Senate ratifies coco levy fund bill

The Senate ratified on Wednesday the bicameral conference committee report on the bill seeking to establish a trust fund for coconut farmers.

The measure’s consolidated version was approved by the congressional bicameral conference committee on August 1.

READ: Coco levy fund bill gets bicam OK

Senator Cynthia Villar, the author of the bill, said 3.5 million farmers are expected to benefit from the measure.

The government, according to the senator, would allot P10 billion a year for the trust fund while P5 billion a year would come from the P105 billion coco levy fund, which could last up to 25 years.

Once ratified by both chambers of the Congress, the bill would be transmitted to President Rodrigo Duterte for signature.   /vvp