PCGG asked to comment on plea to reverse ruling on P60-B SMC shares

THE Supreme has ordered the Presidential Commission on Good Government (PCGG) to comment on the motion filed by the United Coconut Planters Bank (UCPB) and United Coconut Planters Life Assurance Corporation (Cocolife) which seeks to reverse the high court’s ruling junking its claim over the 753.8 million shares of stocks of San Miguel Corporation (SMC). Valuing at about P60-billion, the shares were earlier reconveyed to the government intended for the use of coconut farmers and development of the coconut industry. High Court’s Information Chief Theodore Te said the high court ordered the PCGG to file its comment on the motion. “The Court required petitioner to comment on respondent’s urgent motion for reconsideration of the Court’s decision dated August 11, 2015 within a period of ten days from notice of resolution,” Te said in a press briefing Wednesday afternoon. In their appeal, UCPB and Cocolife asked the high court to reverse its unanimous ruling last August 11 that dismissed their petition before the Makati City regional trial court claiming a portion of the 24-percent block of shares in SMC registered under Coconut Industry Investment Fund (CIIF) which the SC had declared as part of the ill-gotten wealth of the Marcoses. They insisted on their claims and on their argument that Makati City RTC Branch 59 has jurisdiction over the case. It will be recalled that the Court en banc sided with the petition filed by the PCGG asking it to set aside the 2013 ruling issued by Makati RTC Judge Winlove Dumayas denying its motion to junk the petitions for declaratory relief filed by UPCB and United Coconut Planters Life Assurance Corporation. In dismissing the petition by UCPB and Cocolife, the high court said the Makati RTC has no jurisdiction to hear the suits involving the sequestered coco levy assets and coco levy funds since only the Sandiganbayan has the right to do so under Republic Act 7975 and RA 8249. The coco levy funds are valued at P73.4 billion in cash, which are currently held in trust with the Bureau of Treasury and various other companies, and billions more in non-cash assets, which are now also held in different companies such as the UCPB, CIIF Oil Mills Group and Coco Life.