The Philippine Coconut Authority (PCA) urged lawmakers on Monday to release at least P4 billion worth of interest from the P75-billion coconut-levy fund by the end of the year.
“Our request to them is that if the passage of law for the handling of the total coconut-levy fund would take longer, then we hope that they could release even the P4-billion interest,” said newly installed PCA Administrator Avelino Andal in a news briefing in Quezon City.
“We want the interest to be released so that in the interim, while waiting for the release of the principal money, we can start the ball rolling. Besides, the principal money is earning a lot per year so let’s use that [interest],” Andal added.
He said he plans to use the interest in reviving the local coconut industry and help farmers boost their incomes.
Andal added that the PCA should handle and keep the coconut-levy fund, and not the Bureau of the Treasury, as the agency attached to the Office of the President is directly responsible for developing the coconut industry.
“That should be the ideal situation. There should be only one body handling the coco-levy fund in order to avoid differences and obstacles to the releases and the disposition of the fund,” Andal said.
“The coco levy kept by the Bureau of the Treasury should be given to the PCA because it is the principal agency involved in addressing and helping coconut farmers,” he added.
In September Malacañang ordered the Department of Agriculture (DA) to file a bill that would expedite the release of the P75-billion coco-levy fund to help farmers fight cocolisap or coconut scale insect infestation.
Agriculture Secretary Emmanuel F. Piñol said President Duterte instructed him and presidential liaison officer Adelino B. Sitoy to work with Congress to fast-track the passage of
the measure.
As the President wants the coco-levy fund released before the year ends, Piñol said the bill would be certified as urgent.
The Presidential Commission on Good Government disclosed that the coco-levy fund that was collected from coconut farmers from 1973 to 1982 has increased to P75 billion from P73 billion.
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Without the coco levy law, this will not happen. SC has issued TRO on attempt by previous administration via EO 179 and 180 due to legal violations. The politicians in order to help the farmers what is due shall accelerate the enactment of the law so the fund management can be institutionalized. PCA shall lobby for the accelerated coco levy law enactment not just the money. The P4B money is not a lot for national initiative but will be vulnerable to corruption and misuse if prematurely dispatched. The attention will be diverted into the fund while the bills will go stale again. After three decades of wait some agencies are just too hasty of the fund without resolve what to do with it while the politicians drags the process due to uncertain investments. As PCA was criticized for under-spending during 01 Sep 2016 Senate hearing from P4B annual 2014 budget to P1.2B. PCA got 1.4B budget for 2016. What PCA will be doing with the additional P4B coco levy fund if PCA could barely think of P1B annual program? I can see a rush of unnecessary spending on imposed aids just to spend the money without lasting substance.