House urges Senate to pass bill creating the coconut industry fund

Minority Leader Danilo Suarez and COOP-NATCCO partylist Rep. Antony Bravo called on the senators to give due attention to the coco levy fund bill, which was already passed by the House of Representatives on third and final reading. In February, President Rodrigo Duterte vetoed the bill.

“Seventy- percent of coconut farmers are senior citizens. It is high time we do massive replanting,” Suarez pointed out. HB 9197, principally authored by Speaker Gloria Macapagal Arroyo, calls for the establishment of Coconut Farmers and Industry Development Trust Fund, which will consist of the Trust Principal and the Trust Income to be maintained for a period of 30 years or until the fund is fully utilized.

“P10 billion for the first year and must be exhausted within a period of time. ‘Wag naman sanang pag interesan ng ibang quarters ang almost P83 billion na pera,” he said.

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