P2-B worth of bonds to fund gov’t projects

President Arroyo ordered yesterday the National Development Corp. (NDC) to float P2 billion worth of bonds next month to help fund various government projects, including the half-priced medicine program of the Philippine International Trading Corp. (PITC).

In her speech at the 66th foundation day of Koronadal City in South Cotabato, the President said the government can only afford to fund the program up to P100 million.

She has, however, directed PITC chairman and president Roberto Pagdanganan to present the business plan before a Cabinet meeting on Tuesday.

"I have asked Obet Pagdanganan to submit to NDC its business plan for the half-priced medicine so the NDC can finance it with half a billion pesos," Mrs. Arroyo said.

"This will be done because the NDC will float about P2 billion worth of bonds next month," she said. The NDC owns PITC.

Pagdanganan told The STAR that Mrs. Arroyo issued the instructions Monday night.

He explained that through the program, the PITC aims to reduce the price of medicines from its 2001 level by half in 2010.

Pagdanganan said that this year alone, he aims to open 2,000 to 3,000 "Botica ng Barangay" and "Botica ng Bayan," where the half-priced medicines will be sold. There are now more than 1,000 such outlets across the country.

Under the scheme, the PITC aims to import inexpensive medicines and their raw material for local manufacturers. — Paolo Romero