The Land Bank
of the Philippines (LANDBANK) ensures that it will
be working closely with
government partners for
the seamless and immediate implementation of the
new law that frees agrarian reform beneficiaries
(ARBs) nationwide from
agrarian debts, in line with
efforts to boost and modernize the agriculture sector.
The National
Government is writing-off
land amortizations managed by LANDBANK
amounting to P57.74 billion as of 30 June 2023—
effectively relieving over
649,000 ARBs tilling 1.17
million hectares of land
debt.
The condonation
is part of the landmark Republic Act No. 11953 or the
New Agrarian Emancipation Act signed by Philippine President Ferdinand
R. Marcos, Jr. on 7 July
2023.
Of the P57.74 billion, the National Government will condone outright
P14.56 billion in principal
loans of over 263,000
ARBs upon the effectivity
of the law. The Department of Agrarian Reform
(DAR), in coordination
with LANDBANK, will also
expedite the processing of
the remaining P43.17 billion principal loans of over
385,000 ARBs.
“We are proud to
be part of this landmark
initiative of the Marcos Administration to free farmers
from debt and help them
start anew. LANDBANK
will likewise continue to
pour investments and extend support initiatives
for farmers nationwide to
boost their productivity
and income,” said LANDBANK President and CEO
Lynette V. Ortiz.
The New Agrarian Emancipation Act condones all loans, including
interests, penalties, and
surcharges incurred by
ARBs from land awarded
to them under Presidential
Decree 27 (Tenant Emancipation Decree issued in
1972), Republic Act No.
6657 (Comprehensive
Agrarian Reform Law of
1988), and Republic Act
No. 9700 (An Act strengthening the CARP and extending the acquisition and
distribution of agricultural
lands, issued in 2009).
The DAR will
issue the implementing
rules and regulations of
the new law, in coordination with the Presidential
Agrarian Reform Council Executive Committee
(PARC ExCom) and with
the technical expertise
of LANDBANK, within 60
days from the issuance of
the Act.
For his part,
Agrarian Reform Secretary and LANDBANK
Board Member Conrado
M. Estrella III lauded Congress for the immediate
passage of the law, and
expressed gratitude to
LANDBANK for its consistent support to ARBs over
the years.
“Nagpapas –
alamat din po kami sa mga
taga-LANDBANK sapagkat sila po ay very active
na nagbibigay po ng credit
assistance sa ating mga
ARBs,” he said.
LANDBANK has
extended P2.7 billion in
loans to 2,356 individual
ARBs and 469 ARB cooperatives and farmers’
associations nationwide.
Apart from credit assistance, LANDBANK also
provides financial literacy
and capability-building
seminars to make sure
borrowers are equipped
with basic financial knowledge to manage their finances and b
