By Ben Rosario

The House of Representatives agreed to make another bid at enacting the controversial coconut levy fund that would benefit 3.5 million coconut farmers when congressmen passed the measure on the third and final reading Monday.

It will be recalled that President Rodrigo Duterte vetoed last February the coco levy fund bill after finding pitfalls that might open to graft the multi-billion peso fund.

House Bill 9197 or the Coconut Farmers and Industry Development Trust Fund Act passed on 159 affirmative votes, and five negative votes.

Authored by Speaker Gloria Macapagal-Arroyo and Reps. Jose T. Panganiban Jr. (ANAC-IP); Sharon Garon (AAMBIS-OWA Partylist); John Bertiz (ACTS OFW Partylist); and Danilo Suarez (Lakas, Quezon), HB 9197 contains much of the provisions of the first coconut levy bill that was vetoed by President Rodrigo Duterte in February.

This time, however, the provisions that led to the veto are no longer present in HB 9197.

Under HB 9197 a Coconut Farmers and Industry Development Trust Fund will be created and 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.

Under the vetoed bill, there is no limit as to the period of utilization of the fund.

HB 9197 also declares that no portion of the Trust Fund will accrue to the general fund of the national government.

The two bills seek to consolidate all assets and benefits emanating from the coconut levy and create a trust fund for the exclusive benefit of coconut farmers and farm workers as embodied in the Coconut Farmers Development Fund.

The newly-approved measure declares that the Trust Fund will be deposited in the Bureau of Treasury which shall account for it in a manner provided by the coconut Farmers and Industry Development Trust Fund Committee under the Office of the President.

A P10 billion initial trust principal shall be allocated to as “jumpstart fund” to accelerate the development of the industry.

The bill also mandates an annual allocation of at least P5 billion to be released for the programs and projects for the benefit of coconut farmers and workers.

An adhoc committee will also be created to prepare every five years a medium-term plan of programs, activities, and projects which will be funded out of the Trust Fund. The plan will be known as the coconut Farmers and Industry Development Plan.

Also mandated in the bill is the conduct of complete accounting and inventory of all Coconut Levy Assets by the Presidential Commission on Good Government.

The Commission on Audit is mandated to audit the inventory of the coconut Levy Assts prepared by the PCGG and to submit to the Coconut Farmers and Industry Committee its initial audit report within 120 days upon completion of the audit.

Duterte vetoed the bill that previously created a P100 billion trust fund for the coconut industry workers.

Before the veto, Congress recalled the version of the original coconut levy fund bill to avoid a presidential veto.

The veto came even after Congress recalled the version of the coco levy fund bill first approved by bicameral conference committee last year to avoid Duterte’s veto.

In the letter addressed to the Senate dated February 8, Duterte said the bill “regrettably lacks vital safeguards to avoid the repetition of painful mistakes in the past.”

In the new bill, the president will have direct authority over the Coconut Farmers and Industry Development Trust Fund Committee.