Coconut Farmers and Industry Trust Fund Act
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Coconut Farmers and Industry Trust Fund Act
Republic Act No. 11524
February 26, 2021
Case Overview and Summary
Summary of the Coconut Farmers and Industry Trust Fund ActDefinition of Terms (Section 3):
- Defines "Coconut Farmer", "Coconut Levy Assets", "Coconut Levy Funds", and "Designated Disposition Entity".
Coconut Farmers and Industry Development Plan (Section 4):
- The Philippine Coconut Authority (PCA) shall prepare the Coconut Farmers and Industry Development Plan, approved by the President.
- The Plan shall set directions and policies for the development and rehabilitation of the coconut industry within 50 years.
- The Plan shall include programs for community-based enterprises, social protection, coconut farmers organization, research, and integrated processing.
- The Plan shall provide criteria for targeting beneficiaries, indicators for attaining objectives, and monitoring mechanisms.
- The Plan shall provide indicative funding allocations for programs and projects from the Trust Fund.
- The Plan shall allocate funds for specific programs, such as hybrid seed farms (20%), training (8%), research and marketing (5%), crop insurance (4%), farm improvements (10%), shared processing facilities (10%), farmer organization (5%), credit programs (10%), infrastructure (10%), scholarship (8%), and health program (10%).
- The PCA shall complete the Coconut Farmers Registry within 90 days.
The Philippine Coconut Authority (Section 5):
- The PCA Board is reconstituted with representatives from government agencies and 3 members from the coconut farmers sector.
Reconveyance of Coconut Levy Assets and/or Funds (Section 6):
- Within 1 year, all government agencies shall reconvey title of Coconut Levy Assets to the Republic of the Philippines and transfer cash assets to the Trust Fund.
- The PCGG shall conduct an inventory of Coconut Levy Assets within 30 days, and the COA shall audit the inventory within 1 year.
Coconut Farmers and Industry Trust Fund (Sections 7-12):
- Creates the "Coconut Farmers and Industry Trust Fund" to be maintained for 50 years under the Development Plan.
- The Trust Fund shall be capitalized with proceeds from the redemption of SMC Series 1 Preferred Shares, dividends, and other cash Coconut Levy Assets.
- The BTr shall transfer P10 billion to the Trust Fund in the first year, P10 billion in the second year, P15 billion in the third and fourth years, and P25 billion in the fifth year, plus any accrued interest.
- The Trust Fund shall be augmented with proceeds from the privatization or disposition of Coconut Levy Assets.
- The Trust Fund shall be utilized in accordance with the Development Plan, with an initial allocation of P5 billion for implementing agencies.
- Creates a Trust Fund Management Committee to set the Investment Strategy and annual allocation (not less than P5 billion).
- The DOF is designated as the Trust Fund Manager, and the BTr as the depository.
- Cash assets shall be invested in government securities, and non-cash assets may be managed by the BTr upon DOF approval.
Disposition of Non-Cash Coconut Levy Assets (Sections 13-16):
- Non-cash Coconut Levy Assets shall be privatized or disposed of by Designated Disposition Entities (DDEs) within 5 years.
- DDEs shall take title, conserve, manage, and dispose of assigned Coconut Levy Assets.
- DDEs shall prepare disposition plans and policies, and may enter into sales, leases, or partnerships for asset management.
- Proceeds from asset sales shall be remitted to the Trust Fund, except for reimbursable expenses.
- The Trust Fund Management Committee and DDEs shall submit semi-annual and annual reports on the disposition status.
Final Provisions (Sections 17-21):
- The GOCC Governance Act of 2011 shall apply suppletorily.
- The Congressional Oversight Committee on Agriculture and Fisheries Modernization shall exercise oversight.
- Separability and repealing clauses are included.
- The Act shall take effect 15 days after publication in the Official Gazette or newspapers.
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Republic Acts
Coconut Farmers and Industry Trust Fund
Coconut Levy Assets
Coconut Levy Funds
Philippine Coconut Authority
Coconut Farmers and Industry Development Plan
Coconut Farmers Registry
Privatization of Coconut Levy Assets
Disposition of Coconut Levy Assets
Designated Disposition Entities
Trust Fund Management Committee
Department of Finance
Bureau of the Treasury
Coconut Farmers Benefits
Coconut Industry Development
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Coconut Farmers and Industry Trust Fund Act
Republic Act No. 11524
•February 26, 2021
February 26, 2021
REPUBLIC ACT NO. 11524
AN ACT CREATING THE COCONUT FARMERS AND INDUSTRY TRUST FUND, PROVIDING FOR ITS MANAGEMENT AND UTILIZATION, RECONSTITUTING FOR THE PURPOSE THE PHILIPPINE COCONUT AUTHORITY BOARD, AND FOR OTHER PURPOSES
SECTION 1. Short Title. — This Act shall be known as the "Coconut Farmers and Industry Trust Fund Act."
SECTION 2. Declaration of Policy. — It is hereby declared the policy of the State to consolidate the benefits due to coconut farmers, especially the poor and marginalized, under various statutes and to expedite the delivery thereof to attain increased incomes for coconut farmers, alleviate poverty, and achieve social equality.
I
Definition of Terms
SECTION 3. Definition of Terms. — As used in this Act:
(a) Coconut Farmer shall refer to:
(1) An owner of a coconut farm that is not more than five (5) hectares, who:
(i) Tills the land (owner-cultivator); or
(ii) Does not till the land, but has control and supervision over the cultivation of the coconut farm which is not more than five (5) hectares.
(2)...
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