The stated intent of the plan, spearheaded by Cojuangco, was to develop the Philippine coconut industry. But the amount, consolidated in the United Coconut Planters Bank (UCPB), was alleged to have instead been channelled to the private financial interests of the Marcos family and their close associates. 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; and a total stake of about 47% San Miguel Corporation in 1983, in two blocks of about 20% and 27%, respectively. The coco funds were also used to acquire six oil mills. In 1975, funds from the levy were used by the government to acquire a 72.2% stake in United Coconut Planters Bank (UCPB, then still known as First United Bank).