Mrs. Arroyo made the announcement during a speech at the gathering of the National Anti-Poverty Commission (NAPC) in Rizal Park in Manila.
She said the fund will be used in the government’s micro-financing program for coconut farmers, at P1,000 per coconut farmer.
"In time for the second anniversary of EDSA II, which enabled me to assume the presidency, P700-million coconut levy funds will be released on Monday to help the coconut farmers alleviate poverty," Mrs. Arroyo said.
The President had earlier vowed to implement programs that will improve the livelihood of farmers and assure them of their own shelter and dwellings in her remaining 17 months in office.
"We were able to do a miracle in my two years in office. Our economy has improved compared to our neighboring countries in Asia which were also hit by the regional crisis in year 2001 up to 2002. We can still do more in my remaining one and a half years in office," Arroyo said.
The coconut levy or the Coconut Consumers Stabilization Fund (CCSF) was collected from small coconut farmers during the Marcos regime from August 1973 to August 1982, through Presidential Decree 276.
The fund, now estimated to reach P100 billion, is still locked in controversy and legal battles and has yet to benefit small coconut farmers and their families who contributed to the fund.
To help coconut farmers, the government has already tapped government financial institutions for assistance.
In late November last year, the Land Bank of the Philippines (LBP) made P210 million available to Quedancor and farmers cooperatives and small coconut farmers organizations, which will serve as loan conduits to qualified individual small coconut farmers.
Under the program, small coconut farmers can avail themselves of a loan averaging P10,000 each within the next six months.
The LBP also made available last year some P90 million to accredited coconut farmers’ cooperatives that will serve as credit conduits to oil mills and other coconut processors.
The President has also directed newly installed Agrarian Reform Secretary Roberto Pagdanganan to distribute some 100,000 hectares of agricultural lands to landless farmers all over the country before her term ends on June 30 next year.
She has urged the two chambers of Congress to speed up the passage of a proposed measure which would allow farmers to use their agricultural lands as collaterals for loans from banks and other lending institution.
"Allowing farmers to use their agricultural lands as collaterals for loans from various banks and lending institution would allow each farmer to reach the required capital that would enable them to increase their income. The distribution of public lands will be the job of Secretary Pagdanganan," Mrs. Arroyo said.
Health Secretary Manuel Dayrit was also ordered by the Chief Executive to purchase more medicines so that the thousands of urban poor in the country would have access to affordable medicines.
"I already directed the PhilHealth to include the generic drugs in their program. I also directed the Philippine Charity Sweepstakes Office to fund the purchase of additional medicines for the poor," Arroyo said.
The President disclosed that part of her priority programs in her remaining 17 months in office is the creation of one million jobs in the provinces.