Asset register established to monitor coconut tax assets

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PHILSTAR

THE GOVERNMENT has put in place an asset register that will ensure up-to-date records of assets related to the coconut levy fund, in accordance with the audited inventory.

The registry will serve as a “check and balance” for the use and management of the Coconut Producers and Industry Trust Fund, the finance ministry said in a statement on Saturday.

“It is now the responsibility of the Trust Fund Management Committee (TFMC) to properly manage the coconut tax trust fund, estimated at 75 billion pesos, so that it serves our strategic development goals,” said Carlos Dominguez III, Secretary of Finance and President of the TFMC at the first meeting of the TFMC on June 17.

Republic Law 11524 or the Coconut Producers and Industry Trust Fund Law authorized the establishment of the TFMC, an interagency body overseeing coconut tax assets. . Enacted in February, the law allows coconut growers to reap the profits from taxes collected under the Marcos administration, which were then diverted to purchasing social assets for the benefit of associates of President Ferdinand E. Marcos.

As the TFMC secretariat, the Treasury Office (BTr) will be in charge of Coco Levy’s asset register.

“We have an asset registry in place. (We) just need to enter some relevant information about the coconut tax assets, ”National Treasurer Rosalia V. De Leon said in a Viber message.

The register should include records on cash and non-cash assets. They will be separated for property already declared definitively to belong to the State and those which continue to be the subject of litigation.

The files will initially be based on the inventory submitted by the Presidential Commission on Good Governance (PCGG). The agency estimated that coconut tax assets initially amounted to 113.88 billion pesos, including cash and shares of stock, holding and trading companies, as well as their subsidiaries.

The BTr, as the secretariat of the TFMC, said that some assets of the PCGG are still subject to litigation in various courts such as the Sandiganbayan, the Supreme Court and regional courts of first instance, making the register subject to regular updates.

The Audit Commission must submit its audit report to the TFMC within one year of submitting the PCGG inventory.

About 3.5 million coconut farmers are expected to benefit from the trust fund established by Republic Act 11524, Senator Cynthia A. Villar, who chairs the Senate Committee on Agriculture and Agriculture, said in March. ‘food. – Luz Wendy T. Noble


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