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Manila Bulletin devider Philippines devider National devider Sandiganbayan orders issuance of 255.8-M UCPB shares to gov't for coconut farmers

Sandiganbayan orders issuance of 255.8-M UCPB shares to gov't for coconut farmers

Published Feb 25, 2025 05:01 am

For the benefits of the country's coconut farmers, the Sandiganbayan has ordered the United Coconut Planters Life Assurance Corporation (Cocolife) to issue immediately certificates of stocks in the name of the Republic of the Philippines covering 255,823,678 shares registered in the name of United Coconut Planters Bank (UCPB).

The order was issued as the anti-graft court's second division dismissed Cocolife's petition for declaratory relief filed on July 1, 2024. 

The petition, which stemmed from Civil Case No. 0033-B, sought to clarify the rights and obligations of Cocolife under the Coconut Farmers and Industry Trust Fund (CFITF) Act.

Cocolife asserted that the Presidential Commission on Good Government (PCGG) erroneously classified the UCPB shares as reconveyable despite the issue on ownership of UCPB's shares in Cocolife remains unresolved due to the dismissal of the case against main defendant businessman Eduardo “Danding” Cojuangco Jr. by the Supreme Court (SC) on April 28, 2021.

Cocolife further argued that the reconveyance provisions of the CFITF Act would require the SC's final determination whether the UCPB shares of stock are considered coco levy assets.

In this case, the anti-graft court said that the subject shares of UCPB in Cocolife fall squarely within the broad definition of "coconut levy assets" as defined in the CFITF Act, which may be recovered in favor of the Philippine government under Section 6 of the same law.

"After a circumspect review, the Court finds the present petition unmeritorious. UCPB's shares of stock in Cocolife are reconveyable coconut levy assets within the purview of the CFITF Act," the Sandiganbayan decision stated. 

The anti-graft court maintained that it has jurisdiction over Cocolife's petition for declaratory relief, as the SC has repeatedly held that the Sandiganbayan has original and exclusive jurisdiction not only over principal causes of action involving recovery of ill-gotten wealth, but also over all incidents arising from such cases.

The Sandiganbayan ruled: "All things considered, Cocolife must immediately comply with its ministerial duty to cause the reconveyance of UCPB's shares of stocks in Cocolife to the Republic of the Philippines without any more delay. We keep in mind that the creation of the 50-year trust fund for the expedited delivery of benefits due to coconut farmers and the coconut industry pursuant to the CFITF Act is a matter imbued with public interest."

It also ruled that it found no compelling basis to dwell further on the "peripheral issues" raised by Cocolife in its petition.

The 27-page decision was written by Associate Justice Edgardo M. Caldona with the concurrence of Presiding Justice Geraldine Faith A. Econg and Associate Justice Arthur O. Malabaguio.

Related Tags

Sandiganbayan Coco Levy Coco Levy Fund Coco Levy Act Coco Levy Law coconut levy assets coconut levy law
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