Sen. Cynthia Villar expressed confidence that President Ferdinand Marcos Jr. will prioritize the signing into law of a bill condoning loans of farmers and agrarian reform beneficiaries .
The bill, which was already passed by both houses of Congress, emanated from Villar’s committee in the Senate. It proposes to condone all principal and interests of loans from the award of agricultural lands under the Comprehensive Agrarian Reform Program. Once enacted into law, ₱57.5 billion principal debt of 610,054 ARBs, tilling a total of 1,173,101.57 hectares of agrarian reform lands would be written off. The principal loan of ₱14.5 billion, including interests, penalties and surcharges of 263,622 ARBs, tilling 409,206.91 hectares of agrarian reform lands, whose names and other loan details were already submitted by the Land Bank of the Philippines to Congress, shall be condoned outright.
Also, under the bill, all cases related to the nonpayment of loans of ARBs with the DAR shall be dismissed motu proprio and that ARBs will be exempted from payment of estate tax. It also mandates the inclusion of ARBs to the Department of Agriculture’s Registry System for Basic Sectors in Agriculture, and will be provided with all support services for farmers.
Source: Law Daily Report (lawdailyreport.net)
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