The Senate and Congress of the Philippines have ratified the bicameral report on the New Agrarian Emancipation Act, which writes off P57.6 billion in unpaid debts of agrarian reform beneficiaries.
This legislation aims to alleviate the burden of farmers and boost agricultural production by forgiving all unpaid amortizations, interests, penalties, and surcharges owed by agrarian reform beneficiaries.
The Land Bank of the Philippines and private landowners will shoulder the certified amount for condonation.
The New Agrarian Emancipation Act is a priority legislative measure presented to President Ferdinand R. Marcos, Jr. to mitigate high inflation.
While agricultural groups and farmers’ organizations have praised the move, critics remain wary of its potential impact on the national budget and possible exploitation by landowners. Despite this, the bill is a significant step towards empowering farmers and promoting equitable access to land and resources in the Philippines.
