Agri Dept. says P300-M ACEF money up for release next week

DAVAO CITY — The Department of Agriculture on Monday said it expects some P300 million from the Agricultural Competitiveness Enhancement Fund next week after the moratorium on ACEF loan programs was lifted.   The P300 million is part of the P1.9-billion remaining ACEF, and will be used to modernize the Philippine meat-processing sector.   "We have already informed the Budget Department and I believe that the national government may soon release the funds next week," Agriculture Secretary Proceso Alcala told reporters Monday at the sidelines of the Second Philippine Coffee Investors Forum held at the Marco Polo Hotel here.   According to the Agriculture Department, the money will be used to build cutting floors in Quezon, Batangas, Mindoro, and Bulacan for the postharvest requirements of abattoirs in the country, and establish several cold chain facilities in major fishports.   Alcala said 60 percent of what’s left of the funds will be allotted for grants, 30 percent for loans and 10 percent for scholarships.   There is a need to refocus the ACEF fund distribution to ensure that the target beneficiaries get the assistance they need to be competitive on both domestic and global fronts, the Agriculture chief said.   The forum was sponsored by Nestle Philippines, the country's single biggest coffee buyer and considered the biggest coffee beverage producer in the Philippines.   The ACEF, created by Republic Act 8178, is funded by duties on agriculture products under the minimum access volume mechanism, which the Philippine committed to the World Trade Organization under the Uruguay Round Final Act. The mechanism allows imported products to enter the country at lower than duties as long as the minimum volume is met. — VS, GMA News

Loading...

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • Militants want US Marines pulled out of Negros
    Militants want US Marines pulled out of Negros

    The militant group Bagong Alyansang Makabayan (Bayan) is calling for the pullout of US Marines who arrived in Sagay City, Negros Occidental last Wednesday to train Special Action Force (SAF) commandos and members of the allied forces. The SAF commandos and the allied forces will secure the Asia-Pacific Economic Cooperation (APEC) ministerial meeting in this city. Bayan-Negros secretary general Christian Tuayon said the US troops might violate the human rights of activists, especially those …

  • North Korea fires missiles in anger at South-US military drills
    North Korea fires missiles in anger at South-US military drills

    North Korea fired two missiles into the sea on Monday and vowed "merciless" retaliation as the US and South Korea kicked off joint military drills denounced by Pyongyang as recklessly confrontational. The annual exercises always trigger a surge in military tensions and warlike rhetoric on the divided peninsula, and analysts saw the North's missile tests as a prelude to a concerted campaign of sabre rattling. "And if there is a particularly sharp escalation, we could see the North …

  • Couple married 67 years holds hands in final hours together
    Couple married 67 years holds hands in final hours together

    FRESNO, Calif. (AP) — After spending 67 years together as devoted husband and wife, there was no question how Floyd and Violet Hartwig would end their lives — together. …

  • China subs outnumber US fleet – admiral
    China subs outnumber US fleet – admiral

    China is building some “fairly amazing submarines” and now has more diesel- and nuclear-powered vessels than the United States, a top US Navy admiral told US lawmakers on Wednesday, although he said their quality was inferior. Vice Admiral Joseph Mulloy, deputy chief of naval operations for capabilities and resources, told the House Armed Services Committee’s seapower subcommittee that China was also expanding the geographic areas of operation for its submarines, and their length of …

  • Hijacked Indonesian vessel found in Davao
    Hijacked Indonesian vessel found in Davao

    An Indonesian cargo vessel that was hijacked a month ago in North Sulawesi, Indonesia has been found stuck in the waters off Mati, Davao Oriental, the Philippine Coast Guard (PCG) reported yesterday. PCG spokesperson Armand Balilo said the PCG- Southeastern Mindanao district was informed on Feb. 23 that the M/T Rehoboth was found aground off Barangay Cabuaya. Four personnel from the local PCG district office were sent to verify the report. The vessel was reportedly hijacked by …

  • Pacman mega fight tax exemption up to Congress, BIR
    Pacman mega fight tax exemption up to Congress, BIR

    Malacañang is leaving it up to Congress and the Bureau of Internal Revenue (BIR) to consider a proposed special tax exemption for boxing icon Manny Pacquiao in his much-awaited fight with Floyd Mayweather. Deputy presidential spokesperson Abigail Valte said yesterday it will have to be discussed by Congress because lawmakers are the ones who enact tax exemptions, special or general. Pacquiao has been dogged by unsettled tax obligations with the BIR. …

  • Binay backs house arrest for JPE, GMA
    Binay backs house arrest for JPE, GMA

    Vice President Jejomar Binay yesterday supported proposals to put Sen. Juan Ponce Enrile and former President now Pampanga Rep. Gloria Macapagal- Arroyo under house arrest. “Government prosecutors are opposing house arrest for… Enrile. Binay issued the statement after the 91-year-old Enrile was rushed to the Makati Medical Center on Thursday due to pneumonia. House arrest for him would be the compassionate thing to do,” he added. …

  • 3 Pinays on Forbes power women list
    3 Pinays on Forbes power women list

    Three Filipina executives, who are all daughters of known business tycoons in the country, made it to Forbes’ list of the 50 most powerful businesswomen in Asia. Teresita Sy-Coson, vice chairman of SM Investments and chairman of BDO Universal Bank, was included in the list for the fourth year in a row since its inception. “Under her (Sy-Coson) lead SMIC became the largest listed company on the Philippine Stock Exchange by market cap. Also in the 2015 list is 70-year-old Helen Yuchengco-Dee, …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options