(Eagle News) — President Bongbong Marcos on Friday, July 7, signed the New Agrarian Emancipation Act.
Under Republic Act No. 11953, the amortization of principal payments, interest and penalties on land tilled by agrarian reform beneficiaries (ARBs) are condoned and written off by the government.
Agrarian reform laws require ARBs to pay for the land in annual installments with six percent interest for a maximum period of 30 years.
RA 11953 will benefit 610,054 agrarian reform beneficiaries who are effectively relieved of financial burden amounting to P57,557 billion.
Under the new law, the Department of Agrarian Reform shall also move for the dismissal of all court actions related to the collection of these amounts.
“We cannot overstate the importance of what we have done today, not only for the agrarian reform beneficiaries who have been waiting for some relief for a very, very long time….Everyone seemed to agree that it was time for us to look very closely on the financial situation not of the banks, not of the financing institutions, but of our farmers,” the President said.