House resolution seeks inquiry on coco levy funds
October 9, 2014 | 12:20pm
MANILA, Philippines - A house resolution was filed on the House of Representatives to look upon the status of the estimated P150 billion to P200 billion coconut levy funds.
AAMBIS-OWA Party List Rep. Sharon Garin called on the House Committee on Good Government and Public Accountability through House Resolution 1518, citing the absence of a specific law on handling coconut levy funds and that coconut farmers cannot access the money.
“These poor coconut farmers have long suffered the injustice of paying the levies throughout the years without reaping the benefits. The coconut levy funds were exacted from coconut farmers and were supposedly for the construction and implementation of various projects for their benefit,” Garin said.
Coconut levy funds are public in character as decided by the Supreme Court in 2013. All shares of stocks and collected funds were given to the government.
After the 2013 ruling, there is still no cohesive measure regarding the funds and farmers' groups are calling on the Office of the President to release an Executive Order regarding the matter. They are calling for alternative measures of handling the funds such as creating trust funds, health and education funds, loans and livelihood programs.
“It is estimated that the coco levy funds now total between P150 billion to P200 billion, but there have been no actual accounting of the current value of all the shares of stocks, amounts held in escrow, dividends, and interests among all the acquired assets, which are now part of the funds returned to the government for the benefit of coconut farmers,” Garin said.
According to Garin, the Presidential Task Force on Coco Levy Fund allotted P11.17 billion for the Poverty Reduction Road Map of the coconut industry.
For more proposed measures in the House of Representatives, visit our Bill Tracker.
BrandSpace Articles
<
>
- Latest
- Trending
Trending
Latest
Trending
By Neil Jayson Servallos | 21 hours ago
By Delon Porcalla | 21 hours ago
By Pam Castro | 10 hours ago
By Delon Porcalla | 1 day ago
Latest
By Cecil Morella | 4 hours ago
By Jean Mangaluz | 5 hours ago
By Dominique Nicole Flores | 5 hours ago
By Jean Mangaluz | 6 hours ago
Recommended
