandated to invest in agribusiness enterprises in the countryside to improve the productivity and incomes of small farmers.