Malacañang has ordered the abolition of the North Luzon Railways Corp., the state-run firm mandated to operate and manage a railway project that was supposed to be funded by China, but was tainted with allegations of overpricing.
MANILA, Philippines — Malacañang has ordered the abolition of the North Luzon Railways Corp. , the state-run firm mandated to operate and manage a railway project that was supposed to be funded by China, but was tainted with allegations of overpricing.
“The Northrail is hereby abolished,” the memorandum signed by Executive Secretary Lucas Bersamin, by the authority of President Marcos, read. The BCDA board was also directed to conduct an inventory of all Northrail assets and liabilities and formulate an action plan by which they may be disposed of and settled; craft a change management plan for affected stakeholders; conduct an inventory of all pending cases brought by and against the state-run firm and formulate appropriate actions needed to resolve them, including the total amount of contingent liabilities arising from them, if any.
The BCDA board, as the administrator and liquidator, shall submit a quarterly report to the GCG on the implementation of the order. The transportation department, as Northrail’s supervising agency, shall continue to oversee the programs and activities relative to the liquidation and winding up of the state-run firm’s affairs.
The memorandum also stated that affected Northrail officials and personnel may avail of separation benefits, charged against the available corporate funds of Northrail, subject to existing rules.vivo school tour updates: V29 5G takes center stage at Jose Rizal University
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