Revised coco levy fund likely in December

The bill aims to help coconut farmers improve their farms and provide scholarships for their children, give access to short-term loans.

The coco levy bill, which seeks to consolidate all assets and benefits from the coconut levy and create a trust fund for farmers, is expected to be passed by December this year.

Sen. Cynthia Villar, chairman of the Senate Committee on Agriculture and Food, revealed this on Tuesday after presiding over the first and final hearing on coconut farmers and industry trust fund.

Although previously vetoed by Malacañang, Villar expressed confidence the bill will eventually pass, the legislators having corrected certain points the palace had been disinclined with.

“The industry and the coconut farmers want it passed and if only few oppose it, we will continue to push its passage,” Villar told reporters in a spot interview.

“Besides, we can always amend the law after a while. We will try it but if it’s not good, then we will amend it.”

President Duterte had vetoed the bill seeking to strengthen the Philippine Coconut Authority (PCA) tasked to oversee the coco levy fund. It was the first time the president used his veto powers to reject an entire bill instead of only specific provisions.

While the president is cognizant of the urgency to address the concerns of coconut farmers, “the present formulation of the proposed legislative measure regrettably lacks vital safeguards to avoid the repetition of painful mistakes in the past.”

A Supreme Court decision had ruled two years ago that the P71 billion coconut levy fund used to acquire San Miguel Corporation during the Marcos administration belonged to the government.

As such, the fund should be used solely for the benefit of coconut farmers and for the development of the coconut industry.