NFA continues to slash hundred-billion debt
The National Food Authority said it has cut down its debt to P149 billion by the end of October this year from P177 billion in June 2010 when its financial liabilities peaked.
In a statement, the state-run grains agency said it has adopted austerity measures starting this year by minimizing expenses and implementing only cost-efficient projects and activities.
As of September 30, 2017, the NFA’s controllable expenses thinned out by P77.5 million or 17.97 percent compared to the same period last year.
NFA Administrator Jason Laureano Aquino said the agency “shall continue prudent spending practices and effective debt management to reduce losses.”
The grains agency earlier said that it has been cutting down debts at a rate of P4 billion to P5 billion per annum in recent years.