Dominguez offers Marcos economics lessons

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Finance Secretary Carlos Dominguez III is offering Senator Imee Marcos a special economic briefing.

Dominguez’s offer came after the two traded barbs over the Ilocos Norte’s claim that her father’s flagship rice program, Masagana 99, was successful.

Marcos claimed that Masagana 99 “was a very effective use of commercial banks, rural banks, and even cooperative banks.”

Dominguez, who was former president Corazon Aquino’s Agriculture secretary, said he cleaned up “the mess that was left by Masagana 99.”

“There were about 800 rural banks that were bankrupted by that program and we had to rescue them,” he said.

The Finance Secretary said Marcos can be briefed by a senior official of the Cabinet’s Economic Development Cluster (EDC).

“As chair of the Economic Development Clusterof the Duterte administration, I acknowledge the questions and concerns you raised regarding the Philippine economy during the Senate committee of the whole hearing on the government’s response to the COVID-19 pandemic last May 20, 2020,” Dominguez said.

“Rest assured that the EDC is studying the points you raised during the committee hearing,” he added.

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