The Sandiganbayan has denied a plea aimed at stopping the turnover of at least P75 billion in coconut levy funds to the government.
In a resolution dated Dec. 3 but released only on Dec. 7, the anti-graft court’s Second Division rejected all the appeals filed by United Coconut Planters Life Assurance Corp., United Coconut Planters Bank, the six Coconut Industry Investment Fund companies, and the 14 holding companies.
The Sandiganbayan said the arguments raised by these parties were rehashed.
“In this case, the parties presented the same arguments that have already been judiciously passed upon and properly considered by the court in its assailed resolution,” the Sandiganbayan said.
The contentions in the case include the stocks of the CIIF companies, the 14 holding companies, and the funds, interest and profits involving the more than 753.8 million preferred shares of San Miguel Corp. now being held in a special account in the Bureau of the Treasury.
The Presidential Commission on Good Government said the fund had a total of at least P83 billion in assets, including cash worth P75 billion as of 2015.
The anti-graft court in a resolution dated Aug. 7 said the proceeds from the forfeited ill-gotten assets would be “used only for the benefit of all coconut farmers and for the development of the coconut industry.”
The return of the coco levy funds was among the campaign promises of President Rodrigo Duterte, and he is expected to soon sign into law the measure providing for the use of the funds.
