Aquino mum on high court ruling on coco levy funds

UPDATED 3:00 p.m. - Fort Magsaysay, Nueva Ecija - Saying that he has yet to read the Supreme Court (SC) decision, President Benigno Simeon Aquino III on Wednesday refused to comment on the SC ruling that businessman Eduardo "Danding" Cojuangco’s 20-percent stake in San Miguel Corp. (SMC) does not form part of the so-called coco levy funds. "Ayokong sumagot mula sa haka-haka, kailangan kong basahin yung desisyon. Pag andyan na yung ruling magandang basahin ang desisyon sa kabuuan bago magsalita. Sa ngayon ay headline lang ang basehan ko, wala pa yung laman," he told reporters after attending the Balikatan exercises and having a dialogue with Filipino soldiers. Coco levy is a tax exacted from coconut farmers from 1973 to 1982, during the term of the late President Ferdinand Marcos. In a separate interview on Wednesday, Presidential Communications Development and Strategic Planning Secretary Ramon "Ricky" Carandang said the Office of the Solicitor General would be reviewing the decision. “Let's leave it up to the Solgen to decide what the next step will be. We haven't seen the ruling so it's difficult to comment specifically on the merits of that specific case," Carandang said. He stressed that the claims on Cojuangco’s assets started even before Aquino assumed office last year. “This was a process that began even before President Aquino came into power and its near completion now as he came into the presidency, the process was near completion. So iiwan muna natin sa Solgen kung ano iyung pwedeng maging hakbang diyan, magiging response. Sa ngayon kasi hindi pa natin nakikita yung decision dito," he said. Coco levy funds Government officials during the terms of Marcos and the late President Corazon "Cory" Cojuangco Aquino, mother of the incumbent president, bought the United Coconut Planters Bank (UCPB) using coco levy funds. On Tuesday, the Supreme Court (SC) ruled that Cojuangco’s 20-percent stake in San Miguel Corp. (SMC) does not form part of the so-called coco levy funds and does not belong to the Philippine government. Cojuangco, a perceived Marcos crony, is the uncle of Aquino and a first cousin of his mother, President Cory. In a 73-page ruling promulgated on Tuesday, the SC dismissed the petition filed by the Presidential Commission on Good Government (PCGG), which sought to reverse an earlier Sandiganbayan ruling. In November 2007, the Sandiganbayan, the country's anti-graft court, dismissed the government's claim to the shares. The government failed to substantiate its claim that the contested shares were bought by Cojuangco’s group using the coco levy funds, the Sandiganbayan said. The Sandiganbayan ruled that Cojuangco, as chairperson of SMC, is the rightful owner of the contested shares. In affirming the Sandiganbayan ruling, the Supreme Court said “The block of shares in San Miguel Corp. in the names of respondent Cojuangco, et al.... the exclusive property of Cojuangco et al. as registered owners." – with Sophie Dedace, VVP, GMA News