Press Release

January 04, 2005

The Coco Levy Fund Is For The Coconut Farmers

            “Don’t you dare touch that fund for any other purpose!”

            With this, Quezon Province Representative Lorenzo “Erin” Tanada III sharply criticized Malacanang for even “hinting” that it would “sell” the sequestered San Miguel Corporation (SMC) and United Coconut Planters Bank (UCPB) shares apparently to “further strengthen (the) fiscal position” of a bankrupt government, according to Press Secretary Ignacio Bunye.

            “The coconut farmers have suffered long enough!” he added.

            The coco levy fund was illegally and immorally extorted from the millions of poor coconut farmers during the reign of the brutal Marcos dictatorship. It is now estimated to be worth more than a hundred billion pesos.

            “Now this government seems to be hell-bent in adding more to the sufferings that the millions of farmers continue to go through to this day”

            “Should the government push through with its plan of exploiting the fund for other purposes, it would not be too farfetched to imagine a Gloria Arroyo-Danding Cojuangco “sweetheart deal” in the making along with it.”

                                                                        Signed:

                                                                        REP. LORENZO “ERIN” TANADA, III