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An Act Emancipating Agrarian Reform Beneficiaries from financial burden by condoning all principal loans, unpaid amortizations and interests and exempting payment of Estate Tax on agricultural lands awarded under the Comprehensive Agrarian Reform Program
The New Agrarian Emancipation Act, officially designated as Republic Act No. 11953, is a bill passed by the 19th Congress of the Philippines and signed by President Bongbong Marcos on July 7, 2023. The law frees more than 600,000 farmers from debt. The Act complements the Aquino-era Comprehensive Agrarian Reform Program, which condones farmers with awarded lands from amortizations (managed by Land Bank of the Philippines),[1] including interest and surcharges.[2] About 610,054 agrarian reform beneficiaries (ARBs) tilling 1,173,101.575 hectares (2,898,797.12 acres) of land are seen to benefit from this law.[3][4] The Philippine government will pay the remaining balance of the direct compensation due the landowners under the Voluntary Land Transfer (VLT) or the Direct Payment Scheme (DPS) amounting to ₱206.2 million.[5] The law covers ₱57.56 billion in agrarian arrears.[6]
Philippines
This page was last edited on 20 April 2024, at 07:43