New law writes off P57-B farmers' debt

by Catherine S. Valente - Janine Alexis Miguel - Javier Joe Ismael

Jul 08, 2023 12:40 am

(UPDATE) PRESIDENT Ferdinand Marcos Jr. on Friday signed a new law that condones over P57 billion worth of loans of more than 600,000 farmers who are agrarian reform beneficiaries (ARBs).

Republic Act (RA) 11953, which writes off 'all principal loans, unpaid amortization and interests, and exempting payment of estate tax on agricultural lands awarded under the Comprehensive Agrarian Reform Program,' was signed in a ceremony in Malacañang.

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