Marcos extends moratorium on farmers' debt payments for two years
MANILA, Philippines — President Ferdinand “Bongbong” Marcos Jr. on Tuesday approved a two-year moratorium on payments for land amortization and interest of agrarian reform beneficiaries.
Marcos signed an executive order extending the agrarian debt moratorium that he had previously approved in September 2022 for an additional two-year period. The EO extended the moratorium until September 2025.
The extension of the agrarian debt moratorium is set to benefit beneficiaries who were not covered by the previous EO and the Republic Act 11593 or the New Agrarian Emancipation Act, which was approved in July.
RA 11593 condoned a total of P57.65 billion of unpaid amortizations, benefiting more than 600,000 farmers tilling around 1.7 million hectares of agrarian reform lands.
Officials also presented on Tuesday the implementing rules and regulations of the new agrarian law.
“As we chart a path towards a more self-sufficient and equitable Philippines, this administration reaffirms its commitment to enrich the lives of our farmers, ensure the rapid industrialization of our farmlands, and promote sustainable and inclusive growth in our countryside,” Marcos, who is also the agriculture secretary, said in a speech.
After his election in 2022, the Philippines was wracked with soaring prices of farm commodities such as rice, onions and sugar. — Gaea Katreena Cabico
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