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Manila Bulletin devider Philippines devider National devider COA denies P650M claim vs Coconut Industry Investment Fund

COA denies P650M claim vs Coconut Industry Investment Fund

Published Sep 21, 2023 06:56 am

The Commission on Audit (COA) has denied the petition for payment of P650 million in alleged dividends filed by Macrino A. Angeles against the Coconut Industry Investment Fund-Oil Mills Group (CIIF-OMG).

The CIIF-OMG is a group of government-owned and controlled corporations registered under the Corporation Code and acquired by the United Coconut Planters Bank (UCPB) using coconut levy funds.

Angeles claimed that he is the heir of Dioscoro A. Angeles, the alleged registered owner of certificates of stocks issued by CIIF-OMG for Granexport Manufacturing Corp., Legaspi Oil Company, Inc., Southern Luzon Coconut Oil Mill, Inc., and San Pablo Manufacturing Corp.

Macrino alleged in his petition said that the shareholdings of Dioscoro are covered by the Supreme Court's (SC) ruling on Philippine Coconut Producers Federation Inc. (COCOFED), which has become final and executory on Dec. 10, 2014, so he sought the payment of P650 million as dividends.

The SC ruling in COCOFED vs Republic of the Philippines ruled that the six companies were acquired by UCPB using coconut levy funds. The SC also ruled that the coconut levy funds are public funds and in the nature of taxes, and can only be used for public purpose.

In line with the SC ruling, COA denied Marcino's petition. Also, COA said that Macrino failed to prove his relationship with Dioscoro, his alleged father, since the petition did not contain any record of their relationship nor the death certificate of Dioscoro.

"In addition to not being a real party in interest in this case, Mr. M. Angeles failed to sufficiently substantiate his claim amounting to P650 million by simply stating that Mr. D. Angeles owns certificates of stocks in the CIIF OMG. Records are bereft of documentary evidence to support and substantiate the amount he is claiming against CIIF-OMG," the COA said.

"Ironically, he even cited the ruling in the COCOFED case which was in favor of the government and not of the coconut farmer-shareholders," it added.

Given the SC ruling, the COA said that the alleged shares of stocks in the name of D. Angeles are government shareholdings, and the dividends emanating from them are government funds.

Related Tags

Coconut industry Coco Levy Fund commission on audit Coco Levy Commission on Audit (COA) Money claim
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