The Corn Development Fund (CornDev Fund) came into existence when on March 17, 1998, then President Fidel V. Ramos issued Memorandum Order No. 468 which provided that the proceeds accruing from the importation of corn will be held in trust by the National Food Authority (NFA) to be used for corn development projects. The net proceeds accruing from corn importation in 1998 amounted to P124.1M and was made the seed capital of the CornDev Fund. Memorandum Order No. 468 as amended, also provided for the creation of the Corn Development Fund Committee (CornDev Committee) with the primary task of administering the utilization of the CornDev Fund. the CornDev Committee is composed of two (2) representatives from the corn producers sector, two (2) representatives from the corn users sectors and three (30 representatives from the government sector. The CornDev Committee shall be headed by the NFA Administrator, as Committee Chairman. Now on its 18th year, CDF has funded over 150 corn-related projects, involving an amount of Php 150M, and with fund balance of Php 164.8M as of December 31, 2015. Through the projects funded by the CornDev Fund, it is hoped that a mechanism linking various sectors of the corn industry will be established thereby promoting its integrated growth and development.
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