THE House of Representatives approved on third reading Monday, December 14, a measure that would create a trust fund for coconut farmers.
With 221 affirmative votes, six negative votes and no abstention, the lower chamber passed on final reading House Bill 8136 or the Coconut Farmers and Industry Trust Fund Act.
The bill provides for the annual utilization of the trust fund for the following allocations: shared facilities program (10 percent), farm improvement (10 percent), development of hybrid coconut seed farms and nurseries (10 percent), empowerment of coconut farmer organizations and their cooperatives (10 percent), scholarship program (10 percent), health and medical program (10 percent), credit provision (10 percent), infrastructure development (10 percent), training of farmers in farm schools (10 percent), and planting and replanting (10 percent).
The trust fund shall be maintained for 99 years or until it is fully utilized or its purpose fulfilled and shall be used exclusively for the benefit of the coconut farmers and the development of the coconut industry.
An initial allocation of P5 billion shall be available to the Philippine Coconut Authority, which shall include disbursements for the formulation of the Coconut Farmers and Industry Development Plan.
The Department of Finance shall be designated as the manager of the trust fund.
In a statement, House Speaker Lord Allan Velasco applauded his colleagues for approving the bill, saying: "This is a monumental day for more than three million coconut farmers who have long been denied of the fund that rightfully belongs to them."
“We look forward seeing HB 8136 soon become a law and help change the lives of poor coconut farmers and their beneficiaries,” he added.
The bill is expected to benefit around 3.5 million coconut farmers from 68 coconut-producing provinces, who own not more than five hectares of farmland. (PNA/PR/SunStar Philippines)