Coco levy trust fund hurdles House committee

ABS-CBN News

Posted at May 07 2017 11:35 AM

MANILA - A bill seeking to convert the assets of the Coconut Levy Fund into a trust fund for coconut farmers passed the House of Representatives' committee on agriculture and food.

The committee approved the proposed “An Act Establishing the Coconut Farmers And Industry Development Trust Fund And Providing For Its Management And Utilization,” according to a press release from the House of Representatives.

Aside from a trust fund for coconut farmers, the bill also provides that P10 billion of the initial trust principal be used within two years from the approval of the “Coconut Farmers and Industry Development Plan” by the President.

The bill also provides that nine representatives from the coconut farmers’ organizations be included as members of the Coconut Farmers and Industry Development Trust Fund Committee.