PBBM to sign on Sept. 13 birthday new EO on ARB debt moratorium - BusinessMirror

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President Ferdinand R. Marcos Jr. is expected to sign on his birthday on September 13 an executive order (EO) imposing a year long moratorium on land amortization and interest payments by ARB, the chief of the DAR said Friday. Know more:

President Ferdinand R. Marcos Jr. is expected to sign on his birthday on September 13 an executive order imposing a year long moratorium on land amortization and interest payments by agrarian reform beneficiaries , the chief of the Department of Agrarian Reform said Friday.

Estrella said the proposed EO that would condone the loans of ARBs with unpaid amortization and interest, “Will lead to freedom of farmers from debts. “Estrella, a former lawmaker himself, said his department is ready to work with Congress on the condonation of loan proposals. The President said an amendment to Section 26 of Republic Act 6657, or the Comprehensive Agrarian Reform Law of 1988, is needed to unburden the farmers from their loans and interests.

For 2023, DAR’s total expenditure program will amount to P15.85 billion or an increase of P5.41 billion from the 2022 level of P10.44 billion.By general expense class for 2023, personal services and maintenance, and other operating expenses account for the bulk of the obligation budget of DAR over the years.

Among the other regions, Region 6 will receive the highest allocation in 2023 with a budget of P941.2 million or 5.9 percent of the total budget. In contrast, Region 1 will have the smallest budget amounting to P254.5 million or a share of 1.6 percent.

Source: Loan Digest (loandigest.net)

 

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