Senate Bill No. 669

Senate Bill No. 669: Coconut Farmers’ Trust Fund Act

For more than forty years, the coconut farmers have long been fighting for their rights – not just to have access to the Coco Levy – but their right to have the opportunity to develop their industry, and provide better lives for their families and communities as well.

The immense potential of the coconut industry to be a great contributor to the Philippines is largely untapped. With the advancement of farming technology and intercropping, there is a huge possibility to harness the coconut industry to address increasing demands and offer coco fiber, water, and oil, among others to new markets.

It is high time to change its narrative from one of the poorest sector in the country to a great economic driver and source of pride of the Filipino people.

This bill proposes to build the Coconut Levy Trust Fund for the growth of the industry and ultimately, for the benefit of the small coconut farmers and workers all over the country.

The proposal includes the financing of programs for the increased productivity of coconut farms, capacity building of farmers, research and development of coconut-based enterprises, and implementation of poverty-alleviation programs.

The goal is to rehabilitate and revitalize the industry to stimulate production and attract investments that will make it again a viable, profitable and sustainable endeavor. The proposal seeks to modernize the farmers and stakeholders to make coconut production globally competitive and become a vital source of economic income for the country.

The challenge of inclusive growth is that as the Philippines grows, every Filipino should grow as well. This means that every family, every sector, and even the poor and marginalized should be able to experience this growth.

It is thus urgent and important to provide coconut farmers the enabling environment and proper opportunity to thrive and flourish and be able to participate in building this nation.

In view of the foregoing, immediate passage of this bill is earnestly sought.


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Bam: Fast-track passage of coco levy bill

Sen. Bam Aquino urged fellow lawmakers to fast-track the passage of the Coco Levy Trust Fund Act so that three million farmers and their families can finally enjoy the fruits of their labor after decades of waiting.

“Marami sa atin, naghihintay na noong 16th Congress pa lang. We almost passed it, nabitin lang sa dulo,” said Sen. Bam during the hearing of the Committee on Agriculture and Food

 “Let’s pass it as fast as we can,” added Sen. Bam, author of Senate Bill No. 669 or the Coconut Farmers’ Trust Fund Act, which seeks to creation of a trust fund from the coco levy fund to develop the coconut industry and alleviate lives of coconut farmers and their families.

 In the 16th Congress, Sen. Bam filed Senate Bill No. 2467 but the Senate failed to pass it and other similar measures due to four contentious issues.

 “Marami po sa atin, naghihintay na noong 16th Congress pa lang,” said Sen. Bam.

 Sen. Bam suggested that lawmakers focus on four unsettled issues in the bill so that the measure will be passed at the soonest possible time.

 He pinpointed the four contentious issues to be the privatization of the 30 billion pesos, the composition of the trust fund members, where the fund should be invested, and how the budget should be spent.

 “More or less, iyong apat na iyon ang kailangan nilang pag-usapan. I personally feel this should have been passed already,” added Sen. Bam.

 Senate Bill No. 669 aims to create a Coconut Levy Trust Fund from the P75-billion Coco Levy Fund to spur the growth of the industry for the benefit of small coconut farmers and workers all over the country.

 The proposal includes the financing of programs for the increased productivity of coconut farms, capacity building of farmers, research and development of coconut-based enterprises, and implementation of poverty-alleviation programs.

 “The priority is our coconut farmers and their families. The goal is to give them sustainable livelihood by rehabilitating and revitalizing the industry,” said Sen. Bam.

 

Bam on Coco Levy Fund

Excerpts of Sen. Bam’s statement during the Committee on Agriculture hearing

 

Mr. Chairman, marami po sa atin, naghihintay na noong 16th Congress pa lang. Our chairperson was Sen. Villar. And we did go very far, nabitin lang po sa dulo.

 Many of us here really wanted this bill to pass. And if I’m not mistaken, aside from choices of words or phrasing, there are four main issues.

 First of all Mr. Chairman, is the composition of the Board of Trustees. Iyong iba po, mas kumikiling sa pribadong sektor, iyong iba mas kumikiling sa government. My version is more on the side of having more farmers on the board.

 Secondly Mr. Chairman, is where will we invest the money? I think was the stickiest point in the 16th Congress. Iyong iba po, mas konserbatibo – only in government securities. Iyong iba po, mas risky na ang kapalit po noon ay higher yield.

 Third is the provision of Sen. Villar, which is to mandate the budgets of ECA. I think her version is the only version with that provision.

 Maybe a fourth is about the privatization of the 30 billion. There are some provisions I think in Sen. Villar’s bill which details how that is to be privatized.

 Those are the only main points Mr. Chairman. Of course anyone can correct me if I’m wrong.

 Now I would like also to ask the body to weigh in on those four points because we’ve already agreed on 95 percent of the bill.

 Iyong apat po na iyon – iyong privatization of the 30 billion, iyong composition ng trust fund members, iyong kung saan puwedeng i-invest iyong pera and iyong some provisions that are on PCA – kung saan nila gagastusin ang budget.

 More or less, iyong apat na iyon ang kailangan nilang pag-usapan.

 But, I would really suggest Mr. Chairman na imadali natin ito. I personally feel this should have been passed already.

 Let’s not wait for the maturity of the bonds. Let’s not wait na may masayang pa po na opportunity cost with the interest. Let’s pass it as fast as we can.

 I’m hoping we can really fast-track this.

 

Sen. Bam is the author of Senate Bill No. 669 or the Coconut Farmers’ Trust Fund Act.

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