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Coco levy ruling removes impediment in upcoming law — PHL Coconut Authority

Published August 9, 2018 8:42pm


By TED CORDERO, GMA News

Sandiganbayan's ruling on the ownership of the P74-billion coco levy fund has paved
the way for a law establishing a trust fund for coconut farmers, the Philippine Coconut
Authority (PCA) said Thursday.

"The Sandiganbayan [decision] basically echoes the SC [Supreme Court] ruling. So


there is no more impediment to the law that will soon come out after agreement during
the bicam conference committee," PCA administrator Romulo dela Rosa said in a text
message.

The anti-graft court issued a writ of partial execution to implement the Supreme Court's
final ruling in 2014 that the coco levy funds belong to the government and must be used
for programs to benefit Filipino coconut farmers.

The Sandiganbayan ruled that an estimated P74 billion worth of assets from the
Coconut Industry Investment Fund (CIIF) belong to the government and should be
distributed to coconut farmers.

It overturned its 2017 decision calling for more hearings on the civil case involving
United Coconut Planters Bank (UCPB) and the Coconut Planters Life Assurance
Corporation (Cocolife) by granting the State's motion for reconsideration.

In 2014, the SC ruled with finality on the 2004 decision of the Sandiganbayan that
awarded the ownership of the coco levy funds in favor of the government.

"This is a good day for the coconut farmers and the coconut industry," dela Rosa said.

"The bill that will come out of Congress after the bicam agreement will define how the
levy will be managed and utilized. That bill is expected to be passed within the month,"
he added.
In his third State of the Nation Address on July 23, President Rodrigo Duterte urged
Congress to pass a law creating a trust fund for coconut farmers.

The bicameral conference committee approved last week a bill creating a P100-billion
coco levy trust fund to be used for 25 years for the benefit of 3.5 million coconut
farmers.

The bill states that the fund must be invested in Treasury bills and handled by the
Philippine Coconut Authority. — BM, GMA News

Source: http://www.gmanetwork.com/news/money/economy/663607/coco-levy-ruling-
removes-impediment-in-upcoming-law-phl-coconut-authority/story/

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