Press Release September 28, 2020 Coco levy trust fund bill awaits final Senate approval AFTER several weeks of deliberations and fine-tuning, the Senate on Monday approved on second reading the once-vetoed Coconut Farmers and Industry Trust Fund bill. "Pagkatapos ng mahabang panahon, mabibigay na rin sa mga magniniyog ang para sa kanila. Kahit na hindi naisama ang ilang mga probisyon sa aming panukala sa final version at pakiramdam ko ay watered-down ang ilang mga probisyon na naipasa, mas maigi nang meron kaysa wala para mabigyan na ng suporta ang mga magniniyog," said Sen. Francis "Kiko" Pangilinan, principal author of the measure. "Itutulak na lang natin ang posibleng pag-amyenda sa batas at maibalik ang mga probisyon na tinanggal sa susunod na mga panahon kung makita natin na mas magiging mabuti ito para sa kanila," he added. Earlier, Pangilinan, together with fellow Minority Senators Franklin Drilon and Risa Hontiveros, sought to include a farmer representative, along with a representative from the Department of Agriculture, in the Trust Fund Management Committee. But the Senate voted against it. The committee shall be responsible for setting the investment strategy of the trust fund, including the management of the estimated P76 billion in cash, disposition of the estimated P30 billion in other assets, as well as other funds or assets still pending before the courts that may be reconveyed to the government. "We respect the decision of the body, but we strongly believe that our coconut farmers should be involved in all aspects of the decision-making process in the management of the coconut levy funds. It is, after all, their money; the blood, sweat, and tears of our coconut farmers," Pangilinan said. The Trust Fund Management Committee under the current version of the Senate bill is composed of representatives from the Departments of Finance, Budget and Management, and Justice. Other key provisions of Senate Bill 1396 are as follows:
- 20%: Development of hybrid coconut seed farms, and nursery for planting and replanting;
The Senate is set to finally vote on the measure on Monday next week. However, the version of the bill at the House of Representatives is still pending at the committee level. "The coco levy trust fund bill is a priority because it seeks to end over four decades of injustice and poverty of our coconut farmers from whom the levy was extracted. Itong batas na ito ay isyu rin ng katarungan para sa mga ninakawang magniniyog," said Pangilinan. |
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