Brief History

The National Development Company (NDC) is one of the oldest companies in the Philippines commencing on March 10, 1919 via Legislative Act 1248. NDC’s first name was “Compania de Fomento Nacional”.

On November 30, 1936, NDC was made a state-owned company via Commonwealth Act 182, which also gave its present name. It was mandated to function as the government’s investment arm. NDC, developed, financed and implemented pioneering projects vital to the sustainability of the government’s structural reforms and economic policies.

Two years later on January 9, 1938, Commonwealth Act 311 expanded NDC’s power and gave it another 25-year corporate life, while allowing it to engage in the development of natural resources. A P 50-million capital base was allocated. Added to its original objectives was the engagement in enterprises necessary for economic development, or more significantly which private capital was unwilling to venture into.

With its new capital base and objective, NDC was instrumental in the birth and growth of the shipping and aviation industries in the Philippines; it made possible the manufacture of the first light bulbs in the country, invigorated the steel industry, and pioneered copper smelting and phosphate fertilizers among others. NDC opened the nation’s first cement firm, practically establishing the industry. It organized the first textile firm, the first sugar refinery, and the first space communications company. It led the way in low-cost housing, established agricultural plantations, built warehouses, set up lumber and paper mills, and conducted groundbreaking surveys of oil, iron ore, guano, marble, coal, and other minerals.

In the ’50s and ’60s, despite huge organizational losses, it ventured into new industries to pave the way for private enterprises participation. Among these was the exploration of the feasibility of a ceramic sanitary ware plant, expansion of the Philippine merchant marine industry, a urea fertilizer in Negros, a synthetic fiber plant for clothing materials to blend with ramie, laterite ores to be processed on 2,500 hectares of leased lands in Surigao, among others. The decade also marked NDC’s entry into pineapple production, the first for the government with the lease of 8,195 hectares of land in Bukidnon to Philippine Packing Corporation. In the ’50s, Three Philippine presidents have served on the NDC Board: Sergio Osmeña, Elpidio Quirino, and Manuel Roxas.

In the ’70s and ’80s, it harnessed considerable capital and influence to grow big industries and establish regional endeavors, while funneling investments into the work of small- and medium-sized entrepreneurs.

On March 7, 1975, via Presidential Decree 886, its authorized capital was raised to P200 M and its corporate life extended for 25 more years from January 1976 as well as powers to act in behalf of the government. One of these powers was to acquire, hold, develop and dispose all lands that had been acquired by Americans according to the Laurel-Langley Parity Agreements which expired in 1974.

The reorganization of NDC in 1979 (NDC revised charter, PD 1648) enabled the company to provide capital and managerial expertise for projects and enterprises it has undertaken. PD 1648 increased NDC’s capital stock to P10.0 Billion and empowered the company to exist for 50 years from 1979 and deemed renewed for an equal period. This also realigned NDC’s strategic role to the government’s priorities in achieving its target of industrial development. The role was based on three (3) premises: First, the company being assisted had to be a viable undertaking; second, with the provision of managerial expertise, NDC was viewed not just a portfolio investor but as an active participant or steward. And third, once the rehabilitation of the company was accomplished, NDC was to sell its interest in the company to the private sector.

Over the years, NDC has evolved and has succeeded in this role, as it has had a hand in establishing several companies which were at the forefront in their respective industry. Some of these are: Philippine Airlines, Philippine Electrical Manufacturing Company, National Power Corporation, Philippine Communication Satellite, Philippine National Lines, Manila Gas Corporation, National Housing Authority, Philippine Packing Corporation and Dole Philippines.

NDC is a resilient organization adapting well to change and new development if demanded by the need for growth and new environment. It embraced the call of Proclamation 50 issued in 1986 by then President Corazon Cojuangco Aquino.

NDC’s rose to the challenges of the directives through a successful privatization and disposition programs. NDC earned some P 4.0 Billion from the total privatization program proceeds amounting to P 14.0Billion from 22 companies.

