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Finance Secretary Carlos G. Dominguez III ordered the interagency Belief Fund Administration Committee (TFMC) to protect towards “double-dipping” of presidency assets in offering well being and crop insurance coverage protection to 2.5 million coconut farmers.
Dominguez, who chairs the present TFMC, mentioned the subsequent batch of the interagency committee should guarantee a “commercially viable” and “sustainable” well being and crop insurance coverage protection for coconut farmers as supplied underneath Republic Act (RA) 11524 or the Coconut Farmers and Trade Belief Fund (CFITF) Legislation. TFMC is tasked to supervise using the coco levy belief fund.
Within the final TFMC assembly underneath the Duterte administration, Dominguez mentioned a minimal of P200 million is allotted yearly to the Philippine Crop Insurance coverage Corp. (PCIC) for the crop insurance coverage of coconut farmers underneath the CFITF regulation and the Coconut Farmers and Trade Improvement Plan authorised by the President. Aside from this, one other P500 million is allotted to Philippine Well being Insurance coverage Corp. (PhilHealth) to manage the well being and medical program for coconut farmers and their households.
“Because the Belief Fund Administration Committee, we have to be sure that there isn’t any double-dipping of funds, that the crop and medical insurance protection to the coconut farmers ought to solely come from the coco levy belief fund,” mentioned Dominguez through the assembly held final June 16.
Double-dipping is an unethical follow of submitting two claims for one incident.
Funds Undersecretary Kim De Leon agreed with Dominguez and guaranteed him that the funds division can be reviewing the funds proposals of PCIC, PhilHealth, and different authorities companies receiving allocations from the CFITF “to make sure that no double dipping of funds would happen.”
To make the crop insurance coverage protection for coconut farmers sustainable, Dominguez really helpful that premiums to be charged by PCIC ought to take into account particular geographical and meteorological dangers and embody reinsurance mechanisms with the personal sector “to scale back the monetary burden on the coco levy belief fund.”
Dominguez, who served as agriculture secretary underneath the administration of former President Corazon Aquino, additionally expressed gratitude to the TFMC members for his or her “super contribution to the ultimate implementation and correction of the historic unsuitable that was carried out to the nation’s coconut farmers.”
In the identical assembly, the Bureau of the Treasury reported that TFMC acquired the from the Land Financial institution of the Philippines the Certificates of Indebtedness with a principal quantity of P1,121,141,234.00 with a set rate of interest of 1.75 p.c each year for the sale of state shares within the United Coconut Planters Financial institution (UCPB).
It additionally acquired P102,739,676.87 in money proceeds for the sale of disputed UCPB shares and rights.
These shares had been labeled by the Presidential Fee on Good Authorities (PCGG) as Coco Levy Property underneath RA 11524.
The proceeds from the disputed shares can be credited to a separate escrow account pursuant to the Implementing Guidelines and Rules (IRR) of Part 9 to 11 of RA 11524, which states {that a} disputed Non-Money Coco Levy Asset could also be disposed of pending dispute, supplied that the proceeds shall be deposited to and maintained in an escrow account.
The CFITF Legislation additionally supplies that non-cash coco levy property shall be privatized or disposed of and proceeds thereof shall increase the belief fund for the advantage of the coconut farmers.
Based on the Division of Finance, the Presidential Fee on Good Authorities (PCGG) earlier reported that the worth of coco levy property amounted to P113.88 billion as of December 2020 however the Fee on Audit discovered that this was overstated by P2.63 billion, with its adjusted tally amounting to P111.25 billion.
President-elect Ferdinand R. Marcos Jr., who had introduced that he can be taking the helm of the Division of Agriculture (DA), can be chairing the board of the Philippine Coconut Authority, the federal government company tasked to implement the coco belief fund regulation.
The coco levy fund got here from the taxes imposed on coconut farmers through the time period of the late dictator and former President Ferdinand Marcos Sr. which was supposedly for the event of the coconut business.
Nevertheless, the PCGG alleged that these funds had been as an alternative diverted to the institution of firms of Marcos’ cronies for his or her private profit.
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