More coconut farmer involvement urged at levy fund operations level
A FARMER organization said the government needs to consult more extensively with coconut producers on the use of funds sourced from coconut levy assets.
In a statement, Federation of Free Farmers Chairman Leonardo Q. Montemayor urged Finance Secretary Ralph G. Recto to appoint coconut farmer representatives to advise the Trust Fund Management Committee on the proper deployment of the fund’s assets.
“The Trust Fund Management Committee decides on the disposition of coconut levy funds and assets. It also determines the yearly funding allocation — out of the P100-billion Trust Fund levy collections — for the various projects and support services to be extended to coconut farmers and their organizations,” he added.
The Secretary of Finance serves as chairman and fund manager on the trust fund committee, while the Secretaries of Justice and Budget serve as members.
Republic Act No. 11521, or the Coconut Farmers and Industry Trust Fund Act, puts coconut levy assets into a trust fund that will finance the rehabilitation and modernization of the coconut industry.
The law tasks the Bureau of the Treasury with transferring P10 billion immediately to the trust fund, P10 billion in the second year; P15 billion in the third year; P15 billion in the fourth year; and P25 billion in the fifth year.
Fund use is guided by the Coconut Farmers and Industry Development Plan. — Adrian H. Halili