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Noynoy wants to hear side of Danding, farmers in coco levy issue


Senator Benigno "Noynoy" Aquino III wants to hear both sides of the story. This was what the Liberal Party standard bearer told GMANews.TV when asked about a 24-year-old case involving his uncle — Marcos crony Eduardo “Danding" Cojuangco Jr., whose support, financial and otherwise, he is currently courting — and a substantial stake in San Miguel Corp. (SMC), the Philippines’ largest food and beverage giant. “Gusto kong pakinggan [ang] both sides," the Liberal Party standard bearer said. Aquino’s uncle remains accused of using coco levy funds — collected from farmers during martial law — to reportedly acquire more than 40 percent of SMC in 1983. Of this stake, 27 percent (now whittled down to 24 percent), has been acquired using the United Coconut Planters Bank (UCPB), a bank that Cojuangco used to head. In the meantime, the remaining 20 or so percent in SMC was reportedly purchased by Cojuangco himself, allegedly using the same funds. The 20 percent stake is the subject of another case, currently pending at the Sandiganbayan. In May 2004, the 24 percent stake in SMC has been declared public and is currently being held by the government in trust for farmers. However, the same stake has been later converted into preferred shares, a move that will make farmers lose their claim in the company. Coconut farmers groups led by Centro Saka Inc. and ex-senator Jovito Salonga have filed a case against the share conversion. However, the government has reportedly prepared plans for the 24 percent stake sale, proceeds of which should go to a special trust fund for farmers. At Monday’s closing prices at the Philippine Stock Exchange of P74 apiece, the 24 percent stake in SMC is worth P21.3 billion. “Malaki yung pondo, sana mapakinabangan ng kinauukulan at idefine na nga natin. Merong flip side yan, hindi kasi kasing simple [ng] kampi ka ba kay Danding o sa farmers." (I want to listen to both sides. The fund is huge. I hope it will benefit those concerned and the issue will be properly defined. There is a flip side here, it's not as simple as siding with Danding or with the farmers)," Noynoy told GMANews.TV in an ambush interview after Unang Hirit's Hiritan 2010. Once the stake is sold, proceeds may be used by Malacañang for other purposes, he added. "Kumbaga dineclare na parang in limbo yan at nirelease yung pondo niyan baka i-diretso sa Malacañang at yung Malacañang gumawa ng kung anu anong programa at polisya na kuno-kuno, biglang nag-dissipate yung pondo at walang nakinabang sa dapat nakinabang diyan," Noynoy said. (The funds may be used by Malacañang which may use it for programs that will not benefit coconut farmers.) This view is shared by CSI executive director Romeo Royandoyan. If the coconut farmers’ stake is sold, the Arroyo government may use the proceeds for the May elections, Royandoyan told GMANews.TV in a separate phone interview. Danding remains non-committal Noynoy's mother, the late former president Corazon Aquino, is Danding's cousin. Noynoy had earlier said his camp is courting Danding's support for his presidential bid, but the business tycoon had been non-committal. [See: No commitment of supporting from Danding despite Aquino camp's attempts] "He just listened to our statements," Noynoy reiterated in Monday's interview. Even though Cojuangco's daughter, Lisa Cojuangco-Cruz, is campaigning for Noynoy, the Liberal Party standard bearer said he would not bug his uncle into backing his presidential bid as well. "He has health issues and I wouldn't want to disturb," Noynoy said, even as he admitted that Danding's clout in "areas where [Danding's camp] is dominant" would be helpful in his campaign. The business tycoon underwent cardiac ablation, a procedure done to correct abnormal heart rhythm or arrhythmia, in the United States last November. Unverified reports spread last January that Danding was fighting for his life, but these were debunked by his eldest son, Pangasinan Rep. Mark Cojuangco, who said his father was "fine" and that the business tycoon only had a medical check-up at St. Luke's hospital after suffering discomfort due to one of the prescribed medicines. [See: Danding Cojuangco 'ok, not seriously ill,' son says] Danding, whom Forbes listed as the 7th richest man in the Philippines in 2009, had a strained relationship with Noynoy's parents — Cory and martyred senator Benigno "Ninoy" Aquino Jr. — during Marcos's rule. Danding was believed to be under the good graces of Marcos, who was Ninoy's political rival. Cory replaced Marcos when he was ousted through a popular uprising in 1986. While Danding has kept mum on whether he would be supporting anyone in the May elections, his wife Gretchen had earlier said she she was open to supporting "anybody but Gibo," referring to administration bet Gilberto Teodoro Jr. Teodoro, whose mother Mercedes is Danding's sister, had bolted Danding's Nationalist People's Coalition in favor of administration party Lakas-Kampi-CMD, which eventually chose him as its standard bearer. with Robert JA Basilio Jr., GMANews.TV

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