Coconut farmers and civil society groups led by former senators Jovito R. Salonga and Wigberto R. Tanada have asked the Supreme Court to compel the Eduardo M. Cojuangco, Jr.-led San Miguel Corp. (SMC) to justify recent acquisitions amid the depletion of funds containing coconut levies.

Claiming they have a right over the long-disputed funds invested in the food and beverage conglomerate, the group that calls itself the Multi-Sectoral Task Force on the Coco Levy Recovery said San Miguel’s entry into businesses such as power and telecommunications could drive down its stock price.

San Miguel should release complete documents related to its acquisitions as well as give details on "funding sources and commitment in connection with the foregoing transactions, as well as the business plans for SMC...," the group said.

San Miguel officials could not be reached for comment.

The government seized a 24% stake in San Miguel following the popular 1986 "People Power" revolt on suspicion that the shares were acquired by President Ferdinand E. Marcos using coconut levy funds.

The Sandiganbayan later on ruled that the stake belongs to the state, a decision that another group of farmers, the Philippine Coconut Producers Federation, Inc. (Cocofed), has disputed before the high court.

Mr. Salonga’s group is questioning the membership of Cocofed, claiming it is indirectly related to the Cojuangco-led conglomerate.

In its manifestation, the group noted that no less than the government has admitted that the value of coconut levy funds have reached all-time lows. Finance Secretary Margarito B. Teves earlier said the funds now contain only P21 billion, down from the original of P54 billion.

Citing reports from traders at the local bourse, the group pointed to the plummeting value of San Miguel shares.

"With all the foregoing indicators, the series of forays of SMC into several non-allied and non-core undertakings ... one is left to wonder, what is the impact of all this to the hope of millions of coconut farmers," the group said.

San Miguel earlier announced it had sold 43.249% of its brewing unit, San Miguel Brewery, Inc., to Japan’s Kirin Holdings Co. Ltd. The firm had said the deal was supposed to bankroll diversification into other industries.

Thereafter, San Miguel bought a substantial stake at the Manila Electric Co. and Petron Corp. It has also tied up with state-owned Qatar Telecom for a telecommunication venture. San Miguel has also expressed interest on the Laiban Dam construction.

The group noted that the Presidential Commission on Good Government, which holds the coco levy stake has not demanded an explanation from San Miguel.

"Petitioners-intervenors need to know for themselves amid an apparent silence, even collusion, between the government and those that control SMC," the group said. — Ira P. Pedrasa