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Formed: March 10, 1919 Jurisdiction: Government Of The Philippines Headquarters: 6, 7, & 8F, NDC Building, 116 Tordesillas, Makati, 1200 Metro Manila Website: https://www.ndc.gov.ph/

National Development Company (NDC)

The National Development Company (NDC) is one of the oldest investment arm companies owned by the Government of the Philippines. Established on March 10, 1919, via Legislative Act 2489, it is a corporation tasked with promoting and supporting industrial and economic development initiatives in the country. The NDC serves as a leading catalyst for inclusive national growth.

Contents

1. Introduction
2. History
   • Early Life
   • Modernization Era
3. Vision and Mission
4. Mandates
5. Functions
6. Organization
7. References

History

Early Life

The NDC was established on March 10, 1919, under Legislative Act 2489. Initially known as "Compania de Fomento Nacional" (The Company for National Promotion), the organization aimed to be a key player in national industrialization. This early mission included promoting economic growth through strategic investments and partnerships. The company was envisioned to support the development of the Philippines as it moved towards self-rule, with Filipino leaders being entrusted with significant roles.

The first board meeting took place on March 4, 1920, in Manila, with notable figures including Galiciano Apacible, Venancio Concepción, I.B Dexter, E.J Westerhouse, Claude Russel, Miguel Unson, Sen. Manuel Quezon, and Speaker of the House Sergio Osmeña in attendance. The NDC was authorized to engage in various business ventures, except banking. Its first subsidiary, the Cebu Portland Cement Company (CEPOC), was established in 1920 with an initial capital of PHP 5 million and commenced operations in 1923.

In 1936, the NDC was converted into a public corporation to support the Commonwealth government's economic policies. The company’s powers were extended by Commonwealth Act II in 1938, granting it a 25-year corporate lifespan and involvement in natural resource development. Despite facing organizational losses, NDC expanded into new industries and supported private enterprises.

During the 1970s and 1980s, NDC played a significant role in industrial growth and regional development. It supported small- and medium-sized entrepreneurs and was instrumental in establishing major companies such as Philippine Airlines, National Power Corporation, and DOLE Philippines. Three Philippine presidents Sergio Osmeña, Elpidio Quirino, and Manuel Roxas served on the NDC board.

Modernization Era

In 1979, NDC underwent reorganization to better align with the government’s industrial development goals. Over the years, the NDC has contributed to several high-profile projects and companies. It responded to President Corazon Cojuangco Aquino’s Proclamation 50 in 1986 by privatizing 22 companies and earning PHP 4.0 billion from the program. Under President Fidel V. Ramos, NDC supported privatization and industrialization efforts. The company also pursued agricultural productivity programs during President Joseph E. Estrada’s administration.

In 1998, NDC was empowered to issue bonds under Executive Order (EO) No. 83. By 2003, further reorganization under EO 184 allowed NDC to focus on equity investment in pioneering projects, supporting President Gloria Macapagal Arroyo’s Medium Term Development Program of 2004-2010. The NDC’s roles included infrastructure development and expanding access to essential services.

Vision and Mission

The NDC’s vision is to enable industry development and spur local economies across the Philippines. As the country’s leading state-owned enterprise, it aims to serve as a catalyst for inclusive growth by investing in diverse industries and promoting the growth of the nation’s enterprises.

Mandates

The NDC operates under several key mandates:

• PD 1648 (Revised Charter): Mandates NDC to pursue commercial, industrial, agricultural, or mining ventures to support national economic development. The company can undertake vital projects independently or in partnership with the private sector, particularly in high-risk areas or where private resources are insufficient.
• Executive Order No. 83: Strengthens the enforcement of the Agri-Agra Law and authorizes NDC to issue bonds for rural development, totaling PHP 508 million.
• Executive Order No. 530: Expands NDC’s authority to issue bonds for economic pump-priming activities and other projects aimed at economic growth and poverty alleviation.
• Executive Order No. 824: Authorizes NDC to issue bonds for infrastructure projects.
• Executive Order No. 824-A: Amends EO 824 to include projects for the rehabilitation and reconstruction of government infrastructure damaged by typhoons "Ondoy" and "Pepeng."

Functions

The NDC is the Philippines' leading state-owned enterprise, investing in diverse industries and acting as an effective catalyst for inclusive growth. Its functions include:

• Enabling industry development and spurring local economies.
• Promoting the growth of the country’s enterprises.

Organization

Board of Directors

• Acting Sec. Ma. Christina A. Roque , Chairman , Department of Trade and Industry
• Eli M. Remolona Jr., Governor , Bangko Sentral ng Pilipinas
• Ralph Recto, Secretary , Department of Finance
• Raphael Perpetuo M. Lotilla, Secretary , Department of Energy
• Ma. Antonia Yulo-Loyzaga, Secretary , Department of Natural Resources
• Phillip L. Go, Chairman , Development Bank of The Philippines
• Usec Ceferino S. Rodolfo, Managing Head , Board of Investments

NDC Management

• Antonilio DC. Maurucio, General Manager
• Atty. Roel Z. Mabazza, Assistant General Manager, Corporate Support Group
• Saturnino H. Mejia, Assistant General Manager, Special Projects Group
• Atty. Geneflor L. Santiago, Assistant General Manager, Asset Management Group
• Alewin Aidan K. Ong, Assistant General Manager, Business Development Investment
• Leopoldo John F. Acot, Assistant General Manager, Corporate Communications Group
• Joyce Anne N. Alimon, Assistant General Manager, Funds Management Group

References

1. Agoncillo, Teodoro A. (1990). History of the Filipino People (Eighth ed.). Self-published. ISBN 971-8711-06-6.
2. Catlett, George, ed. (1947). The War Reports of General of the Army George C. Marshall, Chief of Staff, General of the Army H. H. Arnold, Commanding General, Army Air Forces [and] Fleet Admiral Ernest J. King, Commander-in-Chief, United States Fleet and Chief of Naval Operations: General of the Army H. H. Arnold ... [and ...] Lippincott.
3. National Development Company (2009). Catalyst: The Story of the National Development Center.
4. Dyquianco, Excel (2023). DTI and NDC: Empowering Startups and MSMEs for Sustainable Growth.
5. Tabora, Rhea (2023). Powering Inclusive Growth: How NDC Drives Progress for the Philippines.