The aggressive stance of President Fidel V. Ramos’ privatization and industrialization was complemented by NDC ventures in the industrial estate which pioneered its development in the country. With the thrust of President Joseph E. Estrada to promote agriculture and self-sufficiency in rice production, NDC embarked on, Economic Recovery through Agricultural Productivity (ERAP) program. NDC’s was empowered to generate funds through bonds issuances under Executive Order (EO) No. 83 issued in 1998.

In 2003, NDC was reorganized under EO 184. The reorganization was necessary for NDC to fulfill its new mandate, of providing equity investment in pioneering development-oriented projects. The new mandate paved the way for NDC to become a critical player on the economic team behind President Gloria Macapagal Arroyo’s Medium Term Development Program of 2004-2010. NDC’s integral role was defined under the program’s infrastructure development, expansion of the strong republic nautical highway and alternative fuel development, while giving Filipinos greater access to health care and educational facilities, irrigation systems and other benefits.

For almost a century, NDC has led by example, changing with the times, but never veering away far from its mission. Today, that mission includes identifying the supply chain gaps and reaching out to diversified projects for optimum financial, economic and social benefits. It has been and continues to, an excellent working environment for competent professionals and economic innovators. And as the pursuit for sustainable economic development takes a new direction anchored on good governance towards inclusive growth by the current administration of President Benigno S. Aquino III, NDC remains constant, relevant and efficient, playing its key role that is central and yet always subservient to the bigger picture, that is the nation’s progress.


PD 1648 (Revised Charter)  – NDC is mandated to pursue commercial, industrial, agricultural or mining ventures in order to give the necessary impetus to national economic development. NDC, may on its own, or in joint venture with the private sector, undertake vital projects when necessary or when the private sector is not willing or able to undertake such projects due to high risks or to lack of funds/resources.

Executive Order No. 83  (Strengthening the Enforcement of the Agri-Agra Law and Launching of the NDC “AA” Bonds for Rural Development) – Authorized NDC to undertake the issuance of NDC Agri-Agra Bonds in the total amount of P50B for the development of the agriculture and agrarian sectors.

Executive Order No. 530  – (Authorizing the NDC to Issue Bonds under Executive Order 83, Series of 1998 for the pump-priming activities and other projects of the government) – The EO strengthens NDC’s authority to issue bonds under EO 83 Series of 1998, and expanded the utilization of the bond proceeds to include the economic pump-priming activities/projects of the government-owned and controlled corporations (GOCCs) and any other projects designed for economic growth and poverty alleviation.

Executive Order No. 824  – Authorizing the National Development Company (NDC) to issue Bonds for Infrastructure Projects

Executive Order No. 824-A  – Amending Executive Order No. 824 authorizing the National Development Company to Issue Bonds for Infrastructure Projects to include projects for Rehabilitation and Reconstruction of Government Infrastructure Facilities damaged or destroyed by Typhoons “Ondoy” and “Pepeng

Our Vision

NDC is the Philippine’s leading state-owned enterprise investing in diverse industries, serving as an effective catalyst for inclusive growth. 

Our Mission

Enabling industry development, spurring local economies

Corporate Philosophy

We are committed to fulfill NDC’s vital role in the over-all economic development of the country.

We advocate excellence, teamwork, and accountability to advance the interests of our stakeholders.

We will invest in our human capital as it is our most valuable resource.

Core Values

Passion. Integrity. Commitment. Excellence. Financial Prudence

Quality Policy

We are committed to serve as a reliable partner of both public and private sectors in sustaining the country’s 
socio economic development efforts. To uphold this commitment, we shall:

1. Continously invest in strategic priority areas that will sustain our fund generation activities;

2. Practice prudence in handling corporate resources to warrant maximum public impact;

3. Establish mechanisms and procedures that reinforces learning, continual improvement and risk-based 

4. Ensure business plan continuity, responsiveness and transparency in accordance with NDC’s code of 
corporate governance;

5. Advocate excellence, accountability, and teamwork to advance the interest of our stakeholders; and;

6. Invest in our human capital as it is our most valuable resource