State Dining Room, Malacañan Palace
July 10, 2023
President Ferdinand R. Marcos Jr. met with the Board of Trustees of Planters Foundation, Inc. (PFI) on the nomination of the Board of Directors of the Planters Products, Inc. (PPI) at the State Dining Room in Malacañan Palace.
Pursuant to the Letter of Instructions No. 178 issued on 28 March 1974, the Planters Foundation, Inc. (PFI), a non-stock and non-profit foundation, was established to assume the portion of stocks not subscribed and paid-up by a sugar cooperative; to redistribute Planters Products, Inc. (PPI) shares; and to vote and exercise the rights pertaining to undistributed shares.
Based on the GCG or the Governance Commission for Government-owned and Controlled Corporations (GOCCs) En Banc Resolution No. 2021-01 dated 02 June 2023, the PFI and PPI are both classified as GOCCs covered by the GCG, by virtue of Republic Act (RA) No. 10149.
President Marcos Jr. directed all agencies concerned to conduct further review on the functions of both the PFI and PPI, identify ways forward, and seek assistance from the GCG on the legal aspect of the review if deemed necessary.
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