Connect with us

News

Coco levy trust fund bill gets final House nod

Published

on

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. (File Photo: MannyPiñol/Facebook)

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

With 221 affirmative votes, six negative votes and no abstention, the lower chamber passed on final reading 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.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.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

Latest

Entertainment14 hours ago

Max Collins, Luis Hontiveros banner “Recipes of Love’’ this Sunday

Max Collins and Luis Hontiveros are set to headline the next story of “Recipes of Love” airing this Sunday (May...

Entertainment14 hours ago

Jessica Soho honored at the Global Filipino Icon Awards

Jessica Soho – widely regarded as the Philippines’ most awarded broadcast journalist – adds another feather in her cap after being...

OpenAI OpenAI
Technology14 hours ago

What OpenAI’s deal with News Corp means for journalism (and for you)

OpenAI, the makers of ChatGPT, and News Corp, the international media conglomerate, have signed a deal that will let OpenAI...

emergency sign on a hospital emergency sign on a hospital
Health14 hours ago

What is a virtual emergency department? And when should you ‘visit’ one?

For many Australians the emergency department (ED) is the physical and emblematic front door to accessing urgent health-care services. But...

Canada News14 hours ago

U of T issues trespass notice to pro-Palestinian encampment

Demonstrators have now been given until Monday at 8 a.m. to leave As it said it would, the University of...

Business and Economy15 hours ago

Alcohol sales coming to Ontario corner stores by September

Accelerated plan includes $225M payment to The Beer Store from province Ontario is introducing sales of beer, wine and ready-made...

Loblaws supermarket Loblaws supermarket
Business and Economy15 hours ago

Loblaws, Sobeys owners under investigation by Competition Bureau for alleged anticompetitive conduct

Commissioner claims grocery giants’ lease agreements designed to restrict other potential tenants Canada’s Competition Bureau has launched investigations into the...

Rishi Sunak Rishi Sunak
News15 hours ago

Why the Conservative MPs standing down at this election are a huge electoral threat to Rishi Sunak

At the last count, 118 MPs have announced they will not contest July’s general election. The vast majority – more...

Former British Finance Minister Rishi Sunak Former British Finance Minister Rishi Sunak
Business and Economy15 hours ago

What the economic data told Rishi Sunak about the best date for a general election

The announcement of July 4 for the UK general election took many by surprise. A key question is why it...

fighting fighting
Health15 hours ago

Does ‘whining’ really make you happier? A therapist gives his verdict

A problem shared is a problem halved. Research by Age UK shows that only 29% of adults share their worries,...

WordPress Ads