Tuesday, August 23, 2005
P2B funding to develop banana industry scrapped
By Jenny Molbog-Mendoza
MINDANAO Business Council (MBC) chair Antonio Santos has revealed the P2 billion loan facility for the development of banana industry in Mindanao has already been scrapped by the Department of Finance (DOF).
During last year's Mindanao Business Conference (Minbizcon), the MBC and Quedan Rural and Credit Guarantee Corp. (Quedancor) signed a memorandum of agreement (MOA) that will authorize MBC to become the conduit of Quedancor in releasing the P2 billion budget for the identified beneficiaries.
Santos on Monday said that the DOF's decision to scrap the budget has been triggered by the economic crisis being experienced by the country at present.
"Bale ang nangyari, the borrowing requirement of Quedancor was scrapped just recently and since new borrowing 'yong P2 billion, nasali sya sa na-scrap. In fact, President (Gloria Macapagal) Arroyo and former DOF Secretary (Cesar) Purisima witnessed the signing," he said.
To date, the MBC is lobbying for the restoration of the loan facility.
"Three or four months ago, I informed the President about what happened. She told me na i-follow up daw namin with the DOF. Actually, ang gusto namin right now ay kahit P600 million lang muna ang maibigay. This will be used for the development of cardava banana," he said.
The initial beneficiaries of the project are the Muslim communities in the Autonomous Region in Muslim Mindanao.
Santos is hoping that the P600 million loan facility would be released this year.
For Bisaya stories from Davao. Click here. (August 23, 2005 issue)
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