NFA debt stands at P153 billion 09/09/2011

NFA debt stands at P153 billion

09/09/2011
The National Food Authority’s (NFA) indebtedness, when the Aquino administration assumed power last year, amounted to P176 billion, the bulk of which, P163.4 billion, was incurred during the nine-year stint by the Arroyo government, senators were told yesterday.

This was brought about mainly by world food crisis and shortages of Philippine rice production in 2008.

Of the total indebtedness, the current figure stands at P153 billion as of June 30 this year following the settlement of some of its obligations, NFA Administrator Lito Banayo said during the Senate finance committee hearing on the proposed 2012 budget of the Department of Agriculture (DA).

But due to some lending procedures, this is projected to increase to P157 billion by the end of the year, Banayo added..... MORE

Source:  The Daily Tribune

URL: http://www.tribuneonline.org/headlines/20110909hed4.html