Will the Coco Levy Fund end up like the Malampaya?

05 November 2013

By Jose V. Romero

The highest court decided sometime ago that the coco levy funds are public funds, meaning that these are fiduciary funds kept in trust by the government for the development of the coconut industry as prescribed by the Marcos decrees authorizing the collection of such funds by the Philippine Coconut Authority in the seventies. It took the Supreme Court three decades to determine this issue, but never mind the money is there now to be deployed to develop an industry which is the principal source of income in most of the provinces and on which millions of coconut farmers depend on directly or indirectly for livelihood. The amount involved is substantial. The proceeds from the San Miguel stock alone in the name of the Coconut Industry Investment Fund—a coco levy funded enterprise is worth no less than P70 billion. If one were to take into account the other coco levy financed enterprises—the bank, insurance company, a coco chemical plant and oil mills the figure will quickly balloon to double the amount.

Read on…

Posted in coco levy

6 Responses to Will the Coco Levy Fund end up like the Malampaya?

  1. November 7, 2013 at 8:15 am
    baycas

    Janet Lim-Napoles testifies at the Senate Blue Ribbon Committee Hearing
    November 7, 2013

    10:00 AM
    (Preliminaries of stating the agenda for the day, swearing in and introducing JLN started and ended.)

    10:18 AM
    TGG: Madame Resource Person (RP), I judge that you were already instructed of the proceedings and informed of your rights by the high-caliber PAO lawyers assigned to you?

    JLN: Yes, your honor. Uhmm, Mr. Chair, I wish to just represent myself and will no longer be needing the services of the PAO lawyers. However, I thank you and the respectable “Public Atorni: Asunto o Areglo” (TV5) Persida Acosta for the PAO-wow-derful gesture of assisting me today.

    TGG: All right, I will allow. The PAO lawyers are excused. (Commenting on the side) Wow, I didn’t know that the PAO head has now a TV show glow!

    10:20 AM
    (A slight commotion happened while the PAO head entertained autographs.)

    TGG: Order! (Commanding the sergeant-at-arms to put order in the gallery.)

    10:22 AM
    TGG: As I said earlier, Madame RP, I will allow your request.

    JLN: Thank you very much, your honor. Now, may I just produce a prepared testimony for the hearing today, your honor?

    TGG: Proceed.

    10:35 AM
    (JLN is seen rummaging through her Louis Vouitton for some time then waving to the Senate Committee a paper presumably her prepared statement.)

    TGG: Please go on, Madame RP, so as not to waste precious time.

    JLN: I’m sorry for the delay, your honor. (Proceeding to read her statement)

    10:36 AM
    JLN: Mr. Chair… (Reading while trembling)

    Good morning!

    The 1987 Constitution says in its Article III, the Bill of Rights:

    Section 12. (1) Any person under investigation for the commission of an offense shall have the right to be informed of his RIGHT TO REMAIN SILENT and to have competent and independent counsel preferably of his own choice. If the person cannot afford the services of counsel, he must be provided with one. These rights cannot be waived except in writing and in the presence of counsel.

    (A long pause)

    10:41 AM
    TGG: Please go on, Madame RP.

    JLN: Your honor, I am already in the act of invoking my right…my RIGHT TO REMAIN SILENT.

    10:42 AM
    (Now, a bigger commotion in the gallery is happening.)

    SENATE SGT-AT-ARMS: (Shouting) SILENCE! SILENCE!

    1:30 PM
    (After almost three hours of complete silence, the hearing was adjourned in anticipation of ‘Yolanda’.)

  2. November 7, 2013 at 11:31 pm
    baycas

    “Kawawa naman yung tatlong senador”, ayon kay Janet Lim-Napoles.

    —–

    SENADOR: Gng. Napoles, tanda n’yo po ba kung sino si Juan Ponce Enrile dito sa Senado?

    JLN: Hindi ko na po matandaan.

    —–

    SENADOR: Gng. Napoles, alam n’yo po bang mataba dati ang asawa ni Ate Precy (Estrada) at hindi pa siya sexy na tulad ngayon?

    JLN: Hindi ko po alam.

    —–

    SENADOR: Gng. Napoles, sino po ba ang mas pogi sa inyong paningin? Si Sen. Bong Revilla po ba o ang inyong asawang si G. Jaime Napoles?

    JLN: I invoke my right po…

    —–

    Ang tatlong kasagutan ni Gng. Napoles ay halaw sa tunay na buhay.

    Senate November 7, 2013 Transcripts: http://www.senate.gov.ph/news.asp?year=2013

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