5 October 2012
PCGG Remits PhP56.5 billion to National Treasury
The Presidential Commission on Good Government (PCGG) today remitted PhP56.5 Billion to the National Treasury after San Miguel Corporation exercised its option to redeem 753,848,312 Series 1 Preferred Shares.
Chairman Andres D. Bautista observed that this amount constitutes the largest single recovery of the PCGG to date. Along with the escrowed dividend payments and accrued interest which total an additional PhP13.44 Billion, these monies are to be used “only for the benefit of all the coconut farmers and for the development of the coconut industry.”
On 24 January 2012, the Supreme Court, in an 11-0 decision, adjudged this CIIF block of shares as having been purchased by means of the coconut levy funds and therefore to be treated as public funds. On 04 September 2012, the Supreme Court unanimously denied the Motion for Reconsideration filed by COCOFED.
“The plight of our coconut farmers has long haunted our country. We trust that this recovery will be used to ease their burdens in a concrete and significant manner” Bautista added.