Proposed House Bill: Trust Fund For Coconut Farmers Approved

The House Approved The Proposed Bill To Provide A Trust Fund For Coconut Farmers

PROPOSED – A bill proposed to start a trust fund for coconut farmers was approved by the House of Representatives last Monday (May 27,2019).

proposed
Photo taken from Business World

Coconut is dubbed “the tree of life” in the Philippines. It’s because of the countless products and benefits that can be derived from it.T

It has also been said that if you get stuck in an island, you can survive with just a coconut tree.

The entire coconut industry and the farmers that cultivate the trees, can now utilize a trust fund exclusively established for them.

The House Bill 9197 was approved by the lower chamber with 159-5 voting.

The bill was authored by House Speaker Gloria Macapagal-Arroyo and Jose Panganiban J – ANAC-IP Party-List Representative.

House Bill 9197 or the “Coconut Farmers and Industry Development Trust Fund Act”, a exclusive trust fund amounting to P10 billion will be available to the coconut industry after it was approved by President Duterte.

Yearly, a budget allocation of aleast P5 billion should be used for the programs and projects as mentioned in the written law.

The primary stock for the exclusive trust fund are comprised of monetary assets and/or properties from the rediscovered assets from coconut levy funds and all other dividends, interest earning, and other incomes as long as its availability is in time for new law’s imposition.

This is according to an article from ABS-CBN.

For 30 years, the exclusive trust fund will be open and available until it has been used entirely.

Unused fund beyond 30 years should be returned to the government’s general fund. Not even a single part of the trust fund should be taken government’s general fund.

The depository for the Trust Fund assigned is the Bureau Of Treasury.

That is all there is to it, at least for now. We’ll post updates as soon as we got them.

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