Photo Release

November 24, 2020

Is there a need for PITC?: Sen. Francis Tolentino, during the hybrid plenary session Tuesday, November 24, 2020 asks the necessity of keeping the Philippine International Trading Corp. (PITC), a state trading company, considering that its mandate, when created in 1973, is to trade with socialist and other centrally planned economy countries (SOCPEC), such as the former USSR and China. “So, do you think Mr. President, with the breakup of the Soviet Union and the opening of China, is there a need for PITC?” Tolentino asked. Senate Minority Leader Franklin Drilon said Tolentino’s question is a valid point given the fact that the different government agencies have procurement committees or bids and awards committees. PITC was established on July 21, 1973 through Presidential Decree (PD) 252 to trade with SOCPEC. In 1977, its mandate was expanded via PD 1071 to be one of the drivers of Philippine trade worldwide. (Screen grab/Senate PRIB)