The DOJ has issued a legal opinion declaring both the Cocochem and the Coconut Industry Investment Fund-Oil Mills Group (CIIF-OMG) as GOCCs that are required to remit at least 50 percent of their net earnings to the national government. Know more:
THE Department of Justice has issued a legal opinion declaring both the United Coconut Chemicals Inc. and the Coconut Industry Investment Fund-Oil Mills Group as government-owned and controlled corporations that are required to remit at least 50 percent of their net earnings to the national government.
Cocochem argued at the meeting that it is not a GOCC, since it is not vested with functions relating to public needs, as ruled by the Supreme Court in Leyson vs. Ombudsman case. However, the DOJ explained that in Leyson vs. Ombudsman, the SC ruled that the CIFF companies named in the case are not GOCCs because it was not proven that they are vested with functions relating to public needs.
Likewise, the DOJ said Cocochem is vested with functions relating to public needs, noting that it is considered as the country’s leading manufacturer of oleochemicals. “Hence, Cocochem performs governmental roles in the interest of health, safety and for the advancement of public good and welfare, affecting the public in general,” the legal opinion stated.
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