The Confederation of Coconut Farmers Organization (CCFOP-CONFED) on Saturday made public its bid for the United Coconut Planters Bank Savings Bank, Inc. (UCPB Savings).
The Land Bank of the Philippines (LBP) is selling its ownership share equivalent to 97.55 percent of the total outstanding capital stock of UCPB Savings as part of its strategic reforms to focus on priority sectors.
The state-run lender has set the asking price at PHP341.14 per share for its 6,996,467 common shares in the bank.
CCFOP-CONFED chair Charles Avila stated that their bid is backed by local and foreign entities committed to supporting coconut farmers and restoring the Philippines’ position as a leading global coconut exporter.
But the group, he said, is also hoping President Ferdinand R. Marcos Jr. could help “ensure the awarding, conveyance, and control” of the UCPB Savings to the CCFOP-CONFED.
“Walang pag-asa ang industriya habang ang credit facility ay wala sa magsasaka. Ngayon, kung maibabalik sa magsasaka (ang bangko), payagan ang mga magniniyog na mahawakan ito, hindi na kailangan tayong (mangutang ng 5-6) (The industry has no hope if the credit facility is not in the hands of the farmers. If the bank is returned to the farmers, if the coconut farmers are allowed to manage it, they would no longer need to turn to loansharks),” he said during the Saturday News Forum in Quezon City.
LBP Senior Vice President Gonzalo Benjamin Bongolan, in a letter dated Feb. 5, said the bank’s divestment process follows strict audit guidelines to ensure fairness for all bidders.
According to Avila, at least three entities, including CCFOP-CONFED, are vying for UCPB Savings. (PNA)
