Coco Levy Law signing feels like EDSA Revolt victory –Pangilinan

Senator Francis "Kiko" Pangilinan on Saturday likened the signing of the Coconut Farmers and Industry Trust Fund Act into law to the historic EDSA People Power Revolution, with over P100 billion in cash and assets now benefiting 3.5 million coconut farmers.

“Bagong laban ito. Parang Edsa People Power Revolt na panalo ng taumbayan, may panalo rin ang ating mga magniniyog dito pero hindi pa ganap at tapos. Dapat masiguro na ang nag-ambag ng pondo ang siyang makikinabang," Pangilinan said in a statement.

Pangilinan urged government officials overseeing and controlling the over P70 billion pesos in cash and P30 billion in assets to utilize and spend the "ill-gotten wealth" judiciously and according to the provisions of the law.

“Bunga ito ng halos kalahating siglo ng pakikibaka laban sa inhustisya na pinagdusahan ng ating magniniyog. Dapat makinabang na ang ating mga magniniyog at ang kanilang pamilya sa pinagpaguran nila" Pangilinan said.

Pangilinan was the principal author of the Senate bill which President Rodrigo Duterte signed into law on Friday.

Pangilinan said he voted with reservations for its passage after some of its provisions were watered down.

According to Pangilinan, he and several other senators were overruled during the voting in their push to have farmer-representatives in the trust fund management committee which will oversee the utilization of the multi-billion fund.

The senator said the law should ensure that the farmers will have a "formidable" voice in deciding how the fund would be used in adherence to the Coconut Farmers and Industry Development Plan.

After then-dictator Ferdinand Marcos was ousted from power in 1986, local coconut farmers sought the assistance of the Presidential Commission on Good Government in filing court cases to reclaim their investment.

In 2014, the Supreme Court ruled that at least P71-billion worth of coconut levy funds that had been used to purchase shares in San Miguel Corporation during the Marcos years belong to the government and as such, should be used solely for the benefit of coconut farmers and for the development of the coconut industry. — DVM, GMA News