MANILA, Philippines—Government lawyers on Thursday asked the Supreme Court to issue an entry of judgment on its 2012 decision dismissing with finality one of the coco levy cases to conclude litigation over the funds and allow the proceeds to benefit the coconut farmers and their industry.
The case involves the 753, 848,32 preferred shares in San Miguel Corporation (SMC)with an estimate value between P50 to P100 billion.
The SMC share forms part of the 47 percent share bloc of San Miguel shares sequestered by the PCGG in 1986 on suspicion that it was part of the ill-gotten wealth of the late President Ferdinand Marcos.
Florin Hilbay. SCREENGRAB from law.upd.edu.ph
“It is respectfully prayed that the Honorable Court issue a partial entry of judgment with respect to the 753,848, 312 SMC preferred shares consistent with the Honorable Court’s resolution dated 4 September 2014 and the Honorable Court has already directed that an entry of judgment be made on such issue,” Solicitor General Florin Hilbay stated in the motion for partial entry of judgment.
Under Rule 36 Section 2 of the Rules on Civil Procedure, the judgment or final order shall be entered by the clerk of court in the book of entries of judgments if no appeal or motion for new trial or reconsideration has been filed within the period set by law.
Upon entry of judgment, the case has become final and executory.
“If granted, the government’s motion will translate decades of litigation into public funds amounting to around P60 billion that can be used to support the country’s coconut farmers and their industry,” Hilbay said.
He added that the decision can be implemented even if there are other coco levy cases pending.
In January 2012, the high court ruled that the shares which was covered from common to preferred shares were purchased by businessman Eduardo “Danding” Cojuangco using the coco levy fund collected from coconut farmers by the government.
The said shares are currently held in escrow account by the PCGG at the United Coconut Planters Bank.
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