THE MINDANAO Development Authority (MinDA) has formed a technical working group that will evaluate the rehabilitation of the Paper Industries Corp. (PICOP) facility in Bislig City, Surigao del Sur.
MinDA Chairman Emmanuel F. Piñol signed a memorandum order on Sept. 2 that formed the working group, directing it to conduct a study and submit recommendations on how to revive and rehabilitate PICOP’s pulp and paper mill.
The decision to form the working group resulted from a virtual conference involving the court-appointed receiver, Francisco Buencamino, and officials of Bislig City two weeks ago, Mr. Piñol said in a social media post over the weekend.
Mr. Piñol said the initial assessment was that the idled facility can still be made operational with some modern upgrades.
He said Bislig City confirmed its support for the rehabilitation project.
“The Supreme Court case which stemmed from the petition for foreclosure filed by the Land Bank of the Philippines (LANDBANK), which had granted the corporation over P2 billion in loans must be addressed as this is the remaining stumbling block in the move to start the rehabilitation,” Mr. Piñol said.
PICOP shut down in 2006.
Aside from the pulp and paper mill, MinDA said in prior statements that it is also planning to revive the steel industry in Iligan City and the plywood and veneer industry in Mindanao. — Revin Mikhael D. Ochave