The Department of Agriculture (DA) has issued a special order (SO) creating the transition management committee (TMC) that would supervise the ongoing abolition process of tomato paste manufacturer Northern Foods Corp. (NFC).
The order comes some two years after the various authorities first determined that the non-performing government owned enterprise be abolished and its financial and other affairs winded down.
Under SO 544 series of 2023 dated 5 May 2023 signed by senior undersecretary Domingo Panganiban, the TMC is mainly tasked with facilitating the liquidation of NFC as an enterprise.
For the TMC this means facilitating the winding down of activities related to the liquidation of the NFC, review the liquidation land and endorse its findings to the DA secretary for eventual submission to the Governance Commission for Government Owned and Controlled Corporations (GCG).
The TMC is also tasked to perform functions necessary to ensure the full liquidation of assets and settlement of liabilities of the enterprise.
Rex Estoperez, DA spokesperson, said the TMC will also determine whether NFC is ripe for abolition.
He said the DA will consult with the TMC on the timeline and schedule of the review of NFC’s planned abolition.
NFC was first incorporated and registered in 1984 to serve as a tomato paste processing center in Ilocos Norte and provide alternative livelihood for farmers in the region.
