Philippine Coconut Authority administrator Billy Andal said they are hoping for the release of the coco levy funds within the first half of the year.
“It could be in the first half. We already sent a message to the President through the Cabinet Secretary that the Confederation of Coconut Farmer’s Organizations of the Philippines will withdraw their petition with the Supreme Court,” Andal said.
Confed is the unified group of coconut farmer’s organizations nationwide that includes the Philippine Association (formerly National Federation) of Small Coconut Farmer’s Organizations, the Pambansang Koalisyon ng mga Samahang Magsasaka at Manggagawa sa Niyugan, the Coconut Producer’s Federation and their many allied farmers’ organizations representing all together more than 95 percent of the organized coconut famers sector in our country.
The P75-billion coco levy funds were supposed to be for the construction of projects for coconut farmers but were used instead to purchase the United Coconut Planters Bank and majority stake in San Miguel Corp.
Former President Benigno Aquino III earlier issued two executive orders that will pave the way for the immediate transfer of the coconut levy assets to the government so these could be used to support the local coconut industry.
The Supreme Court, however, issued a temporary restraining order against the two EOs due to a petition filed by Confed.
“The withdrawal of the petition is on Confed and they will start the process already. I don’t know how long this will take for the Supreme Court to stop the TRO or withdraw the TRO,” Andal said.
“The President is focused on the issue of the coco levy because he is concerned on our coconut farmers. Also, he considers coconut exports as the number one agricultural export in the country,” Andal said.