UCPB up for privatization
The Department of Finance plans to privatize the United Coconut Planters Bank (UCPB) so its proceeds could be used for the benefit of coconut farmers.
Other government assets will be privatized within three years, said the DOF.
The UCPB was under the supervision of the Presidential Commission on Good Government (PCGG) before it was placed under the supervision of the Governance Commission for Government Owned and Controlled Corporations (GOCC) last March.
Former President Benigno Simeon Aquino III approved its privatization but the Supreme Court issued a temporary restraining order (TRO) based on the opposition of the Confederation of Coconut Farmers’ Organizations of the Philippines, Inc., which claimed that privatization would deprive the coconut farmers of the coco levy funds.