Dominguez debunks Imee Marcos on "success" of Masagana 99

Finance Secretary Carlos Dominguez III on Wednesday debunked claims of Senator Maria Imelda Josefa "Imee" Marcos that the Masagang Ani 99 — a program of her father ousted former President Ferdinand Marcos  —was a success.

In the Senate hearing on COVID-19 situation, Marcos told Dominguez that Masagana 99 scheme could be revived to ensure that assistance will reach the countryside.

The Masagana 99 was initiated to advance rice self-sufficiency in the Philippines through planting the "Miracle Rice" promoted by the International Rice Research Institute (IRRI) which could reportedly yield 99 sacks of rice per hectare.

The program was however discontinued due to issues regarding the credit subsidy component.

"During Masagana 99 in the '70s, there was a very effective use of commercial banks, rural banks, and even cooperative banks and I believe that scheme would truly work," Marcos said.

"However, perhaps we could consider enlarging the national government's stake even in that regard," the senator added.

In response, Dominguez said Masagana 99 resulted to the bankcruptcy of several banks in the country.

Dominguez -- who served as Agriculture Secretary under former President Corazon Aquino -- noted that he was among those that needed to clean up the mess brought about by the program.

"There were about 800 rural banks that were bankrupted by that program and we had to rescue them, so whether it was a total success or not, has to be measured against that," he said.

Marcos then responded by saying that the success of the program was not in banking, but "certainly in rice exportation," which was also debunked by Dominguez who said that "we never exported rice."

The discussion on the program was cut when Marcos said that they should instead focus on issues on financing efforts against the coronavirus disease.

"I prefer to stick to the finance data for now. But in the meantime, iba 'yung ating data, tsaka na lang tayo magdiskusyon," she said.—AOL, GMA News