Sunday, August 31, 2008

Quedancor Swine Program another fertilizer scam

(First of three parts)

ILOILO CITY, Philippines— Aura Drew Escanlar was all set to take the nursing board examinations that December of 2004 when she decided instead to put up a piggery.

What changed her mind was an offer from the Quedan and Rural Credit Guarantee Corp. (Quedancor). Called “the poor man’s financing institution," the Department of Agriculture’s (DA) credit guarantee arm was giving out loans in the form of piglets and feeds, with a buy-back scheme that assured borrowers some income.

Escanlar then used her parents’ savings to build pigpens and buy piglets, and signed up for the Quedancor Swine Program (QSP). Less than a year later, Escanlar lost almost everything. The income from the buy-back scheme was always delayed, and the feeds came late or were not delivered at all. After 50 of her piglets died, Escanlar stormed the Quedancor regional office here. “You have turned my farm into a graveyard," she told Quedancor employees.

Escanlar was among the angry borrowers who called up or descended on the Quedancor regional office, their names listed in logbook entries from October to December 2005, many of them financially ruined by the QSP. The rest of this story GMA NEWS

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