Aquino-Danding deal over coco funds feared

MANILA, Philippines—Is a deal in the works between President Benigno Aquino and his uncle, Eduardo “Danding” Cojuangco, over the coconut levy fund?

The militant Kilusang Magbubukid ng Pilipinas on Friday raised the possibility of a compromise agreement between the government and Cojuangco over the disposition of the coco levy fund.

“Danding’s support for Aquino during the 2010 presidential election definitely has political and economic quid pro quo that includes compromises and concessions over the multibillion-peso coconut levy funds,” KMP deputy secretary general Willy Marbella said in a statement.

With his political and business clout, Cojuangco could influence Malacañang in disposing the coco levy fund for purposes that would not benefit the coconut farmers, he said.

“That’s what we should watch out for. There are many scenarios,” Marbella, who is in possession of his father’s stock certificates from oil mills, said when asked to give specifics on the possible compromise deals.

Leaders of farmers’ organizations have twitted Aquino over his silence on the contentious coconut levy fund.

They had warned of a possible diminution of the 24-percent block of shares in San Miguel Corp. following disclosure by officials that the United Coconut Planters’ Bank and United Coconut Planters Life Assurance Corp. (Cocolife) laid a P15-billion claim on the block.

SMC is chaired by Cojuangco.

The block of shares had been awarded by the Supreme Court to the government for the benefit of the coconut industry.

The 24-percent block of shares was part of a block of shares, comprising of at least 47-percent, sequestered by the Philippine Commission on Good Government on suspicion that it was illegally acquired by the dummies of then strongman Ferdinand Marcos using the coco levy funds.

The remaining 20 percent claimed by Cojuangco had been ruled by the SC in April 2011 as having been legally acquired. The ruling became “final and executory” and was recorded in a Book of Entries of Judgments, according to a March 16 notice issued by Ma. Lourdes Perfecto to petitioners and received by the PCGG.

Marbella also questioned the key role played by the National Anti-Poverty Commission (NAPC) in the Presidential Task Force on the Coco Levy, which also consists of representatives of the Presidential Management Staff, the Department of Agriculture, the Department of Agrarian Reform, and the Philippine Coconut Authority.

“I hope they don’t use the coco levy fund for the CCT (conditional cash transfer),” he said. He was referring to the government’s cash grants for poor households around the country.

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