So said these acts by NFA are enumerated clearly in the entries in the Commission on Audit (COA) 2017 Annual Audit Report (AAR) on the NFA. He also said that the procurement shortfall affected other programs of NFA, such as rice distribution and buffer stocking resulting in higher price of rice, unavailability of NFA rice in the market and lower inventory of rice in various NFA warehouses. NFA said the fund would replenish partially the 2016 payment of 250,000 MT G-to-G (government to government) rice importation through a loan of P3.7 billion. The fund was used to ease the agency’s depleting credit lines in February 2017, which had a deficit of P1.595 billion, NFA said. NFA said in 2016 alone, its financial charges amounted to P6 billion, way higher than the agency’s operating expenses of P4 billion.

Source: Philippine Star August 29, 2018 15:33 UTC