DoF flags possible disposals of coco trust fund assets

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PHILSTAR

FINANCE Secretary Carlos G. Dominguez III is requesting a review of assets obtained using coconut levy funds to identify potential candidates for disposal, the Department of Finance (DoF) said. ) in a press release.

The review will use as a basis a Commission of Audit (CoA) report on assets acquired using coconut levy funds collected from farmers in the 1970s. It will be led by the Director of the Coconut Producers and Industry Trust Fund (CFITF), Under Secretary for Finance Antonnete C. Tionko, and the Secretariat of the Trust Fund Management Committee (TFMC), led by National Treasurer Rosalia V . from Leon.

“Please go through this report and analyze it, comb through it and report back to the Committee as soon as possible on the actual status of the assets, what can be disposed of, what cannot, what is related to the court and other related matters,” Dominguez said at the meeting of the committee, which he chairs.

The report of the CoA was presented at the 7e TFMC meeting on May 4.

Ms Tionko said the CoA audit report was a “good starting point” for a trust fund investment strategy to benefit coconut farmers.

Republic Act (RA) No. 11524 established the CFITF, which aims to increase coconut production, lift farmers out of poverty, and modernize the industry.

The CoA audit aimed to “determine the completeness of the inventory (of assets), establish the reasonableness of asset valuation, trace the flow of coconut tax funds and determine compliance with Relevant laws, rules and regulations on the surrender of the Coconut Tax Assets and/or Funds to the Republic.

Coconut tax assets amounted to 113.88 billion pesos in 2020. The CoA audit brought this total down to 111.25 billion pesos.

“The TFMC has also resumed discussions on the legal options available to expedite the divestiture of several coir levy assets so that their proceeds can be used to benefit the country’s coconut farmers,” the DoF said. — Tobias Jared Tomas

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