House Speaker Lord Allan Velasco is hopeful that the House of Representatives will pass on third and final reading the House Bill 8136, or the proposed Coconut Farmers and Industry Trust Fund Act, in time for the nearing holidays.

HB 8136 is set to aid coconut farmers in the country through their collected taxes, which is now around P76 million in assets.

The measure was filed by the House Committee on Agriculture and Food, chaired by Quezon 1st District Rep. Wilfrido Mark Enverga.

Upon taking the Speakership role, Velasco revealed that the coconut trust fund bill will be one of his priority measures.

“The passage of the bill would be a fitting Christmas gift to more than three million coconut farmers who stand to benefit from the proposed coco levy trust fund,” he said.

“The establishment of the trust fund will ensure that the recovered coco levy funds will be used for the development of the coconut industry and to uplift the lives of coco farmers who are among the poorest in the country,” he added.

HB 8136 seeks to improve the coconut industry by increasing the income of farmers, alleviating poverty and promoting social equity, and rehabilitation and modernization of the industry towards farm productivity.

Once enacted, around 3.5 million farmers in 68 provinces, who do not own more than 5 hectares of farmland, are slated benefit from this bill.