Finance Sec. Carlos Dominguez on Wednesday disputed Sen. Imee Marcos' claim that the Masagana 99 program during the Marcos presidency in the 1970s was an 'effective use of commercial and rural banks,' saying the policy left around 800 banks 'bankrupted.'
MANILA - Finance Sec. Carlos Dominguez on Wednesday disputed Sen. Imee Marcos' claim that the Masagana 99 program during the Marcos presidency in the 1970s was an "effective use of commercial and rural banks," saying the policy left around 800 banks "bankrupted."
"The Masagana 99 in the 70s was a very effective use of commercial banks, rural banks and even cooperative banks. Perhaps we could consider enlarging national government stake [in banks]," the senator said in a Senate hybrid hearing. "I was the Secretary of Agriculture who cleaned up the mess that was left by Masagana 99. There were about 800 rural banks that were bankrupted by that program and we had to rescue them," Dominguez told Marcos.
Marcos told Dominguez: "The success po perhaps was not in banking but the success was in rice exportation."
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Dominguez rebuts Marcos on Masagana 99 feat: ‘I cleaned up the mess’“Ma’am before we go ahead, regarding the Masagana 99. I was Secretary of Agriculture that cleaned up the mess of Masagana 99. There were 800 rural banks that were bankrupted by that program, we had to rescue them,' Dominguez said. | khallareINQ
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