SPDA has losses of more than P1 billion

DAVAO CITY — The Southern Philippines Development Authority (SPDA) has incurred possibly more than P1 billion in losses due to the gross mismanagement of its business ventures in various parts of Mindanao.

SPDA administrator Randolph Parcasio said he has ordered an audit of all of these business ventures whose income, if properly accounted for, should have made the agency self-sustaining.

"We are auditing all these projects right now. We have seen some defects in the management," he said.

Parcasio said losses from these projects, which started in the 70s, could possibly reach over P1 billion.

SPDA projects reportedly include a hotel resort in Marawi City, a feedmill in Davao City, prawn hatchery in Misamis Oriental, and mango production.

Parcasio said the SPDA has collectibles of about P60 million from loans it has granted to different cooperatives and livelihood projects all over Mindanao since 1997.

"The problem was there was no repayment system. Nobody was there to collect, no office or personnel was in charge of collecting the payments," he said.

Since he took over the SPDA early this year, Parcasio said the agency has been cautious in granting loans because of its huge collectibles.

He bewailed the fact that the agency’s loans were merely covered by memoranda of agreement which had no provisions on how they should be repaid.