SECTION 1
Abolition of QUEDANCOR
SECTION 1. Abolition of QUEDANCOR. The QUEDANCOR is hereby abolished.
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Memorandum Order No. 13
Memorandum Order No. 13
MEMORANDUM ORDER NO. 13 DIRECTING THE ABOLITION OF QUEDAN AND RURAL CREDIT GUARANTEE CORPORATION AND FOR OTHER PURPOSES
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SECTION 2
Liquidation of Assets and Settlement of Liabilities
SECTION 2. Liquidation of Assets and Settlement of Liabilities. The asset of QUEDANCOR shall be liquidated to settle the outstanding liabilities of the corporation in accordance with applicable laws. rules and regulations.
SECTION 3
Compensation for Affected Officials and Personnel
SECTION 3. Compensation for Affected Officials and Personnel. Affected officials and personnel of QUEDANCOR, whether regular or contractual personnel, may avail of the separation benefits below in addition to retirement of separation benefits allowed under existing laws: Years in Service Rates First 20 years 1.00 x BMP* x No. of years 20 years and 1 day to 30 years 1.25 x BMP x No. of years 30 years and 1 day and above 1.50 x BMP x No. of years *Basic Monthly Pay Funding for the separation pay and other benefits of affected officials and personnel of QUEDANCOR shall be sourced from its corporate funds. The Department of Budget and management shall ensure that there are sufficient funds to cover the compensation for affected officials and personnel.
SECTION 4
Creation of Technical Working Group
SECTION 4. Creation of Technical Working Group. To implement the provisions of this Order GCG shall be assisted by a Technical Working Group composed of the following: a. Department of Agriculture; b. Department of Finance; c. Department of Budget and Management; and d. Land Bank of the Philippines.
SECTION 5
Repeal
SECTION 5. Repeal. All other orders, issuances, or parts thereof, which are inconsistent with the provisions of this Order, are hereby repealed or modified accordingly.
SECTION 6
Separability
SECTION 6. Separability. If any provision of this Order is Declared invalid or unconstitutional, the other provisions not affected thereby shall remain valid and subsisting.
SECTION 7
Effectivity
SECTION 7. Effectivity. This Order shall take effect immediately upon publication in the Official Gazette or in a newspaper of general circulation. DONE, in the City of Manila, this 28th day of June, in the year of our Lord Two Thousand and Seventeen. By authority of the President: (SGD.) SALVADOR C. MEDIALDEA Executive Secretary