Cruz said the utilization of the coco levy fund does not cover the administrative cost of carrying out the plan to revitalize the industry.
Under the Coconut Farmers and Industry Trust Act, the PCA is allotted 15 percent or P5 billion annually from the coco levy fund intended for various undertakings aimed at the development of the coconut value chain. Coconut seeds come from Zamboanga and Bicol although the PCA said those from the latter could only be used within the province in order to contain a disease currently plaguing the industry there.
In 2022, the country produced 14.93 million metric tons of coconut, up by 1.45 percent from 14.71 million MT a year ago, according to data from the Philippine Statistics Authority.Cruz said the higher budget would also double the income of domestic farmers even if the farm-gate price, or the selling price between farmers and traders, remained the same.