MANILA, Philippines — The Supreme Court (SC), in a unanimous decision, affirmed Tuesday a Sandiganbayan decision that reconveyed to the government the 24 percent block of shares or 753.8 million shares in San Miguel Corporation (SMC) acquired through coconut levy and registered in the names of the Coconut Industry Investment Fund (CIIF) and its holding companies.

Coconut levy was collected from the country’s coconut farmers from 1973 to 1982. In 1982, the levy collected amounted to billions of pesos.

In a unanimous 11-0 decision written by Justice Presbitero J. Velasco Jr., the SC said the CIIF shares in SMC valued at about P100 billion would be used for the benefit of the country’s coconut industry and its farmers.

Those who concurred in the ruling were Chief Justice Renato C. Corona, and Justices Lucas P. Bersamin, Mariano C. del Castillo, Roberto A. Abad, Martin S. Villarama Jr., Jose Portugal Perez, Jose Catral Mendoza, Ma. Lourdes P. Sereno, Bienvenido L. Reyes, and Estela Perlas Bernabe.

Senior Justice Antonio T. Carpio inhibited himself because he was one of the petitioners – before he joined the SC – in a case to declare the coconut levy public funds. The SC had ruled that coconut levy is imbued with public interest.

Justices Teresita J. Leonardo de Castro and Diosdado M. Peralta also inhibited themselves because they were members of the Sandiganbayan that decided the case.

Justice Arturo D. Brion is on official leave of absence.

A copy of the SC decision was not immediately available.

Earlier, the SC had ordered the conversion of the 24 percent SMC shares in the names of CIIF and its companies from common shares to preferred shares to preserve the value of the 753.8 million shares because of the worldwide economic slump that started last year.

In 1986, the 24 percent SMC shares in the names of CIIF and its holding companies was ordered sequestered by the Presidential Commission on Good Government (PCGG) on suspicion that the shares were illegally acquired by the associates of the late President Ferdinand E. Marcos.

President Benigno S. Aquino III had earlier ordered the creation of a task force on coconut levy to determine ways to utilize the funds.