MANILA, Philippines — The Senate on Monday approved on third and final reading a measure seeking to create a trust fund for the country’s coconut farmers, more than one year since a similar bill was vetoed by President Rodrigo Duterte. 1396 or the Coconut Farmers and Industry Trust Fund Act. ADVERTISEMENTUnder the proposed law, the trust fund will be managed by a board that will craft plans on the utilization of the levy collected from coconut farmers, which was estimated to have grown to over P100 billion. The collection of levy from coconut farmers started in 1971 during the term of late dictator former president Ferdinand Marcos. After the fall of the Marcos regime, various suits were filed to give the fund’s control to coconut farmers.

Source: Philippine Daily Inquirer October 05, 2020 07:29 UTC