Republic Act No. 11524 took effect on March 13, 2021. To manage the consolidated coconut levy collections currently amounting to at least P76 billion, the law created the Trust Fund Management Committee , composed of the Departments of Finance , Budget and Management , and Justice . The TFMC is tasked with drafting the implementing rules and regulations governing its management of the consolidated Trust Fund.
Although hugely disappointed and angered by the law’s serious deficiencies, the organized coconut peasantry stands ready to contribute proposals that will secure the maximum benefits for farmers long struggling to recover their forced levy contributions these past 50 years. The DOF claims that the P76 billion had been frozen since 2015, citing a Supreme Court ruling that new legislation was needed to utilize the fund. Yet, even with the enactment of RA 11524, the said amount could not be remittedto the Trust Fund account in BTr. Legislators simply continued the free use of the monies via a provision allowing government to return the full amount within five years.
This is not guaranteed if they have no participation in the valuation, vetting of buyers, and other key areas in asset disposition.The partially recovered coconut levies form the initial capitalization of the Trust Fund. Without transparency, however, government cannot just demand complete trust by virtue of being the fund holder.
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