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Aug 11, 2018 @ 13:45

NFA denies using food security funds to pay maturing loan

The National Food Authority (NFA) said it did not divert its food security funds for other purposes such as pay off its loans.

This was the agency’s reaction to a news report saying that the Commission on Audit (COA) has called out NFA for using its P5.1 billion subsidy to pay its maturing loans last year.

NFA, however, said this isn’t true because the P5.1 billion subsidy granted to the agency in 2017 was actually fully utilized for the procurement of palay, corn and imported rice for buffer stocking and food security during the year.

“During the exit conference with COA last month, the NFA was even commended for its prudent management of funds resulting to lower losses and timely settlement of its financial obligations,” the agency said.

At the end of the year, NFA said it also submitted a report to Department of Budget and Management detailing the actual utilization of the P5.1 billion subsidy.



 

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