12-9-2023 (MANILA) President Ferdinand “Bongbong” Marcos Jr. has given his approval for a two-year extension on payments for land amortization and interest for agrarian reform beneficiaries.
This executive order signed by Marcos extends the agrarian debt moratorium initially sanctioned in September 2022 for an additional two-year period, prolonging the moratorium until September 2025.
The extension of the agrarian debt moratorium will particularly benefit beneficiaries who were not covered by the previous executive order and Republic Act 11593, known as the New Agrarian Emancipation Act, which was enacted in July.
RA 11593 provided relief by condoning a total of P57.65 billion in unpaid amortizations, benefiting over 600,000 farmers cultivating approximately 1.7 million hectares of agrarian reform lands.
Additionally, officials presented the implementing rules and regulations of the new agrarian law on Tuesday.
President Marcos, who also holds the position of agriculture secretary, emphasized the administration’s commitment to improving the lives of farmers, fostering rapid industrialization of farmlands, and promoting sustainable and inclusive growth in rural areas. He stated, “As we chart a path towards a more self-sufficient and equitable Philippines…”
Since his election in 2022, the Philippines has grappled with rising prices of agricultural commodities such as rice, onions, and sugar.
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