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. (LAAA/PNA)
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