THE National Food Authority (NFA) is looking to restructure some P16.5 billion worth of zero-coupon Philippine sovereign bonds it acquired four years ago to free up some P15 billion to invest in farm infrastructure.

Agriculture Secretary Arthur Yap said the amount raised from the restructuring will be used to establish a national grains storage highway and pay some of the agency’s debts.

“I have asked the NFA to get a financial adviser who will study the possibility of restructuring the bonds,” said Yap, who did not provide more details pending the recommendations of the financial adviser.

The DA chief said an initial P8 billion worth of the zero- coupon bonds was acquired in 2003 when he was still NFA administrator and the additional P8.5 billion was bought after he left the NFA. The bonds have a seven-year tenor and carry an 11 percent yield.

The NFA was earlier singled out by the Department of Finance as the most debt-ridden government-owned and -controlled corporation.

To make the agency fiscally sound, Yap said the DA has proposed a bill limiting the agency’s function to buffer stocking.

He has urged Malacañang to certify the bill as urgent and have Congress tackle it immediately once it resumes sessions in June.

The grains agency, he said, must not be given an “open credit line” whereby it can borrow without limit. 

MEMBERS of the so-called “Batasan 5” on Tuesday took the issue of extrajudicial killings a notch higher when they met with United Nations special rapporteur Philip Alston, by assailing the government’s inability to stop political killings.

STATE-RUN Power Sector Assets and Liabilities Management Corp. (Psalm) said Tuesday it is set to sign amendment agreements with the World Bank signifying the creditor’s universal consent for the transfer of the debts and assets of the National Power Corp. (Napocor) and National Transmission Corp. (Transco) to Psalm.

THE National Food Authority (NFA) is looking to restructure some P16.5 billion worth of zero-coupon Philippine sovereign bonds it acquired four years ago to free up some P15 billion to invest in farm infrastructure.

5 provinces ‘hot spots’ for illegal recruiters

THE Philippine Overseas Employment Administration (POEA) this year will focus its enforcement efforts against illegal recruitment in areas with a high incidence of such activities, a senior POEA official said Tuesday.

DENR seizes P9.2-M hot logs inside Manobo reservation

THE natural resources department’s month-long operation against illegal logging in Mindanao netted some P9.2 million worth of logs believed illegally cut by “environmental criminals” in Agusan del Sur.