Go lauds Duterte for signing coco levy trust fund law

Published February 28, 2021, 4:47 PM

by Hannah Torregoza 

Senator Christopher “Bong” Go on Sunday commended President Duterte for signing into law the measure that would benefit and promote the welfare of the country’s coconut farmers.

President Rodrigo Roa Duterte and Senator Christopher Lawrence “Bong” Go (SIMEON CELI JR./PRESIDENTIAL PHOTO / MANILA BULLETIN)

Go said Republic Act No. 11524 or the Coconut Farmers and Industry Trust Fund Act, which the President signed on Friday, Feb. 26, provides for the utilization of the Coco Levy Fund to benefit coconut farmers and promote the role of the coconut industry in economic growth and recovery.

As one of the biggest producers of coconut in the world, Go said the law will be significant for the country’s coconut industry.

“We have so many farmers who rely in this industry. That’s why we are happy that, finally, we have a law that will uphold their rights and their welfare,” Go said in a statement.

Under the law, the Philippine Coconut Authority (PCA) will be tasked to craft the Coconut Farmers and Industry Development Plan which will “set the directions and policies for the development and rehabilitation of the coconut industry within 50 years.”

The law also mandates the Bureau of Treasury to transmit P10-billion to the trust fund in the first year; P10-billion in the second year, P15 billion in the third year; P15-billion in the fourth year, and P25-billion during the fifth year.

Go, who co-authored the measure, also said that around P5-billion from the coco levy trust fund will be utilized for the plans and programs of the Coconut Farmers and Industry Development Plan, including the training of coconut farmers and their families, planting and replanting of hybrid coconut seedlings, among others.