The Philippine government is to sell its stake in food and beverage giant San Miguel Corp and use the proceeds to boost agricultural production, the presidential palace said Sunday. The government, through an agency called the Presidential Commission on Good Government (PCGG), holds more than 40 percent of shares in San Miguel.
The PCGG is tasked with recovering illegally acquired wealth by the family of deposed dictator Ferdinand Marcos and his cronies. The shares were illegally acquired using levies imposed by Marcos on coconut farmers during his 20-year rule and the Supreme Court has ruled they are public funds.
The shares are reportedly worth approximately 90 billion pesos (1.6 billion dollars).
Arroyo's office said that the president has instructed Trade and Industry Secretary Cesar Purisima to sell all government holdings in San Miguel, the Philippines' leading food and beverage company.
"Nearly all of the coco levy funds are in San Miguel, and since we are stock holders, we will sell these shares," Arroyo was quoted as saying in a statement posted on the government website Sunday.
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