IRR of portions of Coco Levy Law takes effect mb.com.ph - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mb.com.ph Daily Mail and Mail on Sunday newspapers.
The mass registration of coconut farmers who will benefit from the forthcoming release of the P100-billion coco levy fund will be a continuous process. And the Philippine Coconut Authority (PCA) must issue a formal clarification on this matter to ease the anxiety among farmers who are not yet part
Groups of coconut farmers fear another scam might happen in the process of the Philippine government’s implementation of the Coco Levy Act, the law that should pave the way for the release of the P100 billion worth of funds and assets collected through the infamous coco levy fund scam more than 40 y
Farmers to solely select PCA board representatives mb.com.ph - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mb.com.ph Daily Mail and Mail on Sunday newspapers.
Published March 4, 2021, 12:19 AM
President Duterte last Friday signed Republic Act 11524 creating the “Coconut Farmers and Industry Trust Fund,” using some P75 billion known as “coco levy funds” generated from taxes collected from coconut farmers, millers, refiners, exporters, and other sectors of the coconut industry during the Marcos administration.
The coconut farmers were taxed through various laws and levies through presidential decrees during the martial law years, The government collected P15 to P20 per P100 earned by the farmers in their sale of copra. By 1982, the coco levy funds amounted to P70 billion.
The funds were supposed to be used to develop the coconut industry, but they were instead invested in various companies of Marcos cronies, including big oil mills. Coco farmers’ protests grew and became part of the growing anti-Marcos movement in the countryside.