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The United Coconut Planters Bank, more popularly known by its initials, UCPB, or by its old name, Cocobank, was a government-owned bank and was one of the largest banks in the Philippines, having ranked within the top twenty banks in the country in terms of assets. It was the only existing universal bank not listed on the Philippine Stock Exchange.
The Coco Levy Fund Scam was a controversy in the 1970s and 1980s in the Philippines involving former President Ferdinand Marcos and his cronies.It was alleged that Marcos, Danding Cojuangco, Juan Ponce Enrile, and others conspired to tax coconut farmers, promising them the development of the coconut industry and a share of the investments, but on the contrary used the collection fund for ...
The AFP fund was split into three bank accounts: 50 million and 100 million pesos on United Coconut Planters Bank (UCPB) Alfaro Street, Makati, and another 50 million pesos at UCPB Tordesillas, Makati. The accounts at the Alfaro branch were covered by deposits slips while the account on the Tordesillas branch was not recorded, despite the ...
10,037 (2019) Website. www.landbank.com. Land Bank of the Philippines (LBP; often referred to simply as LandBank), is a government-owned bank in the Philippines with a special focus on serving the needs of farmers and fishermen. While it provides the services of a universal bank, it is officially classified as a "specialized government bank ...
The government alleged Cojuangco to have used the coconut levy funds to gain control of a 72.2% stake in United Coconut Planters Bank in 1975; [12] and a total stake of about 47% San Miguel Corporation in 1983, [13] in two blocks of about 20% and 27%, respectively. [10] The coco funds were also used to acquire six oil mills. [12]
Enrile and Cojuangco used the taxes collected to invest in and acquire businesses. Some of these included United Coconut Planters Bank and San Miguel Corporation. Cojuangco bought UCPB and became its president. [17] Cojuangco received assistance from Marcos in purchasing UCPB.
Lorenzo Villanueva Tan (born August 10, 1961) is a prominent Filipino banker and former President of the Banker's Association of the Philippines, and Chairman of the Asian Bankers Association. At 37 years old, he became the youngest president of a universal bank in the Philippines. Tan is currently serving as the president and CEO of House of ...
Cojuangco then used the windfalls from the coconut levy fund and United Coconut Planters Bank to finance his purchase of the enormously profitable San Miguel Corporation. [20] The Marcos government gave favors to San Miguel Corporation (SMC). For example, when taxes for liquor and cigarettes were raised in January 1986, excise taxes on beer ...