MANILA, Philippines — The House of Representatives approved on second reading the proposed legislation to declare coconut levy assets as a trust fund in order to rehabilitate and modernize the nation’s coconut industry.
Through voice voting on Wednesday, the lower chamber approved House Bill No. 8136 or the Coconut Farmers and Industry Trust Fund Act.
Under the proposed legislation, the trust fund will be managed by a board that will craft plans on the utilization of the tax collected from coconut farmers, which was estimated to have grown to over P100 billion.
Quezon 1st District Rep. Wilfrido Mark Enverga, who sponsored the measure, said the utilization of the trust fund…
Keep on reading: House OKs coco levy trust fund bill on 2nd reading