MANILA - President Aquino has signed two executive orders (EOs) on the controversial coconut levy fund.
Executive Order No. 179: Providing the administration guidelines for the inventory and privatization of coco levy assets.
Executive Order No. 180: Providing the administration guidelines for the reconveyance and utilization of coco levy assets for the benefit of the coconut farmers and the development of the coconut industry and for other purposes.
Following the relevant Supreme Court decisions, the EOs pave the way for the transfer and reconveyance of coco levy assets to the government, including, but not limited to the shares of stock in United Coconut Planters Bank (UCPB) determined to be owned by the government, the shares of stock in the Coconut Industry Investment Fund (CIIF) companies and the CIIF holding companies, the 5,500,000 San Miguel Corp. (SMC) shares paid by SMC and UCPB to and registered in the name of the Presidential Commission on Good Government (PCGG) as arbitration fee on or about 22 March 1999.
The EOs reiterated that all coco levy funds and assets reconveyed to the government should be used “solely and exclusively for the benefit of all the coconut farmers and for the development of the coconut industry.”
The EOs were a result of the President’s dialogue with coconut farmers, providing the structure on how the coco levy funds could be used for the benefit of coconut farmers
Aquino signed the EO on March 18, 2015.