Presidential Decree (P.D.) No. 1890, s.1983, created PHILSUCOR to provide financing in the acquisition, rehabilitation and/or expansion of sugar mills, refineries and other related facilities. Section 6(b) authorized PHILSUCOR to “[f]loat bonds from time to time up to P6 Billion”. PHILSUCOR was established in the 1980s to support the sugar industry, which is one of the biggest and most reliable sources of foreign exchange earnings of the country. At that time, most of the obligations of the sugar mills, refineries and other sugar facilities were acquired after the war at heavy financing cost for rehabilitation of the damaged sugar industry. Such obligations remained unpaid, in arrears and considered as onerous burden, not only to the facilities’ owners but also to the local financing institutions. PHILSUCOR was thus empowered to design and implement a program for sugar mills, refineries and other sugar facilities.
PHILSUCOR is a Government Owned and Controlled Corporation that provides the sugarcane industry with innovative and diversified assistance programs for the continuing sustainability and enhancement of sugarcane production, including the production of co-products and by-products of sugarcane.
By 2040, PHILSUCOR is a world-class financial institution, an indispensable partner of the sugarcane industry, providing innovative and diversified assistance programs.
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