The fate of the coco-levy fund and all its proceeds, including the shares of stocks of farmers in government-controlled United Coconut Planters Bank (UCPB), is now in the hands of President Duterte.
A ranking UCPB official said Mr. Duterte may even opt to voluntarily honor the shares of stocks in UCPB that were earlier issued to farmers, but the ownership of which has already been resolved by the Supreme Court (SC) in favor of the government, in a decision in 2012.
This uncertainty in the actual process to be resorted to by the Duterte administration in effecting his directive of distributing the coco-levy fund to the farmers could further stall the privatization of the UCPB, to the benefit of farmers who are opposing such privatization earlier ordered by former President Benigno S. Aquino III.
“It would be up to the President on how to distribute the coco-levy fund. As of now, I doubt that there would be any more takers [in the privatization of UCPB] because of the level of government intervention,” the source told the BusinessMirror.
This dampening of interest from the private sector is aside from the temporary restraining order (TRO) issued by the SC stopping the implementation of Mr. Aquino’s executive orders (EO) to sell the government’s stake in UCPB.
Status of privatization
In March 2015 former President Benigno S. Aquino III issued Executive Orders 179 and 180, directing the Presidential Commission on Good Government (PCGG) and other relevant agencies to conduct an inventory of the coco-levy assets—which, the High Court said in a ruling in 2012, belong to the government—then proceed to privatizing these assets.
The SC’s ruling in the 2012 case of Philippine Coconut Producers Federation Inc. (Cocofed) v Republic of the Philippines said the shares of stock in UCPB distributed by the Philippine Coconut Authority (PCA) to some 1.4 million coconut farmers as their private property should be reverted to the government, since the funds used by the PCA in buying those shares of stock are public funds.
The SC decision also said the investments made by UCPB in coconut-oil mills corporations and in holding companies organized using proceeds of the coco-levy funds also belong to the government.
Because of the court’s decision, the government now owns 74 percent of the outstanding capital-stock of UCPB, with the farmers holding stock certificates now viewed by UCPB as mere “beneficial owners” of those stocks, along with the rest of the small coconut farmers who contributed to the coco-levy fund during the Marcos era.
However, the privatization of the assets was stalled by a TRO issued by the SC on Aquino’s EOs directing the sale. It is now unclear if the privatization would still push through.
Distribution proposals
Before assuming office, Mr. Duterte set the general policy direction of his government to release the coco-levy funds to the farmers, but several proposals have floated on how to go about the release of the funds.
It appears that the coconut farmers, who have the most legitimate legal standing in this issue of what should happen to the assets bought using the coco-levy fund, want the government to use these assets for sustainable programs that will redound to their long-term benefit.
In a statement released recently, the Kilusang Magbubukid ng Pilipinas (KMP), representing coconut farmers, belied interpretations that the demand for the distribution of the coco-levy assets involved payment in cold cash.
“Small coconut farmers are not demanding P20,000. They are demanding the cash distribution of the coco-levy money through social benefits, including, but not limited to, pension benefits, medical and hospitalization benefits, maternity benefits and educational assistance, including scholarships, among others,” KMP Secretary-General Antonio Flores said.
He said the amount of P20,000 per coconut farmer being floated as a possible distribution scheme by some politicians is merely a desperate ploy to privatize the coco-levy assets.
4 comments
Mukhang NAG-IIBA na ang tono ng mga pahayag ng KMP re Coco Levy P20,000.00 demands ng mga magniniyog…NAGBAGO at nag-iiba na talaga kung ika’y nasa loob at nasa pwesto na ng pintuan ng kapangyarihan, sa MALAKANYANG (DAR Secretary)..
Ganun pa man, wala pa rin bibili, mahihirapang tanggapin ng marami ang posisyon ng mga MILITANTENG MAGSASAKA (KMP) sa kanilang posisyon na, “imbis na P20,000.00 / tao ay IGUGOL na lamang sa; “social benefits, pension benefits, medical and hospitalization benefits, maternity benefits and educational assistance, including scholarships, among others.”
NASAAN at mukhang NAWAWALA ang pagpapalakas ng hanay ng MAGNINIYOG, ang pagpapalakas ng INDUSTRIA ng MAGNINIYOG thru TECHNOLOGY and MODERNIZATION ng industria ng NIYOG sa bansa.
Kung “social benefits” ang HINAHANAP ng KMP, bakit hindi nila ito idulog sa; SSS, PAG-IBIG, PHILHEALTH, DOLE at 4Ps (dswd)..?
The coconut farmers, who have the most legitimate legal document and standing in this issue of what should happen to the assets bought using the coco-levy fund,release the coco-levy funds to the farmers who has proof of share of stock even now that the goverment already take over the fund.
Pinakinabangan na noon ng mga mayayaman dapat ibagay naman sa mahihirap na farmer dahil sila naman talaga ang nag invest ng sarili nilang perang pinaghirapan. Halos kininamatay na ng ibang mga farmer investor. Kaya dapat ung mga buhay pa paginhawain nyo naman po ang buhay nila. Kung social benefit hindi atah sapat kc iba iba naman ang panganngailangan ng bawat farmer. Dapat my regular pension sila kc hanggang ngayon ung pera nila ay patuloy na lumalago. Dapat nga ung kabuohan ng tubo ng pera nila mapasakanila. Alam naman po natin sa tagal na panahon na lumipas ung perang pig invest nila ay kung 22usin subra subra pa sa pangangailangan nila.
My father own 1,061 shares of stock of United Coconut Planters Bank as was verified on July 22, 1989. These shares of stock are type Common and Class A. My brothers and sisters gave me an authority to claim these mention Shares of stock and transfer into my Name. These Shares of Stock was processed and transfer into my name, filed and received at the Stock and Transfer office at 19th Floor United Coconut Planters Banks (UCPB) Building on April 29, 2004. At that time I wrote a letter to president Gloria Macapagal Aroyo for this matter, but responded me that the Shares of Stock of UCPB had a TRO in Supreme Court. It was already 46 years since 1973 where my Shares of Stock was hold by the government officials. No justice was made. Also I wrote a letter to president Rodrego Duterte but no response.
Ibigay ang kay Juan yung kay Juan at kay Pedro yung kay Pedro. Ito po ang sinasabi sa banal na kasulatan. Maraming panahon at gastos ang ginugol ko dito para maibigay sa akin yung sa akin. Maawa po kayo sa amin. Ito po ang aming panalagin. Kami po ay tumitirik na ng kandila para po kaawaan nyo kami..
i was decluttering my mother’s stuff and i found certificate of shares of my Lolo. it is just very minimal as it is just shares of less than 50. but i just wanted to know what are these for? i hope somebody can answer. thank you