MANILA - Presidential Commission on Good Government Chairman Andres Bautista said on Friday it remitted P56.5 billion to the National Treasury on Friday after San Miguel Corporation (SMC) exercised its option to redeem 753,848,312 Series 1 Preferred Shares.
In a statement, Bautista said "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," he said.
On 24 January 2012, the Supreme Court, in an 11-0 decision, ruled that this CIIF block of shares was purchased by means of the coconut levy funds and therefore to be treated as public funds.
Last September 4, 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 said.
Bautista spoke to ANC Business Nightly about this development.