MANILA - Sen. Imee Marcos on Thursday said Finance Sec. Carlos Dominguez "has given up on our rice farmers" after the latter debunked her claim that the Masagana 99 program - which provided loans for farmers in the 70s during her father's term in office - was a success.

Marcos had suggested to increase government's stake in banks to extend loans to indigent families during the coronavirus crisis, saying her father former President Ferdinand Marcos, Sr.'s Masagana 99 program was a "very effective" way of utilizing banks to extend aid to farmers.

Dominguez - who was Agriculture Secretary during the Cory Aquino administration that succeeded the Marcos regime - contradicted the senator, noting that the program resulted in the bankruptcy of 800 banks.

• 800 banks bankrupted': Dominguez disputes Imee Marcos' claim that father's Masagana program a success

"What our country’s chief economic manager is really saying is that rice farmers are a pain in the budget and are not worth subsidizing," Marcos said of Dominguez in a statement.

"He has given up on our rice farmers ever regaining their export potential and will let unregulated rice importation do the dirty job of snuffing them out," she said.

"Shame on you, Secretary Dominguez, give the Filipino farmer some credit! When supported by sound government policy and defended against rampant importation, we can feed ourselves."

The Masagana 99 was a Marcos program designed to increase rice production in the country by giving farmers high-yielding rice varieties through loans.

It was discontinued after being marred with corruption issues, leaving farmers in deeper debts. No less than President Rodrigo Duterte, in a speech in April 2017, described the program to have "deteriorated because of corruption down the line."

In the May 20 exchange during the Senate Committee of the Whole hearing, Dominguez did not say that he was against programs for farmers.

WATCH: Finance Sec. Carlos Dominguez disputes Sen. Imee Marcos' claim that the Masagana 99 program during the Marcos presidency in the 1970s was an "effective use of commercial and rural banks," saying the policy left around 800 banks "bankrupted."

READ: https://t.co/vBJFBDQJZh pic.twitter.com/ew20f5sfyW

— ABS-CBN News (@ABSCBNNews) May 20, 2020

Sen. Marcos also refuted Dominguez's claim that the Philippines was unable to export rice during the Masagana 99 program.

According to her, the country exported some 89,000 metric tons of rice between 1977 to 1978 "when farmers under Masagana 99 produced a surplus of rice," citing data from Dr. Emil Q. Javier, an agronomist and former president of the University of the Philippines.

"The Philippine Rice Research Institute also reported that rice exportation in 2013 was only the second time it took place since Masagana 99 was launched," her statement reads.

Marcos accused Dominguez to have "misled" Duterte about the Masagana 99 program, noting that the chief executive initially wanted to replicate the rice production program.

"President Duterte was pushing for a revival of Masagana 99 early on in his administration, but maybe Dominguez misled his best friend too," the senator said.

Dominguez has yet to respond to ABS-CBN's requests for comment.

In 2016, Duterte said he wanted to "copy" Marcos' Masagana 99 program, but a group of farmers opposed the proposed revival of the policy, saying only big companies profited from it.

Then-Agriculture Secretary Emmanuel Piñol clarified that the president only wanted to increase the Philippines' rice production, and not mimic the entire Masagana 99 policy.

• Farmers oppose revival of Marcos' 'Masagana 99'