Yesterday, The congressional bicam bill approved making the P100-billion coconut demand reserve fund to be used for 25 years to benefit 3.5-million Filipino farmers. – Sen. Cynthia Villar said.
After emerging from the bicameral hearing, Villar told reporters the Senate version was adopted and the trust fund will be managed by a reconstituted Philippine Coconut Authority.
Villar, chairperson of the Senate committee on agriculture and food, said no committee will be created to look after the coco demand trust fund of the farmers. She said the reconstituted PCA will have four representatives from government, one from the industry and six coconut farmers.
Under the bill, she said the trust fund would be sourced from the General Appropriations Act, and the P105-billion coco levy will be invested in treasury bills.
“Every year, we will give to the reconstituted PCA to spend it as we enumerated where to spend it; like it will be spent on scholarship of children of farmers, their health benefits, and their shared facilities program and then their program to improve their farms,” she said.
Villar said the fund will be in place starting next year and will run for approximately 25 years.
She said the government would allocate P10 billion a year for the trust fund while P5 billion a year would come from the P105-billion coco levy fund, which could last up to 25 years.
“At present, their money is P105 billion. If it will be divided by P5 billion, that’s 21 years, but it will still earn interest,” Villar said.
The approved version in the bicam will be sent back to the Senate and the House of Representatives for ratification. Once ratified by both chambers, the bill would be transmitted to the President.
Meanwhile, Villar also said that there will be farm development, enumerating the following shared facilities—farm development and empowerment of farmers’ organization, both 30 percent; scholarship, and health benefits, 10 percent.
Coconut Farms in Davao City
Franklin Baker Company
Today, Franklin Baker is a privately-held company and one of the largest global suppliers of desiccated coconut products with plants are located in the Philippines at San Pablo, Laguna and Davao, Mindanao. Our products are shipped to over 50 countries worldwide across the US, South America, Europe, Middle East, Africa and Asia Pacific.
Martsons Food Corporation
Martsons Food Corporation (MFC) main line is the production of Dried Tropical Fruits such as mango, pineapple, papaya, young coconut, green mango, jack fruit, banana, etc. the company produces and manufacture these products in its modern facilities in Davao City. A Martsons’ Philippine Islands Dried Fruits Brand is a world-class producer and exporter of preserved fruit products.
Malagos Agri-Ventures Corporation
Malagos Agri-Ventures Corporation, is part of a family-owned group of businesses that have always worked with nature. We construct water wells, raise goats to make our artisanal cheeses, produce and sell cut flowers and cut foliage, grow potted plants, and run a nature-themed resort including the first chocolate museum in the country, all within our hometown in Davao City on the island of Mindanao, Philippines.