PH Aerospace Dev't Corp. seeks support to extend life

MANILA - The Philippine Aerospace Development Corporation found supporters for the bill that would support its corporate life for another 50 years."It is the government’s arm with the development of the industry with the role of addressing internal and external threats, achieving self- reliance as regards defense equipment and promoting transfer of technology from neighboring countries,” Singson-Meehan said.

“It will make us vulnerable to internal and external threats, and it will make us trail behind other countries in modernizing our civil and defense aviation," Singson-Meehan added. The Government Commission on GOCCs or GCG, Department of National Defense, Board of Investments , Office of the Government Corporate Council threw in their support for the PADC’s life extension.

GSIS, while it did not oppose the purpose of the bill, it did not give PADC a glowing review. “We want to convey that the investment has not yielded expected returns,” said GSIS’s Vice President for Legal Lucio Yu. “We are suggesting that the GSIS will be excluded from PADC and provide transitory provisions for PADC to either buy out or in any other investable scheme," he said."We must receive necessary fair value of what our investment is,” Yu added.

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