Romualdez lauds enactment of agrarian debt relief act
President Ferdinand R. Marcos Jr. signs the New Agrarian Emancipation Act at Malacanang Palace. In attendance are (from left) Senate President Zubiri, Speaker Romualdez, and Agrarian Reform Secretary Estrella III.
MANILA, Philippines–Speaker Ferdinand Martin G. Romualdez praised President Ferdinand R. Marcos Jr. on Friday for signing the New Agrarian Emancipation Act, which will absolve over 610,000 agrarian reform beneficiaries (ARBs) of P57.56 billion in debt.
Romualdez and other lawmakers attended Marcos’ law signing, which aims to ease the burden on farmers working on approximately 1.173 million hectares of land.
“This law is a testament to President Marcos’ commitment to the welfare of our farmers and agricultural development. It offers our farmers a fresh start to increase their productivity and improve their livelihoods,” Romualdez said.
The Act cancels unpaid amortizations of principal debt, including interests and surcharges, for ARBs. Additionally, it prevents the loss of agrarian reform titles due to unpaid amortizations. Land forfeited for the same reason will be returned to the original beneficiaries.
“By condoning these substantial debts, the Act aims to alleviate the burden on our agrarian reform beneficiaries, providing them with a fresh start and a renewed opportunity to enhance their productivity, improve their livelihood, and uplift the quality of their lives,” Romualdez said.
Article continues after this advertisementIn addition to debt forgiveness, the government will assume the obligation to pay the remaining direct compensation balance due to landowners under the Voluntary Land Transfer or the Direct Payment Scheme, involving 10,201 ARBs across 11,531.24 hectares of land, totaling P206.25 million.
Article continues after this advertisementRomualdez views the law as a catalyst for rural development, contributing to national growth and prosperity, and is especially important in light of rising farm input costs and climate change impacts on agriculture.
The New Agrarian Emancipation Act is among the 33 approved bills out of the original 42 priority measures of the Marcos administration.
