ACEF credit assistance to resume

ACEF credit assistance to resume


BY JAMES KONSTANTIN GALVEZ REPORTER
THE Department of Agriculture said it will soon resume providing credit assistance to organized groups of farmers, fisherfolk, and agri-fishery entrepreneurs through the so-called Agricultural Competitiveness Enhancement Fund.

In a recent TV interview, Agriculture Secretary Proceso Alcala said the department has completed the draft of the new ACEF implementing guidelines.

One of the main highlights is that final loan approvals will no longer be the exclusive authority of the DA secretary, but will include the concurrence of the chairpersons of the committees on agriculture and food at the Senate and House of Representatives.
Created in 1996 under Republic Act No. 8178, ACEF is financed by the duties or taxes levied on imported farm products, except rice. The fund is a form of support put up after the Philippines removed quantitative restrictions on farm imports.

When he assumed the agriculture portfolio in July 2010, Alcala suspended the processing and approval of ACEF loans, pending review of its policies and guidelines amid allegations of misuse.7:20 AM 7/18/2011

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