President Duterte last week urged lawmakers to hasten the passage of the measure seeking to consolidate all assets and benefits from the coconut levy and create a trust fund for farmers

Philippine Coconut Authority (PCA) administrator Romulo dela Rosa, in a televised interview, said at least three million coconut farmers can finally benefit from P105 billion in tax collections that were earmarked for them under the new legislation.

The bicameral conference committee’s recent approval of the Coco Levy Bill is seen as the last hurdle before it can be signed by President Rodrigo Duterte.

According to Dela Rosa, this can renew the dwindling interest of coconut farmers in propagating coconut products, which have seen a rising demand here and abroad.

“The P105 billion will be disbursed in annual increments of P5 billion, 30 percent of which will go to shared facilities such as warehouses, 30 percent for farm improvements, 15 percent for scholarships, 15 percent for cooperatives and 10 percent for health and medical services,” said Dela Rosa.

He added that these will be distributed as part of programs that will benefit farmers.

“We’re not talking here of hard cash distributed to farm beneficiaries. We’re talking about programs that will benefit the farmer beneficiaries,” said Dela Rosa.

“Of the P105 billion, P75 billion will come from San Miguel Corp shares, which the Supreme Court awarded to the government,” Dela Rosa said.

An ongoing census has accounted for 2.5 million beneficiaries, that could reach up to three million, but will likely be lower than the original three million, he added.

President Duterte last week urged lawmakers to hasten the passage of the measure seeking to consolidate all assets and benefits from the coconut levy and create a trust fund for farmers.

The coco levy was a form of tax imposed on coconut farmers during the administration of former dictator Ferdinand Marcos.

The funds were supposed to be used for the development of the coconut industry, but farmers have yet to feel the return of their contributions.

Senators and congressmen reconciled their versions of the proposed coco trust fund law in bicameral meetings, said Sen. Cynthia Villar, who chairs the Senate Committee on Agriculture and Food.

Under the measure’s consolidated version, the coconut levy will be put into treasury bills projected to earn 2 to 3 percent or P5 billion every year, which will then be distributed to farmers, said Villar.

The bicameral conference agreed to tap the reconstituted Philippine Coconut Authority Board to supervise the trust fund, instead of creating a committee to manage it, she added.

The fund, she said, will also undergo an audit every year.