MAASIN CITY, Southern Leyte — Senator Cynthia Villar has encouraged farmers and brace themselves on the many benefits they ought to receive from the implementation of the Coconut Industry Development Law.
Villar, chair of the Senate committee on agriculture and food, on Thursday said at least 3.5 million coconut farmers stand to benefit from the PHP105-billion trust fund under the new law.
“The PHP105 billion will be disbursed in annual increments of PHP5 billion with 30 percent of which will go to shared facilities such as warehouses, 30 percent for farm improvements, 15 percent for scholarships, 15 percent for cooperatives and 10 percent for health and medical services,” said Villar in her speech before farmers during the Ajonay Pabulhon Festival and the 18th cityhood anniversary here.
The proposed trust fund is intended to improve farm production through the provision of financial and technical support, as well as shared service facilities. Part of the money will also be allocated to scholarships for coconut farmers’ children.
The law has two fund sources: these are the coconut levy fund and a PHP5 billion annual allocation from the national government, she said. The government generated the coconut levy fund during the term of President Ferdinand E. Marcos.
The coconut levy fund will be put into treasury bills projected to earn 2 to 3 percent or PHP5 billion every year, which will then be distributed to farmers, said Villar.
The reconstituted Philippine Coconut Authority Board will manage the trust fund, instead of creating a committee to manage it, she added.
The reconstituted board will be composed of four government representatives, one from the private sector, and six representatives from farmers’ group.
In September 2017, the House of Representatives approved on third and final reading House Bill (HB) No. 5745, which seeks to establish the Coconut Farmers and Industry Development Trust Fund.
The Senate approved on third reading Senate Bill No. 1233 or An Act Creating the Coconut Farmers and Industry Trust Fund, Providing for its Management and Utilization, and for Other Purposes during its plenary session last March 18, 2018.
Earlier this month, the House of Representatives passed the Coconut Industry Development Law.
Villar said the PCA is expected to complete the official list of coconut farmers, which was why she urged farmers to make sure that they will be included on the list to avail of the benefits. (Lizbeth Ann Abella/PNA)
