The National Food Authority said in a press statement yesterday that its officials welcome any investigation by the Senate on the agency's operational losses for the past three years.

NFA Administrator Gregorio Tan Jr. said that they are open to any inquiry on its financial condition, saying that the losses totaling P32.8 billion have been incurred in the implementation of its mandate of ensuring food security and stabilization in the prices and supply of rice.

He reiterated that the losses have actually translated into gains for rice farmers and consumers, adding that farmers benefit from the NFA's grains procurement operations while consumers are provided access to cheap but quality NFA rice.

ADB to lend $10M
for Karachi project

MANILA - The Asian Development Bank said yesterday it would lend $10 million to Pakistan for an urban renewal project in its economic capital of Karachi.

An ADB statement said the urban infrastructure of the city -- home to more than 12 million people and accounting for 95 percent of Pakistan's foreign trade and 30 percent of its industrial output -- had been neglected for two decades.

This has led to pollution, haphazard development and poor quality of life for some, the statement said.

Analysts upbeat on
RP economy - Bunye

Contrary to the bleak future painted by the opposition regarding the Philippine economy, analysts are upbeat on the country's economic growth, Malacañang Press Secretary Ignacio Bunye said yesterday.

Bunye said the bullish outlook is a signal that the best is yet to come for the Filipinos, his press release said.

Domestic and global analysts are all predicting faster economic growth, a narrower government budget deficit, lower inflation and lower interest rates, he said.

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