QuestionsQuestions (QRCGC ADMINISTRATIVE ORDER NO. 10)
It is intended to consolidate and transfer outstanding CALF receivables and other credit program receivables (administered by ACPC) to QUEDANCOR, to support food security and poverty alleviation, and to implement AFMA’s mandate to consolidate existing credit guarantee schemes and funds into the AFCGF to be managed and implemented by QUEDANCOR.
Section 25 of the Agriculture and Fisheries Modernization Act (AFMA) mandates the consolidation of existing credit guarantee schemes and funds, including those under the CALF, into the AFCGF to be managed and implemented by QUEDANCOR.
ACPC must effect the transfer of outstanding receivables (listed in Annex A and B) starting upon approval of the order and complete it no later than ninety (90) days thereafter; ACPC must also turn over the schedule of receivables and all records and documents pertaining to them.
QUEDANCOR is authorized to collect receivables, including initiating legal action, filing cases in court, and negotiating restructuring, compromise, settlement, amnesty, and condonation agreements. However, such agreements must conform to guidelines approved by the Secretary of the Department of Agriculture (DA).
QUEDANCOR is entitled to administrative fees and other charges, including attorney’s fees, in accordance with the guidelines approved by the DA Secretary.
QUEDANCOR must open and maintain a separate trust account with a government bank for collections, with sub-accounts: (a) DA-QUEDANCOR-CALF, (b) AMCFP-GAA, and (c) AFCGF. Each sub-account corresponds to the type/source of collections.
Collections (principal, interest, and other charges net of administrative fees and other charges including attorney’s fees) must be deposited within a reasonable period into the designated trust sub-accounts. QUEDANCOR must issue Official Receipts to the account payors.
All collections under the DA-QUEDANCOR-CALF are to augment the credit fund of GMA-CARES.
The Secretary of the DA is the signatory for withdrawals against the trust accounts, except for the AFCGF (i.e., AFCGF has an exception from this withdrawal signatory rule as stated in the Order).
QUEDANCOR must maintain separate books of accounts for the deposited funds and render a quarterly report on the status of the deposited funds to the DA, and furnish a copy to ACPC.
Yes. ACPC continues to assume responsibility for collection of receivables due from the government institutions listed in Annex C.
Upon effectivity of the Order, the equity investment amount of Php 130,326,502.78 (pursuant to the DA–QUEDANCOR MOA dated September 17, 1993) is treated and booked by QUEDANCOR as part of AFCGF.
Php 400,000,000.00 is transferred to QUEDANCOR. Of this, Php 300,000,000.00 becomes the credit fund for GMA-CARES, and Php 100,000,000.00 becomes part of AFCGF as the capital of the guarantee fund for GFSME under CALF.
QUEDANCOR assumes administration of the GFSME guarantee fund and answers for the liability of that fund pursuant to the agreement between DA-ACPC and GFSME. DA and ACPC must notify GFSME that QUEDANCOR becomes the successor-in-interest of ACPC.
Php 200,000,000.00 is retained at the Treasury of BSP as a trust fund for ACPC. The interest earnings are to be used for policy and action research projects, institution-building projects (including with QUEDANCOR), and training/other ACPC activities, subject to approval of the Annual Work and Financial Plan by the DA Secretary.
Contractual personnel of the CALF Management Office of ACPC are transferred to QUEDANCOR. An initial one-year budget covering salaries and operating costs is drawn from the interest earnings of CALF; the proposed budget is jointly prepared by ACPC and QUEDANCOR for approval by the DA Secretary. For succeeding years, QUEDANCOR incorporates the needs in its annual corporate budget.
Utilization is subject to the approved guidelines, rules, and regulations promulgated or issued by appropriate government authorities pertaining to these funds.
It takes effect after fifteen (15) days from its filing with the U.P. Law Center and its publication in a newspaper of general circulation.