House OKs bill creating coco levy trust fund

The House of Representatives on Monday passed on third and final reading the bill creating the coconut levy trust fund. Voting 221-6-0, the lower chamber passed House Bill No. 8136, or the proposed Coconut Farmers and Industry Trust Fund Act. Under the bill, a trust fund will be maintained for 99 years under the Coconut Farmers and Industry Development Plan to be formulated by the Philippine Coconut Authority. But six lawmakers from the Makabayan bloc voted against the measure. —Nestor Corrales