Connect with us

Hi, what are you looking for?

Economy

Speaker targets coco levy bill passage before adjournment

SPEAKER Lord Allan Q. Velasco said Sunday that he hopes to pass on third and final reading the bill creating the coconut levy trust fund before Congress adjourns on Dec. 19.

He called the passage of House Bill (HB) No. 8136, or the proposed Coconut Farmers and Industry Trust Fund Act, “a fitting Christmas gift to more than three million coconut farmers who stand to benefit from the proposed coco levy trust fund.”

The chamber approved the bill on second reading last week.

HB No. 8136 seeks to declare coconut levy assets a trust fund with a mission to rehabilitate and modernize the coconut industry. The bill disburses benefits to poor coconut farmers from the proceeds of taxes collected from them decades ago, now worth around P76 billion.

The measure was declared priority legislation by President Rodrigo R. Duterte in his State of the Nation Address in July.

Mr. Velasco said he “could not agree more” with the President on the need to establish a trust fund to ensure the welfare of coconut farmers and their families.

“The establishment of the trust fund will ensure that the recovered coco levy funds will be used for the development of the coconut industry and to uplift the lives of coco farmers who are among the poorest in the country,” Mr. Velasco said.

The bill is expected to benefit around 3.5 million coconut farmers from 68 provinces, owning not more than five hectares of farmland.

Under the bill, the trust fund will be maintained for 99 years according to the policies laid out by the Coconut Farmers and Industry Development Plan (CFIDP), to be drafted by the Philippine Coconut Authority (PCA).

An initial allocation of P5 billion will be made available to the PCA, including disbursements for the preparation of the CFIDP.

The bill tasks the Department of Finance with managing the trust fund. — Kyle Aristophere T. Atienza

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

More than half of all Londoners have either started their own business or aspire to do so in 2023, compared to nearly a third...

Investing

The John Lewis Partnership has struck a £500m deal with the investment firm Abrdn to build 1,000 residential rental homes, redeveloping three sites already...

Investing

The first four scale-up visa licences have been approved by the Home Office three months after the scheme began, prompting lawyers to question the...

Investing

Barclays has been fined £8.4 million by the payments industry watchdog for failing to be transparent with retailers about the fees they were being...

Investing

Ministers have called on Britain’s biggest rail union to be “altruistic” and suspend strike action over Christmas and new year amid warnings that it...

Economy

Filipino writers, poets, and playwrights play an important role in countering and correcting falsehoods running rampant in an extremely polarized public sphere, said Dr....

You May Also Like

Investing

The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

Browsing history makes referring to sites and pages you’ve visited in the past seamless. It’ll help you recall what page you checked out on...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.