House okays coco levy trust fund bill on 2nd reading

The lower chamber passed through voice voting House Bill 8136 or the Coconut Farmers and Industry Trust Fund Act. (File Photo: House of Representatives/Facebook)

MANILA – The House of Representatives on Wednesday approved on second reading a measure that would create a trust fund for coconut farmers.

The lower chamber passed through voice voting House Bill 8136 or the Coconut Farmers and Industry Trust Fund Act.

The bill provides for the annual utilization of the trust fund for the following allocations: shared facilities program (10 percent); farm improvement (10 percent); development of hybrid coconut seed farms and nurseries (10 percent); empowerment of coconut farmer organizations and their cooperatives (10 percent); scholarship program (10 percent); health and medical program (10 percent); credit provision (10 percent); infrastructure development (10 percent); training of farmers in farm schools (10 percent); and planting and replanting (10 percent).

The trust fund shall be maintained for 99 years or until it is fully utilized or its purpose fulfilled and shall be used exclusively for the benefit of the coconut farmers and the development of the coconut industry.

An initial allocation of PHP5 billion shall be available to the Philippine Coconut Authority (PCA), which shall include disbursements for the formulation of the Coconut Farmers and Industry Development Plan.

The Department of Finance shall be designated as the manager of the trust fund.