Use of P56B coco levy to
Former Finance Secretary Gary Teves urged the Aquino administration to use the P56.5 billion recovered from the San Miguel Corp. shares sale to help the ailing coconut industry and its farmers.
Teves said in a press release yesterday that the government should use the proceeds to fund programs of the industry, provide livelihood projects and help increase the income of farmers in particular, amid apprehension of the farmer groups that the funds may be used to finance the Aquino administration’s anti-poverty programs.
Teves, a director of SMC, cited the Supreme Court decision in January this year that said that the funds “may only be used for the benefit of all coconut farmers and for the development of the entire coconut industry.”
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