September 28, 2011
SENATOR Francis Pangilinan yesterday said that based on information from his sources, part of QUEDANCOR’s P1billion loan from the Agricultural Competitiveness Enhancement Fund (ACEF) was diverted to finance the ‘retirement plan’ for QUEDANCOR officials, and the rest was used for questionable transactions.
“Our sources relayed to us that P300 million of the P1billion loan was diverted to fund the retirement benefits of QUEDANCOR officials,” Pangilinan says. “The rest was used for the swine program where only three feed suppliers with no track record in the industry were accredited.”
Pangilinan, who is the Senate Chair of the Committee on Agriculture and Food, earlier filed a resolution calling for an investigation into alleged irregularities in the utilization of ACEF funds that were meant to enhance farmers’ and fisherfolk’s competitiveness.
Other questionable transactions were revealed regarding QUEDANCOR’s loan, including zero repayments from beneficiaries. Sources from QUEDANCOR also say that ghost deliveries of feeds were rampant.
“We need to get to the bottom of this and send out the message that government will not tolerate these excesses. It is under the Aquino administration that we have this window of opportunity to end pervasive corruption in the bureaucracy. “
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