Solon seeks inquiry into status of estimated P200B coconut levy funds

A lawmaker has called on the House Committee on Good Government and Public
Accountability to conduct an inquiry into the exact accounting of the estimated P15
billion to P! billion coconut levy funds" including those held in escrow" acquired assets"
dividends and interests earned over the years" to ensure the #ublic funds will be used for
the benefit of #oor coconut farmers$
%e#$ &haron Garin 'Party (ist ) AA*+,&)-.A/ sought the inquiry through House
%esolution 1510" saying in the absence of a s#ecific law on how the coconut levy funds
should be handled following the &u#reme Court decision in !11 that the funds were
#ublic" some farmers2 grou#s are calling for the release of an 3xecutive -rder from the
-ffice of the President so the money can be accessed for the benefit of the #oor coconut
farmers$
45hese #oor coconut farmers have long suffered the in6ustice of #aying the levies
throughout the years without rea#ing the benefits$ 5he coconut levy funds were exacted
from coconut farmers and were su##osedly for the construction and im#lementation of
various #ro6ects for their benefit"7 said Garin" a vice chair#erson of the Committee on
.ays and *eans$
&he said the coco levy funds were different kinds of taxes im#osed on coconut
farmers since 1891 as mandated by a series of Presidential :ecrees with different #ur#oses
but which ultimately exacted billions of #esos from the coconut industry$
5he levy funds were lodged under the Phili##ine Coconut Authority for fund
administration" such as the Coconut ,nvestment ;und in 1891 with various #ermutations
throughout the years" including the Coconut Consumers &tabili<ation ;und Coconut
,ndustry :evelo#ment ;und" Coconut ,ndustry ,nvestment ;und and the Coconut
&tabili<ation ;und according to Garin$
4,t remains arguable as to whether any of these funds were actually used for the
im#lementation of #ro6ects for the benefit of the #oor coconut farmers" who #aid the funds
throughout the years" es#ecially given the issues of misuse of the coco levy funds by
#rivate individuals for their own #ersonal #ur#oses of investment"7 said Garin$
5he lawmaker said the coconut levy funds were confirmed to have been used to
buy 9!$5 #ercent of the =nited Coconut Planters +ank and for the creation of com#anies
and cor#orations such as the =nited Coconut -il *ills" C-C-;3:" C-C-*A%> and
C-C-(,;3" among others" through the collaboration of individuals identified in the many
legal cases involving the #ublic funds
NR # 3614
OCT. 9, 2014
,n !11" she said the &u#reme Court ruled that the coco levy funds were #ublic in
character and awarded all the shares of stocks and all funds connected to the coco levy
investments to the government$ 5he &C also dismissed with finality all the #etitions for
reconsideration$
4,t is estimated that the coco levy funds now total between P15 billion to P!
billion" but there have been no actual accounting of the current value of all the shares of
stocks" amounts held in escrow" dividends" and interests among all the acquired assets"
which are now #art of the funds returned to the government for the benefit of coconut
farmers"7 said Garin$
;ollowing the !11 &C decision" Garin said there is still no cohesive measure
regarding the coco levy funds as various coconut farmers2 grou#s remain locked in a battle
with the Presidential 5ask ;orce on Coco (evy ;und under the ?ational Anti)Poverty
Commission on how to handle the funds$
&he said the Presidential 5ask ;orce on Coco (evy ;und #ro#osed a P11$19 billion
Poverty %eduction %oad *a# of the Coconut ,ndustry$ ;armers2 grou#s for their #art are
calling for alternative modes of handling the coco levy funds" including the creation of
trust funds" health and education funds" loans and livelihood #rograms and immediate cash
distribution to the coconut farmer)beneficiaries according to Garin$
4,n the absence of a s#ecific law on how the coco levy funds should be handled
following the &C ruling that these were #ublic funds" some farmers2 grou#s are also
calling for the release of an 3xecutive -rder from the -ffice of the President immediately
addressing the coco levy funds for the benefit of the #oor coconut farmers who have long
suffered the in6ustice of #aying the levies without rea#ing the benefits"7 said Garin$ '1/
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