Malacañang has ordered the abolition of the First Cavite Industrial Estate (FCIE), a 154.5-hectare industrial subdivision in Cavite, after being "dormant and non-operational" for several years and being no longer "cost efficient."
Executive Secretary Salvador Medialdea signed Memorandum Order No. 2 dated June 23, 2022 that directs the abolition of the subdivision as its purpose is no longer relevant to the state as well as "it is no longer achieving the objectives and purposes for which it was originally designed and implemented."
According to the website of the Cavite provincial government, FCIE was built to service all basic needs of any manufacturing concern of the light-to-medium scale industry.
In the order, Medialdea mandated the liquidation of FCIE assets "to settle the outstanding liabilities of the corporation."
Its remaining assets shall also be assumed by its parent company, National Development Company, Medialdea added.