The Philippine government plans to close down the state-owned Philippine Aerospace Development Corporation (PADC), the country’s Finance Secretary Carlos Dominguez said on 27 December.
Dominguez said in comments published by state-run news that the decision is in line with the government’s continuing efforts to restructure and ‘right-size’ state-owned holdings and operations. PADC, which is based in Pasay City, will be discontinued in 2018, he said.
Dominguez said the government’s decision was also influenced by PADC’s failure to fulfil its formal mandate of becoming an aircraft designer and developer.
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