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DOF: IRR of coco levy law now in effect

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The implementing rules of the law that seeks to establish a fund to benefit farmers and develop the coconut industry has taken effect, the Finance Department says.

The Department of Finance announced on Thursday that the implementing rules and regulations of the coconut trust fund law has taken effect.

It also mandates the Philippine Coconut Authority to craft and submit the Coconut Farmers and Industry Development Plan for the approval of the chief executive.The Trust Fund Management Committee was also created under the new law, with Finance Secretary Carlos Dominguez, Budget Secretary Wendel Avisado and Justice Secretary Menardo Guevarra as members assigned to oversee the management and utilization of the Coconut Farmers and Industry Trust Fund .

Meanwhile, Finance Undersecretary Antonette Tionko was designated as the CFITF portfolio manager, and National Treasurer Rosalia de Leon as head of the TFMC Secretariat. The committee also noted the transfer of ₱10 billion to the trust fund as initial capitalization as stated by the law, as well as the submission by the Presidential Commission on Good Government of its initial inventory, with an estimated worth of ₱113.88 billion.

 

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