Gov't drafts plan on how coco levy funds will be used

Posted at Mar 26 2015 03:56 PM | Updated as of Mar 27 2015 04:20 AM

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The government plans to put coco levy assets in a trust, just spending annual earnings to help the coconut industry.

Food security chief Kiko Pangilinan said the government is drafting a plan for how the earnings will be used.

An estimated P73 billion of assets is expected to yield P3 billion a year.

The assets come from coconut industry levies imposed by the Marcos regime, which saw San Miguel chairman Eduardo Cojuangco and others allegedly used to buy assets for themselves.

After almost 30 years of litigation, Cojuangco got the half that he claimed for himself, while the government got the half claimed by people associated with Cojuangco.

It is the second half that's at issue now, including control of UCPB, coconut oil mills and a small stake in San Miguel.

Kilusang Magbubukid ng Pilipinas national chairman Rafael Mariano says farmers should decide how the money is used and it should be given to them now.

-ANC News Now, March 26, 2015