Press Release
August 5, 2008

Press statement of Senator M.A. Madrigal

I am saddened by the argument made by the Land Bank and Quedancor officials that the P5.0 Billion loan arrangement for the anomalous swine program is "above board." This is regrettable for our country.

Something is gravely wrong about this transaction which has greatly prejudiced the Filipino people. There is also nothing regular or above board about a transaction where by their own admission more than P100 Million was paid to various "arrangers, consultants, lawyers and questionable charges in the guise of additional taxes."

This transaction was undertaken by two government agencies - Quedancor and Land Bank. Both agencies were created to provide subsidies and assistance to farmers and not make a profit and be in the business of investment banking.

Nakakahiya na pinagkikitaan ito ng mga government bankers at consultants at walang naiwan para sa mga maliliit na magsasaka. Sabi nga sa mga kumakalat na text message laban sa akin, "ang syndicated loan ay naging sindikato at ang arranger ay naging areglo." Kawawa na naman ang taong bayan!

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