Farming in
the Philippines

Farmers seek freezing of assets
of 11 COCOFED shareholders

by Rafael Mariano, KMP Chairperson
December 8, 2001

The militant Kilusang Maghubukid ng Pilipinas (KMP) today seeks the freezing of assets of 11 shareholders of the Philippine Coconut Producers Federation (Cocofed) saying their corporate and individual shares belong to small coconut farmers nationwide.

The Presidential Commission on Good Government (PCGG) earlier wanted the Commission on Audit to examine and verify the coconut levy funds, consistent with the government's position that these are public funds PCG6 chair Haydee Yorac said there should be a separate audit of the coco levy, aside from the requested private audit of the funds.

But KMP Chair Rafael Mariano said "the PC6G should have done the auditing of the coco levy funds in the past. Auditing is not enough, PCGG must work for the freezing of all assets bought through the coco levy funds. Cojuangco is an expert in stealing stolen money. The funds will only be transferred to a different name, but will be controlled by the same person."

Mariano also said that the original 47 per cent share of the coco levy funds in the San Miguel Corporation (SMC) must be included in the auditing that must be frozen.

"Cojuangco's maneuvers are on the go; it appears that he's letting go of the 27per cent share of the funds in SMC. This scheme deliberately excluded the other 20 per cent of SMC shares," the peasant leader stressed.

The KMP also called for the auditing and freezing of millions of shares the 11 major shareholders in the Cocofed, which is composed and controlled by Cojuangco, his dummles, and partners in crime.

COCOFED SHAREHOLDERS
Individuals & Companies Shares
Eduardo Cojuangco, Jr. ( ECJ ) 56,678,043
ECJ & Sons 56,117,421
Jesus Pineda Jr. of ECJ 6roup 37,905,247
Narciso Pineda of ECJ Group 37,478,006
Danilo Ursua of ECJ Group 37,553,006
Balate Ranch Inc. of ECJ Group 14,786,584
Christonsen Plantation Co. of ECJ Group 9,116,660
Kabankalan Sugar of ECJ Group 701,000
Maria Clara Lobregat, COCOFED Chairperson 2,301,000
ACCRA Investments Corp. 14,009,883
JAKA Investments of Enrile 7,495,488
Total 270,142,808

Source: PDI 12 Feb 1999 cited in "Issues & Trends in the Coconut Industry: An Overview (EVANGELISTA, G.)

"Notorious landlords, like Cojuangco and Lobregat, controls 98 per cent of the Cocofed, who claims to be private small coconut farmers who have the rights to the funds."

The KMP maintains that "the coconut levy fund is a 'public fund' squeezed out from small coconut farmers in a form of tax."

"Any kind of compromise with Cojuangco and his cohorts is highly unacceptable and immoral because they do not have any single right to the the P130 billion coco levy fund. It (coco levy fund) must be immediately returned to its rightful owners."

Kilusang Magbubukid ng Pilipinas (KMP)
Peasant Movement of the Philippines
URL: http://www.geocities.com/kmp_ph