The Supreme Court rules in a landmark case in 2012 that a 24% stake in diversified conglomerate San Miguel belongs to the state and should be used for the benefit of coconut farmers
MANILA, Philippines – The decades-long wait is over.
Farmers will now benefit from the multibillion-peso coco levy funds invested in diversified conglomerate San Miguel Corp. after the Supreme Court ruled in a landmark case in 2012 that these are public funds.
In September, the high court decided with finality that a 27% stake (eventually diluted to 24%) in San Miguel under the names of 14 coconut oil milling firms belonged to the state.
The stake and the 14 firms were sequestered by government after the fall of the Marcos regime in 1986, triggering a legal battle that spanned more two decades.
The government argued the shares were acquired through funds from the levy collected by the administration of the late dictator Ferdinand Marcos from coconut farmers starting in the mid-70s.
Let’s look back at what went on during those years. Here’s Rappler’s timeline of the San Miguel-coco levy saga. – Rappler.com