December 26, 2012 11:32am
Industry stakeholders plan to draft a roadmap on how to use the P70-billion coconut levy fund, which the Supreme Court ruled as belonging to the Philippine government.
To start the ball rolling, the United Coconut Association of the Philippines (UCAP) has organized an industry meet early next month to discuss how to be craft the roadmap.
“The summit will... see the drafting of a road map that will guide the industry to develop downstream industries,” said UCAP president Dean A. Lao.
Lao noted the Supreme Court decision specified that the levy fund be used solely for the benefit of coconut farmers and the development of the industry, a directive that creates a need for an industry consensus on how to implement the ruling.
“It is UCAP’s hope that through this conference, all stakeholders shall be able to discern the problems and map out prospects for the industry and reach a consensus on a roadmap to implement programs and projects to benefit both coconut farmers and further develop the coconut industry,” he said.
On Sept. 27, the Supreme Court announced it has ruled with finality that a 24-percent bloc of San Miguel Corp. (SMC) shares was bought with coconut levy funds – which constitute public money – and has awarded the shares to the government with a caveat that it should be used only for the benefit of coconut farmers and the industry.
The coco levy originated in the 1970s when President Ferdinand Marcos and people around him decided to tax coconut farmers, promising them the money will be used to develop the coconut industry and they would have a share in the investments. — VS, GMA News
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