Senator Francis “Kiko” Pangilinan: Quedancor loan from ACEF was diverted to fund retirement benefits of officials

September 24, 2011

Press Release
September 24, 2011

Senator Francis “Kiko” Pangilinan today bares that based on information relayed by sources, part of QUEDANCOR’s P1B loan from ACEF was diverted to fund the ‘retirement plan’ for QUEDANCOR officials, and the rest was used for questionable transactions.

“Our sources relayed to us that P300M of the P1B 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 on alleged irregularities in the utilization of ACEF funds that were meant to enhance our 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. Napapanahon na para magkaron ng pag-asa ang ating mga magsasaka at mangingisda, pag-asa na mula ngayon e yung pondong nararapat mapunta sa kanila ay tunay na mapakinabangan nila. Huhubaran natin ng maskara ang mga walang kaluluwang mga tao na ito at inagaw mula sa ating mga naghihikahos na magsasaka ang pondong iilan lamang ang nakinabang.”

 

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