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Lost P25 Billion For Philippine Coconut Farmers
« on: October 16, 2008, 07:18:26 PM »
By Rainier Ronda
Philippine Star

A Presidential Commission on Good Government (PCGG) official said the failure of the government to sell the sequestered 27-percent stake in food and beverage conglomerate San Miguel Corp. (SMC) last year resulted in a loss of some P25 billion for coconut farmers who would have benefited from its disposal.

PCGG commissioner Ricardo Abcede said the drop in the price of SMC shares in the stock market this year had greatly reduced their value as compared to last year when government planned to sell.

“The shares could have earned a higher price if it was sold last year. But we failed to do so. So now, if we will sell, it will be at the prevailing price. Hopefully, it will still go up,” Abcede said.

The closing price of SMC-A shares yesterday at the stock market was at P46 while SMC-B shares closed at P46.50.

Last year the price of SMC shares hit a high of P80 per share.

Abcede said the distrust and bickering among the different coconut farmers’ groups on the mode of distribution of the proceeds prevented the PCGG from selling the 27-percent SMC stake.

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