Coco levy...

ducted from the farmer for every 100 kilogram of copra of the first sale, which went on for nine years.

Funds earned from this scheme were later on used by Marcos and his cronies for their personal interest, buying stakes at United Coconut Planters Bank (UCPB) and San Miguel Corporation (SMC), to name a few.

The controversial fund was eventually returned to the national government treasury in full but a law outlining how it should be spent is needed.

In September last year, the House of Representatives already approved on third and final reading House Bill 5745, which seeks the creation of the Coconut Farmers and Industry Development Trust Fund.

The version of the senate, Senate Bill 1233, almost provides the same framework as the House version.

Under both versions, a fund trustee, the Trust Fund Committee, will be formed — of which six of its eleven members, or a majority, are either from coconut farmers groups or their representatives.

Chaired by the Secretary of Finance, and co-chaired by the Secretary of Agriculture, the committee will decide on how to invest the fund. PCA will also be part of the committee.

"Once the Senate comes up with their version, it will be consolidated with the House version and will be submitted to the President for signature. Hopefully, all of that will happen by the first quarter of this year," Dela Rosa told Business Bulletin.

"After that, the trust fund committee will now be formed. If they will include it in the approved bill, a roadmap will still have to be created for the development of the coconut industry," he further said.

If things go well, according to Dela Rosa, the Trust Fund could already be utilized within the year.

The creation of a Trust Fund was earlier faced with criticisms, with some saying that it would just defeat the purpose of directly returning the coco levy funds to the farmers.

Gabriela Representative Arlene Brosas was earlier quoted saying that the government would only continue to "rub salt into the wounds of the farmers" by creating a law preventing them direct involvement in the usage and utilization of this fund.

Meanwhile, De la Rosa said the PCA will no longer get anything from the Trust Fund and is instead promised to get an annual budget of R6 billion.

"Senator Villar said the levy should be for the farmers and the development of the coconut industry and if the government is willing to give us extra funds, why not?" Dela Rosa said.

But if ever, the approved increase in its budget may only happen two years from now, depending on when the Senate bill will be passed.

"If it will be passed before the budget deliberation for 2019, then we can include the R6-billion budget in our proposal," Dela Rosa said.

PCA's budget this year only stood at R1.4 billion, which is almost the same as last year.