Wednesday, December 05, 2007 Editorials: A relief for coconut farmers
THE decision of the Sandiganbayan First Division denying business tycoon Eduardo “Danding” Cojuangco’s motion for reconsideration of the court’s earlier judgment against his claim of ownership of the United Coconut Planters Bank (UCPB) may now be deemed final.
It should settle the long-drawn imbroglio over the coconut farmers’ claim of ownership of UCPB through almost three decades.
In “affirming the government ownership of 72.2 percent of the UCPB shares,” the Sandiganbayan took cognizance of the coconut farmers’ rights in the share, considering that it is acquired using the coconut levy funds as investment.
The coconut levy of P2 per 100 kilos of copra was supposed to benefit the farmers.
The Presidential Commission on Good Government “estimated the value of the shares at P100 billion in 2003.”
The amount must have appreciated by more than 10 percent in interest earnings after four years.
Biofuel
Coconut farmers have suffered with the decline of the coconut industry and the rampant cutting of old trees that were sold as lumber.
But there is a reported resurgence in the interest of the coconut industry.
In recent weeks, the growing “biofuel” sector has reportedly attracted a P34 billion in investments that necessitated “planting crops for biofuel feedstock,” according to the Department of Agriculture (DA).
Biofuel feedstock crop includes “sugarcane, cassava, jatropha, corn, palm oil and coconut.”
The report said the project would involve some 15 companies that would eventually involve “the participation of local companies in partnership with foreign investors,” although the project is still in various stages of negotiation.
Hope
The biofuel project will give hope to the coconut farmers and the coconut industry, which have long been crippled by the absence of new infusion of investment capital that would have replanted areas “deforested” of old trees.
It is high time, indeed, that small coconut producers, particularly from the Bicol region, the Visayas and Mindanao, are given their due.
Exploited by the Marcos dictatorial government, they were levied a tax of their own produce to develop investment capital, a matter that remained a subject of controversy that the court has only now definitely resolved.
