ood Government Commissioner
Ric "Mr. Camry" Abcede has expressed disappointment that the government failed
to unload its San Miguel holdings last year when SMC shares were selling for P80
each. By Abcede’s computation the 27 percent sequestered holdings, bought with
money from the coconut levy, have lost P25 billion in value over a year.
The finance department, according to Abcede, had recommended
the unloading last year, believing that the shares were already at their highs.
While the Sandiganbayan has yet to make a final declaration forfeiting the
shares in favor of government, the plan was to place the proceeds in an escrow
account.
The fly in the ointment was the distrust and bickering among
the different coconut farmers groups on how the proceeds would be distributed,
again according to Abcede. This distrust and bickering torpedoed a plan of the
PCGG to put up a foundation that would decide on the distribution of the
proceeds, he said.
Were we not familiar with this character, we would have
believed him. Abcede, whose first act when he was named commissioner was to have
the PCGG-controlled Philcomsat group buy him a top-of-the-line Toyota car, is
playing the old pea-and-three shells game. The coconut farmers’ groups indeed do
not trust each other. The real reason for which, however, is the well-founded
fear that some of the groups are fronting or have been co-opted by PCGG
officials and their patrons.
Given the insatiable greed of these people, it is probably
for the best that the money stays locked in as equity in San Miguel. After the
thieves have left in 2010 (we’re keeping our fingers crossed), that’s the time
we can talk about the disposition of the money.
The Supreme Court has ruled that the levy was a tax, not a
voluntary contribution by coconut farmers, traders and millers. And it’s not
true that the tax was shouldered only by the members of the coconut industry.
The whole people got hit too in the form of higher prices for cooking oil,
toothpaste, shampoo, detergents and a host of others products whose main
ingredients are sourced from coconut.
The disposition of the proceeds should be decided by the
legislature (we’re also keeping our fingers crossed that come 2010 we can kick
out the bastards in the House and the Senate who have been dipping their hands
into the public till too), not by some private foundations, whether put up by
genuine or fake coconut farmers.
We can, top of the head, think of using the proceeds to fund a war against
substandard elementary education, an appropriation on top of the regular budget
of the education department. A whole generation stands to gain, not a few
shysters and con men claiming to represent the coconut industry.
