Records show that as of February this year, the total collections for the ACEF that have accrued to fund 183 covering the years 1999 to 2003 is P5.483 billion. Out of this amount, the total cost of approved projects is P2.43 billion leaving an unallocated amount of P3.05 billion.
In a letter to Agricultural Secretary Arthur Yap, who is also the chairman of the ACEF executive committee, Magsaysay emphasized that ACEF is noble in its objective of assisting the agriculture sector and the countless Filipinos depending on it for subsistence and he has no intention of delaying the implementation of the program. However, the challenged the Department of Agriculture and the ACEF secretariat to provide the true picture of the program as being implemented.
"During the interpellation of the bill extending the ACEF lifespan, it was discussed that the performance/progress report be presented detailing the advancements of the project beneficiaries including the seemingly patterned delayed payments of the loans granted and the flawed collection system of the DA," Magsaysay said in his letter.
Likewise, he said that the correct reckoning period from which to consider the expiration of the fund is an issue that has to be immediately resolved.
‘I am urging the Department of Justice (DOJ) to immediately render its opinion to the reckoning period for the expiration of the ACEF to enable the Senate to act properly and promptly on the bill extending the lifespan of the ACEF. Upon my suggestions, Sec. Yap has already wrote the DOJ pertaining this issue," Magsaysay who authored the bill said.
"Whilst the Senate Committee followed the recommendation of the DA staff, it seem that the correct interpretation of the effectivity and duration of the law should be opined," the senator said.