On Friday, President Ferdinand “Bongbong” Marcos Jr. signed the New Agrarian Emancipation Act, a new law that aims to support farmers by forgiving the amortization of principal payments, interest, and penalties on land they till.
The law, known as Republic Act No. 11953, will benefit over 610,000 agrarian reform beneficiaries and write off approximately P57.6 billion of their loans.
The law covers a total of 1,173,101.57 hectares of agrarian reform lands.
As part of the new legislation, the Department of Agrarian Reform (DAR) will seek the dismissal of court actions related to the collection of unpaid principal and interests on these agricultural lands.
President Marcos highlighted that genuine agrarian emancipation goes beyond land distribution and requires providing assistance and services to farmers.
He expressed his belief that this law will significantly aid the country’s farmers and contribute to the development of the agriculture sector, ultimately promoting food security in the Philippines.
The signing of the New Agrarian Emancipation Act represents a major milestone in supporting farmers and addressing their financial burdens.
This progressive legislation is expected to pave the way for the farmers’ economic empowerment and contribute to the overall growth and development of the country.
Source: Inside Politico | #InsidePolitico | July 7, 2023