THE Presidential Commission on Good Government on Thursday disclosed that the coco levy fund that was collected from coconut farmers from 1973 to 1982 is now worth more than P75 billion.
Testifying at the first Senate hearing on Thursday, PCGG officer-in-charge Danilo Daniel said the fund now totals P75.354 billion.
He said the fund consists of cash amounting to P62.5 billion, broken down into principal of P56.5 billion, interest at P3.6 billion, San Miguel Corp. share dividends at P854 million and remittance from the United Coconut Planters Bank at P1.48 billion.
Aside from cash, the fund also includes government securities totaling P12.847 billion with P12.33 billion in principal and P515.3 million in interest.
Senator Francis “Kiko” Pangilinan, chairman of the Senate agriculture committee, which conducted the hearing aims to enact a law that will allow three million coconut farmers to use the trust fund.
Pangilinan said the funds may also be used to develop the coconut industry so that it will graduate from focusing on copra alone to using the whole coconut, including its meat and juice.
“Doing this will allow the country to produce and export more value-added coco products, he said.
Instead of mostly raw and crude coconut oil derived from copra, Pangilinan said we will export more processed and value-added coco products and by-products like virgin coconut oil, coco sugar, coco milk, among others.
He said the funds should be used to increase the income of coconut farmers and workers.
“We will enhance farm productivity, set up coco-based community enterprises like seed nut nurseries, integrated processing centers [for coco husk, shell, water, meat, sap, and lumber], natural fertilizer [coco peat and vermiculture]production and livestock integration, and intercropping. Farmers and farm workers will take part in replanting, fertilization, and pest management,” Pangilinan said.
He said the funds may also be used to organize coconut farmers and farm workers, most of whom are unorganized, at barangay and municipal levels.
“Through self-organization, they will also able to establish their own registry, farm production data, history of pests and diseases, adaptation measures, vulnerability maps and data, and power and water sources—skills and abilities needed to scientifically manage farms,” Pangilinan said.