Coconut levy funds could be available in first quarter

THE Philippine Coconut Authority (PCA) expects P75 billion worth of frozen coconut levy funds to be available during the first quarter.

“I believe the funds will be available within the first quarter,” PCA Chief Avelino L. Andal told reporters on Thursday.

The Supreme Court issued a temporary restraining order on two executive orders signed by President Benigno S.C. Aquino III which transferred a portion of the levy funds to the government’s general fund.

The court’s decision was prompted by the Confederation of Coconut Farmers Organizations of the Philippines’ petition against the executive orders.

The agency said on Wednesday that the major coconut industry stakeholders’ group has expressed willingness to finally resolve the legal impasse which will lead to the utilization of the controversial coco levy fund.

Mr. Andal added that the group may file its withdrawal next week.

As such, Mr. Andal called on coconut farmers to sign up for the ongoing nationwide registration for them to be recognized as potential beneficiaries.

At present, only 1.5 million farmers are registered. By the end of February, when registration is due to conclude, registered coconut farmers are expected to total between 1.7 to 1.9 million nationwide.

Funds will be released to coconut farmers’ associations. Meanwhile, individual farmers who can show proof through receipts of their payments will be paid directly, according to Mr. Andal.

The levy funds were collected from some 3.5 million coconut farmers and were to be for the development of the industry.

Eduardo M. Cojuangco, Jr., then administrator of the PCA, used the funds to establish the United Coconut Planters Bank and acquire a majority stake in San Miguel Corp. —