Agriculture Secretary Arthur Yap has ordered a thorough audit of the loan portfolio of the Quedan and Rural Credit Guarantee Corp. (Quedancor) due to the more than P500 million unexplained losses to the government. In a press conference during the 34th anniversary celebration of the Southeast Asian Fisheries Development Center (SEAFDEC) held in Tigbauan, Iloilo on Friday, Yap said information reached him on the mounting complaints from hog raisers in Western Visayas on the non-assurance of contracts by farmers and Quedancor regarding the loan assistance in feeds and other inputs needed to enhance the hog industry. Initial investigation revealed that in 2005, a shortage of pork meat in the local market was reported.

Yap orders thorough probe on Quedancor fund mess. (2007, July 16). The News Today, p. 3.