Congress has ratified the bill writing off all unpaid principal loans, including interests, penalties, and surcharges worth some P57 billion incurred by Comprehensive Agrarian Reform Program (CARP) beneficiaries.
This developed after the Senate and the House of Representatives and the Senate approved the bicameral conference committee report on House Bill 6336 and Senate Bill 1850 via voice vote.
Of the P57 billion, the P14.5 billion loan of 263,622 ARBs is outrightly condoned since the names of these ARBs and their loan details were already submitted by the Land Bank of the Philippines to Congress. The bill provides that the condonation of the remaining P43 billion will be processed in the three years.
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