Agriculture Secretary Arthur Yap has ordered a thorough audit of the loan portfolio of the Quedan and Rural Credit Guarantee Corp. (Quedancor) due to the more than P500 million unexplained losses to the government.
In a press conference during the 34th anniversary celebration of the Southeast Asian Fisheries Development Center (SEAFDEC) held in Tigbauan, Iloilo on Friday, Yap said information reached him on the mounting complaints from hog raisers in Western Visayas on the non-assurance of contracts by farmers and Quedancor regarding the loan assistance in feeds and other inputs needed to enhance the hog industry.
Initial investigation revealed that in 2005, a shortage of pork meat in the local market was reported. Then DA Secretary Luisito 'Cito' Lorenzo ordered Quedancor, thru its president Nelson Buenaflor, to release funds for the hog industry, which will be lent directly to hog raisers for them to buy hogs and the needed feeds and other inputs.
More than P500 million were released by Quedancor for the program.
However, many farmers and hog raisers particularly in the Western Visayas region, complained of not receiving such assistance from Quedancor.
When asked what happened to the supposed program and where the fund is now, Yap said Quedancor could not clearly explain the status of the project.
Buenaflor has been on leave and could not reach for comment since the issue was brought out in public. A reliable source from the DA said he (Buenaflor) filed an indefinite leave for his graceful exit from the agency.
At present, Quedancor is being run by its management committee until Malacanang appoints Buenaflor's replacement.
Quedancor is one of the government financial institutions (GFIs) that has been ordered revamped by President Gloria Macapagal Arroyo.
"As chairman of the Board, I asked the Quedancor management committee to come out with a report on its portfolio," Yap said.
He also directed the Commission on Audit (COA) for a complete auditing of the Quedancor funds to determine the exact amount involved in the fund mess.
"To appreciate the true picture of Quedancor, we need to start based on accurate financial figures," Yap stressed. (PNA)
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