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The House of Representatives on Monday accustomed on third and final account the admeasurement gluttonous to authorize a coco burden assurance fund, which is apparent to account farmers and advance the attic industry.
With a vote of 221 in the affirmative, six in the negative, and aught abstentions, the alcove accustomed House Bill 8136, or the proposed “Coconut Farmers and Industry Assurance Armamentarium Act.”
The admeasurement is accepted to account about 3.5 actor attic farmers in the country who own no added than bristles hectares of farmland by accretion their income, abating poverty, and announcement amusing equity.
Under the bill, the assurance armamentarium will be maintained for 99 years beneath the Attic Farmers and Industry Development Plan (CFIDP) to be crafted by the Philippine Attic Authority.
The armamentarium will initially be allocated to the PCA, which includes disbursements for the conception of the CFIDP.
The Department of Finance, meanwhile, is tasked to administer the assurance fund.
The coco burden armamentarium in banknote and assets, estimated to bulk to about P100 billion, was generated from the added tax collections imposed on attic farmers beneath the administering of the backward absolutist Ferdinand Marcos.
It was allegedly invested in enterprises for the claimed interests of the absolutist and his cronies.
After Marcos was dislodged from ability in 1986, bounded attic farmers accustomed the abetment of the Presidential Commission on Good Government in filing cloister cases to acquittance their investment.
In 2014, the Supreme Cloister disqualified that at atomic P71-billion account of attic burden funds acclimated to acquirement shares in San Miguel Corporation during the Marcos years belonged to the government and as such, should be acclimated alone for the account of attic farmers and for the development of the attic industry.
Back in the 17th Congress, both the Senate and the House of Representatives accustomed the aboriginal adaptation of a bill creating the coco burden assurance fund, targeted to advice attic farmers and assure their socio-economic well-being.
President Rodrigo Duterte, however, banned the measure, adage that the bill lacked safeguards and may breach the Constitution.
The House eventually accustomed addition adaptation of the bill appear the end of the 17th Congress, but it did not get the aforementioned approval from the Senate.
The President, during his fifth State of the Nation Address in July, alleged on Congress afresh to canyon the attic burden assurance armamentarium bill.
The Senate in October anesthetized on third and final account its adaptation of the attic burden assurance armamentarium measure. — DVM, GMA News
This commodity House OKs coco burden assurance armamentarium bill on final account was originally appear in GMA News Online.
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