Saturday, January 21, 2017

WATCH: Comprehensive documentary of Coco Levey Fund Scam!

The Coco Levy Fund Scam was a controversy in the 1970s and 80's in the Philippines involving the former President Ferdinand Marcos and his cronies. It is alleged that Marcos, Danding Cojuangco, Juan Ponce Enrile, and others conspired to tax coconut farmers, promising them the development of the coconut industry and a share of the investments, but on the contrary were used for personal profit particularly in the purchase of United Coconut Planters Bank (UCPB) and majority stake in San Miguel Corporation (SMC), to name a few.

The issue is still ongoing up to this day, with coconut farmers fighting for justice against the forced taxation, and a share of the Coco Levy Funds' investments. The Coco Levy Fund is estimated to have ballooned anywhere in the range of P100-150 billion in assets.

The recent Supreme Court decision[4] awarding P85 million in coconut levy funds is the latest turn in the 40-year struggle to bring to poor coconut farmers the benefits of the Marcos-era levies gouged from them.




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