The coconut levy was a tax imposed by President Ferdinand Marcos on the produce of coconut farmers between 1973 and 1982, supposedly to develop the coconut industry. 6260, a tax of 55 centavos was imposed initially on the first sale of every 100 kilos of copra. ADVERTISEMENTUpon collecting the initial P100 million, the Philippine Coconut Authority (PCA) established the Coconut Investment Fund, a capital stock subscribed to the government and on behalf of the coconut farmers. In December 2001, the Supreme Court ruled that the coco levy funds were “public in character” but left it to the Sandiganbayan to decide who owned the assets acquired with the funds. In November 2012, the high court affirmed its ruling that Cojuangco was not entitled to the UCPB shares that were bought with public funds and were considered public property.

Source: Philippine Daily Inquirer December 09, 2018 23:15 UTC