Republic Act No. 11524, or the Coconut Farmers and Industry Trust Fund Act, took effect on March 13, 2021.
To manage the consolidated coconut levy collections currently worth at least P76 billion, the law created the Trust Fund Management Committee (TFMC), composed of the Departments of Finance (DOF), Budget and Management (DBM) and Justice (DOJ).
The TFMC is tasked with drafting the implementing rules and regulations (IRR) governing management of the consolidated coconut trust fund. While RA 11524 is silent on who approves the proposed rules, the three agencies appear bent on passing their own draft through a joint memorandum-circular.
But critical…
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