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SC rules against Palace use of coco levy trust fund By Benjamin B. Pulta 04/21/2012

Saturday, April 21, 2012

SC rules against Palace use of coco levy trust fund

By Benjamin B. Pulta 04/21/2012

The Supreme Court (SC) has ruled as void two presidential acts passed during the time of former President Joseph Estrada which put up trust funds for farmers connection with the coco-levy funds originally collected in the 1970s.

In a decision by Associate Justice Roberto Abad, a unanimous high tribunal ruled as illegal Executive Order 312 which established a P1-billion fund from the assets acquired using coco-levy funds and Executive Order (EO) 313 or the creation of a fund known as the Coconut Trust Fund which also directed government lawyers to exclude the 27-percent Coconut Industry Investment Fund San Miguel Corp. shares from the coco-levy case of former Ambassador Eduardo “Danding” Cojuangco.

The high court grants the petition of farmer groups led by Pambansang Koalisyon ng mga Samahang Magsasaka at Manggagawa sa Niyugan in challenging the validity of EOs 312 and 313..... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/metro/20120421met1.html

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