Through the new law, coconut levy funds paid by coconut farmers during the Marcos regime will now be placed in a trust fund that will shoulder the implementation of a Coconut Farmers and Industry Development Plan, and benefit farmers through scholarships and health programs.
The plan is supposed to improve the income and quality of life of coconut farmers, who are defined as owners or leaseholders of coconut land that is not more than 5 hectares, tenants who supervise coconut farms, and laborers or farmers who harvest nuts and processes copra as a major source of livelihood.Upon enactment of the law, the Bureau of the Treasury is to transfer P10 billion to the Trust Fund.
At least P5 billion from the trust fund is to be allocated yearly for disbursement. This amount could be increased if funds permit.Development of hybrid coconut seed farms and nursery for planting and replanting - 20%Research, marketing, and promotion - 5%Shared facilities for processing - 10%Credit programs - 10%Scholarship program for farmers and their families - 8%The Plan must be submitted to the President for approval within 120 days from the effectivity of the law.
The fund will be managed by a Trust Fund Management Committee, to be led by officials of the Department of Finance, Department of Budget and Management, and Department of Justice.Coconut farmer groups had asked for a trust fund management committee separate from the PCA board.The new law changes the composition of the PCA board, placing 3 farmer representatives there so they can participate in the crafting and implementation of the Coconut Farmers and Industry Plan.
That was a thinking president, unlike others pag nag lobby mgA sidekick yes agad!
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.