President Ferdinand R. Marcos, Jr. signs the New Agrarian Emancipation Act which condones P57. 56 billion in debt of 610,054 agrarian reform beneficiaries (ARBs) tilling 1.173 million hectares of land Friday morning at Malacanang Palace. Witnessing the historic event are Speaker Ferdinand Martin G. Romualdez, Senate President Juan Miguel "Migz" Zubiri and Agrarian Reform Secretary Conrado Estrella lll.
SPEAKER Ferdinand Martin G. Romualdez on Friday lauded President Ferdinand R. Marcos, Jr. for signing the New Agrarian Emancipation Act which frees more than half a million beneficiaries of the Comprehensive Agrarian Reform Program (CARP) from the shackles of indebtedness.
Romualdez, accompanied by several lawmakers from the House of Representatives, was among the government officials who witnessed Pres. Marcos sign the law that condones P57. 56 billion in debt of 610, 054 agrarian reform beneficiaries (ARBs) tilling 1.173 million hectares of land.
“The groundbreaking legislation is a testament to President Marcos’ unwavering commitment to the welfare of our farmers and the promotion of agricultural development,” Romualdez said.
“By condoning these substantial debts, the Act aims to alleviate the burden on our agrarian reform beneficiaries, providing them with a fresh start and a renewed opportunity to enhance their productivity, improve their livelihood, and uplift the quality of their lives,” he added.
Under existing laws, ARBs are required to pay for the land awarded to them in annual installments with 6% interest for a maximum period of 30 years. The measure condones all the unpaid amortizations of the principal debt, including interests and surcharges.
The measure also stops the execution of a final and executory administrative or judicial ruling solely due to the failure of an ARB to pay the amortization and interest that would disqualify him, and result in the cancellation of his agrarian reform title.
Agrarian reform lands forfeited solely due to the same reason shall be restored to the original beneficiaries.
“Hindi na maaagaw sa mga magsasaka natin ang 1.1 milyong ektarya ng lupa na sinasaka nila ngayon. Ligtas na sila sa pagbabayad ng utang at interes na nagpahirap sa kanila sa maraming taon . Magagamit na nila ang pera nila sa pagpapalago ng ani at kita para sa kanilang pamilya,” the Speaker explained.
The government will also assume the obligation of 10,201 ARBs tilling 11,531.24 hectares of land to pay the remaining balance of the direct compensation due the concerned landowners under the Voluntary Land Transfer or the Direct Payment Scheme amounting to P206, 247,776.41 million.
Romualdez is confident that the new law will serve as a catalyst for rural development and contribute to the overall growth and prosperity of our nation.
“When our farmers are freed from the burden of debt, they would be able to invest more in their land and improve their productivity. This can lead to better yields and profits, which can help improve the lives of our farmers and their families,” the Speaker said.
