CLARK FREEPORT, Pampanga, Philippines The chief of a government-owned and controlled corporation based here has reportedly resigned from his post amid issues questioning his leadership.
Arthur Tugade, president and chief executive officer of the Clark Development Corp. (CDC), reportedly wrote President Aquino yesterday, informing him of his resignation. Tugade assumed the post last year.
The STAR tried but failed to get Tugade’s confirmation on the matter, but some CDC stockholders and board members, who refused to be named, said he announced his resignation during a stockholders’ meeting here Wednesday afternoon.
A sourcesaid that during the meeting, Tugade expressed disappointment over a low rating given to him by some CDC officials in an online survey conducted a few weeks ago.
Tugade reportedly learned about the rating from the Government Commission on Government-Owned and Controlled Corporations.
“I don’t think he deserved such rating because he did well for the CDC. He restored the firm’s financial status,” one of the sources said.
The same source said Tugade’s resignation was not related to a case filed against him by a Korean investor before the Office of the Ombudsman.
Eung Il “Steve” Kim, a pioneer of the hot air balloon festival and president of the Holywood Park Development Corp., filed charges of grave coercion against Tugade, his legal officer Juvy Manwong and other CDC officials after the state-run firm junked his lease contract on a 3.2-hectare land in this freeport.
The CDC cancelled Kim’s contract after he allegedly failed to settle the payment for the property. Kim denied CDC’s allegations.