Footer

Aggie secretary okays medium term investment program

VIGAN CITY – Agriculture Secretary Domingo Panganiban recently okayed the proposed Medium Term Investment Program (MTIP).

This was learned from Administrator Carlitos Encarnacion of the National Tobacco Administration (NTA) during a press interview with him on Wednesday.

The NTA chief said Secretary Panganiban is very amenable when it comes to the implementation of the proposed medium term investment program.

The said program is intended for the tobacco farmers in the region. However, it will be prioritized to farmers in this province considering that they suffered big loss after their tobacco produce were destroyed by heavy rainfall in late January this year.

Encarnacion also said that Quedancor, as a lending institution, plays a vital role in this program.

With the NTA giving of initial operational fund amounting to P1 milion for the operation of the Multi-Line Food Processing Plant in Santa, Quedancor has given a counterpart fund amounting to P2 milion.

The operation of Multi-Line was entrusted to NTA by virtue of a memorandum of agreement (MOA) signed between the Department of Agriculture, the Provincial Government of Ilocos Sur, Philippine Association of Tobacco-based Cooperatives (PATBCO) and the NTA.

“If the requested operational fund for the whole year round will be released by the Department of Budget and Management, the Multiline would surely have a smooth operation,” Encarnacion noted.