PRESIDENT Ferdinand Marcos Jr. on Friday signed into law the New Agrarian Emancipation Act, which will condone over P57-billion worth of loans of more than 600,000 agrarian reform beneficiaries (ARBs). READ HERE:
The President signed Republic Act 11953 or 'an act emancipating agrarian reform beneficiaries from financial burden by condoning all principal loans, unpaid amortization and interests and exempting payment of estate tax on agricultural lands awarded under the Comprehensive Agrarian Reform Program' in a ceremony in Malacañang.
The new law condones all the unpaid amortizations of the principal debt, including interest and surcharges, if any, incurred by ARBs.A total of P57.56 billion unpaid principal debt will be condoned to benefit 610,054 ARBs tilling 1.173 million hectares of land.The government will also assume the obligation of 10,201 ARBs tilling 11,531.
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