Coco Levy Fund scam
controversy in the Philippines involving former President Ferdinand Marcos
The Coco Levy Fund Scam was a controversy in the 1970s and 1980s in the Philippines involving former President Ferdinand Marcos and his cronies. It was 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 used the collection fund for personal profit, particularly in the purchase of United Coconut Planters Bank (UCPB) and a majority stake in San Miguel Corporation (SMC), to name two.
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 Fund's investments. The Coco Levy Fund is estimated to have ballooned anywhere in the range of ₱100 billion to 150 billion in assets.
In 2012, a Supreme Court decision awarded ₱71 billion in coconut levy funds to coconut farmers.
Background
The Philippine coconut industry was responsible for 26% of the volume of the agricultural sector and was reportedly present in 68 of the 81 provinces of the country. Next to sugar, coconut products was also the leading agricultural export of the Philippines, with 37 products and by-products that were exported to 114 countries. The major exports were crude and refined oil, copra meal, desiccated coconut, activated carbon, and oleo-chemicals. About one-third of the Philippine population depended mainly on coconut production for its livelihood.
The legal beginnings of the levy can be found in Republic Act 1145 enacted on 17 June 1954 under President Ramon Magsaysay, which called for the creation of the Coconut Development Fund.
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