In April 2000, Former President Joseph Ejercito Estrada issued a memorandum to the DTI and the DOH Secretaries to undertake measures to reduce drug prices, including undertaking parallel drug importation. The same year, the Presyong Tama, Gamot Pampamilya Program was launched wherein PITC was tasked to bring in parallel drug imports to serve to the different DOH retained hospitals and local government units.
On 04 July 2005, Former President Gloria Macapagal Arroyo issued Executive Order No. 442 designating PITC as the lead coordinating agency for the Half-Priced Medicines Program.
PPI was created to serve as the corporate vehicle that will implement the Half-Priced Medicines Program of the government. PPI was initially incorporated in the Philippines on July 13, 1981 as Producers Venture Capital Corporation (PVCC).
PVCC was 60 percent owned by Prime Media Holdings, Inc. and 40 percent owned by the National Development Company (NDC). On October 19, 2005, NDC bought out Prime Media’s 60 percent ownership, which made PVCC 100 percent owned by NDC.
On November 9, 2005, the Securities and Exchange Commission (SEC) approved the change in PVCC’s corporate name from Producers Venture Capital Corporation to PITC Pharma, Inc., and its primary purpose from that of a financing company to a pharmaceutical firm engaged in the business of research, development, production, manufacture, packaging sale and/or distribution of pharmaceutical products and/or investment and/or management of investments in pharmaceuticals and related commercial ventures.
On September 12, 2006, the SEC approved the increase in the authorized Capital Stock of the Corporation from P10 million to P100 million divided into one million (1,000,000) common shares at a par value of P100 per share. The infusion by Philippine International Trading Corporation (PITC) of P22.5 million in common shares, made the Corporation 60 percent owned by the lead coordinating agency to make quality medicine available, affordable, and accessible to the greater masses of Filipinos.
In 2014, the corporation applied with the SEC for change of corporate name and an amendment to its primary purpose to highlight one its mandate under RA 9502. On November 26, 2015, the SEC approved the change in PPI’s corporate name from PITC Pharma, Inc. to Philippine Pharma Procurement, Inc. as well as the amendment to its primary purpose to include “procurement, sourcing, and marketing of medicine and vaccine requirements, among others, through its common facility for pooled procurement.”
The corporation was under the Office of the President when it was created in 2005. On 08 August 2007, Executive Order No. 649 was issued placing the corporation under the Department of Trade and Industry (DTI) and designating the Secretary of the Department of Health (DOH) as Ex-Officio Chairman.
This was amended on 10 April 2008 by Executive Order No. 649-A transferring the corporation to the DOH and retaining the Secretary of Health as the ex-officio Chairman. On 06 September 2011, Executive Order No. 54 was issued placing the corporation under DTI “to improve policy and program coordination relative to the Government’s procurement and importation of drugs and medicines under RA 9502.”
We are the government pharmaceutical organization providing access to affordable and quality essential medicines to improve the health conditions of Filipinos.
By 2020, we will be the Preferred Procurement Organization for the Pharmaceutical Needs of the Government
Passion for Excellence and Teamwork
Professionalism
Integrity
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