PANGILINAN SAYS SENATE TO INVESTIGATE
P300-M loans for farmers become Quedancor pabaon
09/25/2011The Senate is looking into possible another anomaly during the term of former President Arroyo involving the diversion a loan program for farmers under the Agriculture Competitiveness Enhancement Fund (ACEF) acquired by the Quedan Rural Credit Guarantee Corp. (Quedancor) to provide Quedancor officials with golden parachutes on their retirement.
Sen. Francis Pangilinan, chairman of the Senate committee on agriculture and food, said his committee would investigate irregularities in the use of the ACEF which was worth P10 billion but was mostly diverted for purposes other than lending to farmers including pabaons for Quedancor officials.
The conversion scheme called pabaon was made popular by revelations of a similar program in the military in which princely amounts are given to retiring generals obtained from the diversion of military funds.
Pangilinan said that based on the report submitted to him last January, the ACEF records show that it only has P1.8 billion balance..... MORE
Source: The Daily Tribune
URL: http://www.tribuneonline.org/headlines/20110925hed1.html
1 comment
dapat sa iyo, sen. kiko "NOTED" pangilinan ay magbayad ka sa pandaraya ninyo noong 2004 elections, ikaw na pangunahing pumigil sa pagpapatunay na si FPJ ang tunay na nanalo sa halalan. kung totoong may hell sana dumiretso ka na doon.
"Pangilinan said his sources “relayed to us that P300 million of the P1-billion loan was diverted to fund the retirement benefits of officials of Quedancor.” Quedancor is a government program and agency that extends credit to farmers."
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