The coconut industry can finally use the P75-billion levy fund after President Duterte signed last week Executive Order 172 approving the Coconut Farmers and Industry Development Plan (CFIDP), according to Agriculture Secretary William Dar.
Dar said the CFIDP will set the direction toward the coconut industry’s rehabilitation, modernization and industrialization while aiming to improve the livelihoods of 2.5 million coconut farmers.
The CFIDP will implement national programs for the social protection of coconut farmers, farm workers, and their families; farmers’ organization and development; innovative research projects and their practical application; community-based enterprises; and integrated processing of coconut and downstream products.
The plan will also allow the release of the trust funds created through the Coconut Farmers and Industry Trust Fund Act that recovered coco levy assets which were declared state-owned by the Supreme Court.
The trust fund, which ensures a funding of P75 billion over the next five years, will be disbursed in accordance with the CFIDP.
Immediately upon the enactment of the law, P10 billion shall be disbursed to the trust fund and another P10 billion for the second year; P15 billion each for the third and fourth years; and ultimately P25 billion for the fifth year including any amount accruing and interests.
The DA said the CFIDP will be reviewed annually to adjust to emerging trends and needs of the coconut sector.
Aside from improving productivity and coconut farmers’ incomes, Dar said the CFIDP will also hike the contribution of the coconut subsector to total agricultural gross value added and will sustain the country’s status as the world’s number one exporter of coconut products.
The Philippine Coconut Authority (PCA) will lead the full implementation of the coconut trust fund law.
According to PCA, coconut products raked in an average export revenue of P91.4 billion from 2014 to 2018.In 2019, the coconut sector contributed more than $1 billion in export revenues. – Jed Macapagal
