While we are all busy listening to President Duterte attack the Office of the Ombudsman, the Supreme Court and Senator Antonio Trillanes, news about government plans to sell UCPB.
This is the hair-brained idea of Finance secretary Carlos Dominguez.
Wait a minute! There are about 74.3 billion pesos of coco levy funds in that bank and another 40 billion pesos of fresh deposit infusions by government.
Why sell UCPB? What would happen to the 74.3 billion pesos of coco levy funds which the Supreme Court reportedly decided to be "private funds"?
First, we need government to explain what would happen to these stolen funds and second, who they intend to sell this bank? Why sell it when it still has monies? Is it intended to "legally transfer" ownership of those funds from "public" to "private hands"?
The public should be extremely wary and should monitor developments of the sale of this bank. Government should be transparent in the sale. Those who will bid for this bank should be transparent and show the public the names of its board of directors and true owners.
UCPB was created by government to administer the funds infused by coconut farmers and workers especially during the time of Marcos. Termed coco levy funds, these funds were used by Eduardo Cojuangco, who was back then, a Marcos crony, to buy out the Sorianos in San Miguel Corporation. Through corporate maneuverings, Cojuangco was able to own San Miguel thru the use of public funds.
The bank was also intended to become the coco farmer's helping hand in developing the coconut industry which, to this day, remains underdeveloped.
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