Tañada pushes coco levy law

By Freddie G. Lazaro

CANDON CITY, Ilocos Sur — House Deputy Speaker and Quezon Representative Lorenzo “Erin” Tañada III sought the reversal of the April 2010 Supreme Court ruling with regard to the 47 percent sequestered San Miguel Corporation shares claimed by the coconut farmers as purchased using the coconut levy funds.

Tañada said he wanted that the entire 47 percent be declared public funds and effectively owned by the coconut farmers.

But as it is, he said that the SC merely affirmed its earlier decision saying that Mr. Eduardo “Danding” Cojuangco owns 20 percent, and the remainder, originally 27% but due to SMC’s investment in Kirin, whittled down to 24%, SMC block shares as government-owned.