MANILA, Philippines – The government can finally acquire P60-billion coco levy funds from San Miguel Corporation (SMC) after the Supreme Court ordered an entry of judgment in its 2012 ruling.
In a unanimous vote, the high court ordered the entry of judgment for its Sept. 4, 2012 ruling to finally conclude the years of litigation over the funds.
The high court issued the ruling following a motion filed by the government last October.
In the motion filed by the government, Solicitor General Florin Hilbay said the Sept. 4, 2012 decision has already attained finality and once there is already an entry of judgment, “it will translate into public funds worth about P60 billion that can be used to support the country’s coconut farmers and their industry.”
In January 2012, the high court ruled that the shares which were converted 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 decision specifically stated that the proceeds from the 753.8 million shares should be used for the benefit of the coconut industry.
The shares are currently held in escrow account by the PCGG at the United Coconut Planters Bank.
Senior Associate Justice Antonio Carpio, Associate Justices Teresita Leonardo De Castro, Diosdado Peralta, Estela Perlas-Bernabe and Francis Jardeleza while Associate Justices Arturo Brion, Lucas Bersamin and Jose Perez are on-leave.