Manila Times/Manila
President Benigno Aquino is pushing for the passage of a law outlining how farmers will benefit from the P71bn coco levy fund.
In his speech at the start of his dialogue with coconut farmers on Wednesday night, Aquino said his administration will help craft an acceptable measure, which he vowed to certify as urgent once it reaches Congress.
“A law on how farmers will gain from the fund is the best thing to come up with. It will ensure that the next generation of farmers will benefit from it,” Aquino told members of coconut farmers’ group KILUS Magniniyog.
While the bill is being crafted, the president said he will study the possibility of issuing an executive order providing for a mechanism for the fund, which came from taxes collected from coconut farmers during the martial law years.
The Supreme Court in 2012 ruled that 24% of San Miguel Corp shares was bought with coco levy funds.
It awarded the block to the government with a caveat that it should be used only for the benefit of the coconut farmers and the industry.
For the meantime, Aquino agreed that the coco levy fund should be on top of the budget given to Philippine Coconut Authority (PCA).
He also agreed to use only the interest earned by the fund to ensure that the next generation of farmers will also benefit.
From a budget of P593mn in 2010, PCA’s funding for 2013 reached P5.1bn, Aquino said.
Part of the fund was used to help coconut farmers affected by Super Typhoon Yolanda and those whose crops were devastated by cocolisap infestation.
According to Budget Secretary Florencio Abad, the P1.38bn released to the PCA will support the agency’s operations and various programs that can help strengthen the coconut industry.
“Coconut production is an important agri-business industry in our country. Not only does it contribute to the growth of our economy, it also generates a large number of jobs and income for our farmers.
Through their efforts and their programs, the PCA is helping create a resilient and sustainable future for both the farmers and the industry,” Abad said in a statement.
President Benigno Aquino receives a document containing the proposals for the implementation of the coco levy fund from a representative of farmers gr
