By the 1980s, the company encountered difficulties in both the oil and mining industries, but was able to recover with the organization of The Wellex Group in 1994.
Republic Resources and Development Corporation (REDECO) was founded on October 19, 1956,[2] and was publicly listed in the Philippine Stock Exchange by January 1958.
[3] In mid-1965, Cebu City Mayor Sergio Osmeña Jr. accused then-Senate President Ferdinand Marcos of fraud for allegedly issuing two bouncing checks for ₱153 million each to REDECO in September 1958.
[4][5] In the 1980s, the company encountered difficulties in both the oil and mining industries, but was later able to recover with the organization of The Wellex Group by William Gatchalian in 1994.
[7] However, PCIC as well as another subsidiary, Philfoods Asia, Inc., eventually ceased operations by 2002 due to losses, with the latter being sold off in early 2016.