The proposed bill which writes off P57 billion of agrarian reform beneficiaries' loans translates to P49,000 condoned per hectare on average and is necessary for food security, House Deputy Speaker Ralph Recto said Monday.
The proposed bill which writes off P57 billion of agrarian reform beneficiaries' loans translates to P49,000 condoned per hectare on average and is necessary for food security, House Deputy Speaker Ralph Recto said Monday.which covers the condonation of 610,054 agrarian reform beneficiaries' principal debt
The remaining P43.057 billion amounting to the principal loans of 346,432 ARBs, on the other hand, will be condoned upon submission by LandBank and the Department of Agrarian Reform of details of these ARBs’ indebtedness to the government contained in a list of the collective certificates of land ownership award .
Recto then said that while letting go of P57.5 billion of loans may seem big, it actually does not cost much if you break it down per hectare and per farmer compared with other expenditures.
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