Coco levy assets now worth P376 billion

MANILA, Philippines — Assets generated from levies collected from millions of coconut farmers during the Marcos regime are now worth at least P376 billion, according to the Presidential Commission on Good Government (PCGG).

A report the PCGG has submitted to the House of Representatives showed that companies and shares of stock acquired with the use of levy collections have a minimum value of P300 billion.

Additionally, there is P76 billion in cash held in the national treasury, it said.

The PCGG said shares of stock in food and beverage giant San Miguel Corp. earned dividends amounting to P854 million in 2018.

 The report also showed that several pieces of equipment and machinery in coconut oil mills and other companies are rotting.

  The commission tasked to recover alleged ill-gotten wealth of the Marcoses and their cronies said it is awaiting “policy direction” from Malacañang and Congress on what to do with the deteriorating assets.

The PCGG submitted the report in connection with several bills seeking to use coco levy funds to help the 3.5 million coconut farmers and to develop the industry.

The bills are pending with the House committee on agriculture chaired by Quezon Rep. Mark Enverga, which has created a panel to consolidate them.

Among the authors of the measures are Speaker Alan Peter Cayetano, Deputy Speakers Mikee Romero of 1-Pacman, Luis Raymund Villafuerte of Camarines Sur and Sharon Garin of Aambis-Owa, Lucy Gomez of Leyte, members of the Makabayan bloc led by Carlos Zarate of Bayan Muna, and Florencio Noel of An Waray.

Cayetano said the House would try to approve a consolidated bill before the end of the year.

Romero said millions of coconut farmers have been waiting since martial law for the use of the coco levy funds for their benefit.

“The coconut industry is in limbo. We need to replant and replace old trees. We need to help our farmers not only to care for their coconut trees but to grow other crops as well,” he said.

Noel, who comes from Leyte, said coconut farmers in the Samar-Leyte provinces should be helped in recovering from the devastation caused by super Typhoon Yolanda in November 2013.

“Their farms were flattened. Almost eight million coconut trees were wiped out. Up to now, our farmers are still struggling to revive the livelihood the typhoon took away from them,” he said.