PITC Pharma

PPI was initially incorporated in the Philippines on July 13, 1981 as Producers Venture Capital Corporation (PVCC). PVCC was 60 percent owned by Prime Media Holdings, Inc. and 40 percent owned by the National Development Company (NDC). On October 19, 2005, NDC bought out Prime Media's 60 percent ownership, which made PVCC 100 percent owned by NDC.... On November 9, 2005, the Securities and Exchange Commission (SEC) approved the change in PVCC's corporate name from Producers Venture Capital Corporation to PITC Pharma, Inc., and its primary purpose from that of a financing company to a pharmaceutical firm engaged in the business of research, development, production, manufacture, packaging sale and/or distribution of pharmaceutical products and/or investment and/or management of investments in pharmaceuticals and related commercial ventures. On September 12, 2006, the SEC approved the increase in the authorized Capital Stock of the Corporation from P10 million to P100 million divided into one million (1,000,000) common shares at a par value of P100 per share. The infusion by Philippine International Trading Corporation (PITC) of P22.5 million in common shares, made the Corporation 60 percent owned by the lead coordinating agency to make quality medicine available, affordable, and accessible to the greater masses of Filipinos. In 2014, the corporation applied with the SEC for change of corporate name and an amendment to its primary purpose to highlight one its mandate under RA 9502. On November 26, 2015, the SEC approved the change in PPI's corporate name from PITC Pharma, Inc. to Philippine Pharma Procurement, Inc. as well as the amendment to its primary purpose to include "procurement, sourcing, and marketing of medicine and vaccine requirements, among others, through its common facility for pooled procurement." The License to Operate as a Drug Distributor/ Importer/Wholesaler was initially granted to PPI on October 16, 2006 and is valid until 16 October 2016. As of December 31, 2015, PPI has a manpower complement ...Read More