Posted on

Why Blame Marcos for the Coco Levy Scam when it is a Cojuangco Involved?

Marcos





welcome By: Elena Grace Flores

Blood is thicker than water, they say. The Coco Levy fund which is around P9.8 billion is collected from farmers from 1971 to 1983. It grows to an estimated P93 billion after Danding Cojuangco allegedly invests it in San Miguel Corporation stocks.






Youtube video by; Rappler
[VIDEO]: President Rodrigo Duterte supports a proposed law allowing coconut farmers to benefit from the P74-billion coconut levy fund.



Marcos Cronies?

How can people accuse Marcos of spearheading the scam when Danding Cojuangco, Senator Juan Ponce Enrile, and Fidel Ramos support Corazon Cojuangco Aquino during the EDSA revolution? How can they be Marcos cronies?




Background Story

The fund comes from taxes imposed on coconut farmers during the martial law years by business tycoon Eduardo “Danding” Cojuangco, together with Ramos and Enrile to name a few. The promise to farmers is to share investments and development the coconut industry. The collections are allegedly used to fund the majority stake in food and beverage giant San Miguel – now a diversified conglomerate. The fund is sequestered by the PCGG after Marcos was ousted during the February 1986 People Power revolution.

Cory Aquino’s Role

Cory Aquino organizes the PCGG. Legal battles start when her government seizes assets claimed to be bought using the coco levy fund. It remains in escrow at the UCPB.


Phone Protection: NQ Mobile Security 2 years or NQ Mobile Security 1 year

Noynoy Aquino’s Part

Cory Aquino’s son Noynoy Aquino orders to transfer it to the government but the SC restrains it citing that a law is needed. The law is not passed until now. President Duterte now turns to the senate to make that happen. The process looks like a business deal and not a government initiative under the late Ferdinand E. Marcos. Why blame him?




http://www.rappler.com/newsbreak/in-depth/158400-politics-coco-levy-marcos-noynoy-aquino

http://www.gmanetwork.com/news/story/391968/money/govt-may-now-use-coco-levy-fund-as-sc-issues-final-judgment-entry

Leave a Reply

Your email address will not be published. Required fields are marked *