The government has set up the Coco Levy Asset Registry to monitor the status of the assets acquired through the multibillion-peso coconut levy fund pursuant to Republic Act No. 11524, the Department of Finance said over the weekend.
RA 11524 created the Trust Fund Management Committee to oversee the utilization and management of the Coconut Farmers and Industry Trust Fund and mandated it to draft the implementing rules and regulations.
The TFMC eyes the asset registry to serve as the repository of information and records of coconut levy assets. Based on the IRR, the Bureau of the Treasury, as TFMC secretariat, is required to establish the Coco Levy Asset Registry.
The registry is one of the innovations introduced by the government to ensure that the management of the CFITF is “equipped with checks and balances.”
The registry will contain separate records for both cash and non-cash coco levy assets while further classifying them into those already declared with finality to belong to the government and those continuing to be subject of litigation.