Recto assures farmers of bigger control over coco levy fund
Senate President Pro-Tempore Ralph G. Recto said that coco levy funds will remain a trust fund controlled by farmers, which will be made bigger through a P10-billion annual counterpart fund from the government.
To recall, the bill that will order the release of the controversial coco levy fund is now pending in the senate.
Instead of releasing directly to farmers, the P75 billion worth of assets under the coco levy fund will be put under the Coconut Farmers and Industry Development Trust Fund.
This had raised fears that the release of the fund will not serve its purpose of helping out coconut farmers recover from the losses they had incurred during Marcos era.
However, Rector assured farmers that they will have a bigger control of the fund, adding that the government may inject additional P10 billion every year to help develop the coconut industry.