Marcos to order one-year moratorium on land amortization for farmers

President Bongbong Marcos Jr. mentions in his first State of the Nation Address to order a one-year moratorium on land amortization and interest payments for farmers. Screengrab from RTVM live streaming

MANILA, Philippines — President Ferdinand “Bongbong” Marcos Jr. on Monday said he would order a one-year moratorium on land amortization and interest payments to help unburden farmers and help them focus on their productivity.

In his first State of the Nation Address (Sona), Marcos said he intends to issue an executive order for this initiative.

“Ang agrarian reform program ay dapat magpatuloy,  (Agrarian reform must continue) [because] agrarian reform is not only about acquisition but also about support services and distribution,” he said in his speech.

“To assist this, I intend to issue an executive order to impose a one-year moratorium on the payment of land amortization and interest payments,” Marcos added.

Putting a hold on the payment, he said, is included under Republic Act No. 11469 or the  Bayanihan to Heal as One law.

“A moratorium will give the farmers the ability to channel the resources in developing their farms, maximizing their capacity to produce and propel the growth of our economy,” the President said.

Marcos said civil society organizations agree with this move since it will “unburden the farmers of their dues and be able to focus on improving farm productivity.”

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JPV/abc