The President in his Memorandum Order No. 30 signed on October 25, stated that “The Philsucor is no longer needed as much of the financing needs of sugar mills are already being provided by private banking and financing institutions in addition to the lending facilities offered by the Development Bank of the Philippines and Land Bank of the Philippines, private banking and financing institutions..”
PHILSUCOR which is a government-owned and controlled corporation (GOCC), was created on Nov. 14, 1983 primarily to provide financing in the acquisition, rehabilitation, and expansion of sugar mills, refineries, and other related facilities used in the manufacture, packing, storage, distribution, and shipment of sugar and its by-products and derivatives.
