Connect with us

Hi, what are you looking for?


Coconut industry eyes levy funds for mill construction

THE coconut industry said it is seeking to build mills to process oil from white copra with money provided by the trust fund which was capitalized from coconut levy assets.

“The industry should focus on updating its marketing strategies, including packaging and labeling, to avoid being left behind by competitors,” Francisco Rubio, founder and chief executive officer of Green Life Coco Products, Inc. said in a statement.

White copra is a higher-value product that can be used to make cooking oil, body care products, virgin coconut oil (VCO), and biodiesel.

The Philippine Council for Agriculture and Fisheries (PCAF) National Sectoral Committees (NSC) on Coconut conducted its second-quarter consultation with the industry, which brought up the lack of marketing and processing interventions by the government.

NSC Chairman Charles R. Avila said the Philippine Coconut Authority must upgrade marketing plans for the commodity, which he described as vital.

“Start thinking about how you will handle the marketing side because the worst part of any successful production is when you don’t know where to bring it and sell it,” he said.

In 2021, former President Rodrigo R. Duterte signed Republic Act No. 11521 or the Coconut Farmers and Industry Trust Fund Act, which put coconut levy assets into a trust fund that will finance rehabilitation and modernization projects for the industry.

Under the law, the Bureau of the Treasury is required to transfer 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.

Farmers are allowed to tap the trust fund to develop the industry, but fund use is guided by the Coconut Farmers and Industry Development Plan (CFIDP).

Mr. Rubio has informed the committee that the establishment of white copra oil mills is listed as a priority activity in the CFIDP.

In a media conference on Wednesday, Floreliz P. Avellana, a division chief at PCAF, said a resolution is being prepared on mill investments.

“The resolution… will be sent to the Senior (Agriculture) Undersecretary and (the funds) should be coming from the levy fund for more processing plants. We are still working with the resolution but definitely that is one of the suggestions of the committee on coconut,” she said. — Sheldeen Joy Talavera

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!



By Luisa Maria Jacinta C. Jocson, Reporter THE NATIONAL Government’s (NG) budget deficit widened to P133 billion in August as revenues declined, data from...


THE GOVERNMENT is planning to launch US dollar-denominated retail Treasury bonds (RTB) on Tuesday, Finance Secretary Benjamin E. Diokno said. “We will launch the...


By Keisha B. Ta-asan, Reporter SUPPLY SHOCKS to inflation and a weaker peso against the dollar may prompt the Bangko Sentral ng Pilipinas (BSP)...


By Bernadette Therese M. Gadon, Researcher THE PHILIPPINES’ largest banks saw asset and loan growth ease in the second quarter, reflecting the impact of...


PROJECTS and activities to be funded via the issuance of “blue bonds” should support specific items under the United Nations Sustainable Development Goals (UN...


1 of 5 VERSACE TOM FORD PRADA EMPORIO ARMANI FENDI MILAN — Italian luxury label Dolce & Gabbana (D&G) presented a mainly black and...

You May Also Like

Top News

As the world seeks sustainable and energy-efficient solutions for heating and cooling, the heat pump market is experiencing a significant surge. According to the...


The Toto site’s user-friendly interface makes it easy for both beginners and experienced gamblers to navigate through the various features. “¸ÔÆ¢Æú¸®½º site is a...


Almost 100 jobs are thought to be under threat at smart home energy technology manufacturer myenergi. The Grimsby firm, named one of the UK’s...


The number of small businesses planning to increase prices to their customers is set to rise dramatically this quarter, further fuelling inflationary pressures. A new quarterly analysis of...

Disclaimer:, 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.