The government is currently soliciting comments for the draft implementing rules and regulations (IRR) of Coconut Farmers and Industry Trust Fund Act.
The comments will be submitted to the Trust Fund Management Committee, which is composed of the authorized representatives of the Departments of Finance (DOF), Budget and Management (DBM) and of Justice (DOJ) on or before May 31, Monday.
The Coconut Farmers and Industry Trust Fund Act, or Republic Act (RA) 11524, was signed into law by President Duterte on February 26, 2021 and became effective on March 13, 2021.
“This law will set in motion reforms in the coconut industry and provide efficient utilization of the trust fund in accordance with the Coconut Farmers and Industry Development Plan for the benefit of 2.5 million coconut farmers and their families, and the coconut industry in general,” the DOF said in a news statement issued on Thursday.
The coconut levy fund was derived from fees collected by former President Ferdinand Marcos from coconuts farmers, which was later declared as public funds by the Supreme Court.
Under RA 11521, the estimated P100-billion fund will be used for the development of hybrid coconut seed farms; training of farmers and their families under the coconut registry; research and marketing and promotions for coconut farmers; and crop insurance; farm investments through diversification and/or intercropping.
It will also be used to establish shared facilities for processing coconut; organizing and empowerment of coconut farmers; credit programs from the Development Bank of the Philippines (DBP) and the Land Bank of the Philippines; infrastructure development; scholarship program; and health and medical programs.
The said programs will be contained in the Coconut Farmers and Industry Development Plan (CFIDP) to be crafted by the “reconstituted and the strengthened” Philippine Coconut Authority (PCA).
The PCA was also tasked to complete the Coconut Farmer Registry, who will include the beneficiaries of the CFIDP programs.