SC junks UCPB’s claim on P60-billion coco levy shares

MANILA, Philippines - The Supreme Court (SC) has junked the claims of United Coconut Planters Bank (UCPB) and United Coconut Planters Life Assurance Corp. (Cocolife) on the P60-billion coconut levy shares in San Miguel Corp. (SMC) earlier seized by the government.

In a 30-page decision released yesterday, the high court unanimously ordered the dismissal of the petition of UCPB and Cocolife before the Makati City regional trial court claiming a portion of the 24-percent block of SMC shares registered under Coconut Industry Investment Fund (CIIF), which the SC had declared part of the ill-gotten wealth of the Marcoses.

In its ruling, the SC granted the Presidential Commission on Good Government (PCGG)’s plea seeking the dismissal of the two firms’ petition with the Makati City RTC Branch 59.

The high tribunal held that the RTC has no power to hear and resolve suits involving sequestered coco levy assets and coco levy funds as only the Sandiganbayan has exclusive jurisdiction over such cases under the law.

“Respondents’ assertion that the subject matter of their petitions for declaratory relief is different due to private funds used in buying shares in UCPB and CIIF oil mills is but a feeble attempt to create an exception to the Sandiganbayan’s exclusive jurisdiction,” read the SC ruling penned by Associate Justice Martin Villarama Jr.

“As underscored in Cuenca v. PCGG, the benchmark is whether such shares of UCPB and CIIF oil mills are alleged to be ill-gotten wealth of the Marcoses and their perceived cronies, which is sufficient to bring the case within the exclusive jurisdiction of the Sandiganbayan pursuant to existing laws and decrees,” it stressed.

The high tribunal also cited the doctrine of res judicata, which prohibits parties from pursuing a case already resolved by the court.