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Palace reconvenes task force on coco levy fund

Posted at | Updated as of 09/29/12 12:56 AM

MANILA, Philippines - The Presidential Task Force on  Coconut Levy will be reconvening on October 5 to finalize its recommendations in light of the finality of the Supreme Court ruling on the ownership of the funds.  

Deputy presidential spokesperson Abigail Valte said President Aquino has asked the task force to come up with a report and a recommendation on the issues surrounding the coco levy fund following the final SC ruling. 

 The task force is composed of the National Anti-Poverty Commission, the  Presidential Management Staff, Department of Agriculture, Department of Agrarian Reform, Department of Finance, Department of Budget and Management, and the Philippine Coconut Authority. 

The task force started its work December 2011. 

 “‘Nung nagsimula sila ng trabaho hindi pa final ‘yung ruling. It was actually the main decision that was promulgated. They used that to be guided on the issues that needed to be addressed and now that it has become final, at least the parameters to them are clearer because the decision itself has achieved finality. So the meeting on (October 5) aims to finally, to submit a report, to hammer down the final recommendations to the President,” Valte said.  

The Supreme Court had issued its decision affirming with finality the 2004 Sandiganbayan ruling that awarded the 24% block of sequestered shares in San Miguel Corp., which were acquired with the coco levy funds, to the government.