Marcos asks Congress to craft law condoning debts of agrarian reform beneficiaries
MANILA, Philippines — President Ferdinand “Bongbong” Marcos Jr. on Monday asked Congress to craft a law condoning the loans of agrarian reform beneficiaries.
In his first State of the Nation Address (Sona), Marcos said the proposed measure would condone agrarian reform beneficiaries’ unpaid amortization and interest payments.
This measure will amend Section 26 of Republic Act No. 6657.
“Congress must also pass a law that will emancipate the agrarian reform beneficiaries from the agrarian reform debt burden, thereby amending Section 26 of Republic Act No. 6657,” he said in his speech.
“In this law, the loans of agrarian reform beneficiaries with unpaid amortization and interest shall be condoned. Layunin ng batas na ito na burahin ang hindi mabayarang utang ng ating mga magsasaka na benepisyaryo ng agrarian reform,” Marcos added.
(This law aims to remove the debt of farmers who are agrarian reform beneficiaries.)
He said agrarian reform beneficiaries will also still receive their awarded lands “without any obligation to pay any amortization.”
The President said the condoning of existing laws would cover the amount of P58.125 billion, benefitting 654,000 agrarian reform beneficiaries.
No more lockdowns despite rising COVID cases, Marcos vows
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.