By: Elena Grace Flores
YouTube video by INQUIRER.net
Dominguez rebuts Marcos on Masagana 99 feat: ‘I cleaned up the mess’
Masagana 99’s Success Differs in Sectors
Finance Secretary Carlos “Sonny” Dominguez III and Senator Imee Marcos had a brief disagreement on the “success” of Masagana 99 as they try to revive the economy. It is where the former disputes the claims of the late president Marcos’scion. This is about her father’s agricultural program.
Bankruptcy in the Banking Sector
Finance Secretary Carlos Dominguez III corrects the claims of Senator Imee Marcos. She said that Masagana 99 is an “effective use” of banks. Masagana 99 is an agricultural rice production program by the former president Ferdinand Marcos. Its goal is to finance the farmers. When they cannot pay up, it becomes a burden on rural banks. In turn, it affects the country’s overall financial health. The foreign loans are part of the debt left by the Marcos regime. However, his infrastructure projects are still useful nowadays. It also turns out that the older Marcos has set up a financial credit facility. The aim is to take care of such needs in times of crisis. This is why the Philippines can take out loans from the World Bank and the IMF in good standing during the pandemic.
Success in Exportation
“During the crop year 1975–76, the Philippines attains self-sufficiency in rice production, Senator Marcos said. The country establishes a 90-day buffer stock for food security purposes.“In 1977–1978, the country produces a surplus which enables it to export 89,000 metric tons to neighbors in Asia,” she added. The Senator clarifies that the data is from official records which Dominguez denies.
In reality, both Marcos and Dominguez clearly belong to different factions. The lady Senator focuses on the welfare of the Filipino masses. She urges the government to grant a greater stake to assist the livelihood of the poor regardless of how it would affect the country’s finances. Whereas, Dominguez’s scrutiny clearly shows that he is more into the financial standing as his duty pertains. It looks like they’re both exercising their responsibilities.