Condonation on farmers' loan payments sought in Congress
August 27, 2013 | 2:26pm
MANILA, Philippines - Two partylist lawmakers are now seeking the condonation on the payment of interests incurred by farmers especially those who suffered production losses caused by typhoons.
Coop-Natcco Representatives. Cresente Paez and Anthony Bravo filed House Bill 280, which provides for the condonation of unpaid interests, penalties and surcharges on loans secured by farmers, fisher folks and agrarian reform beneficiaries.
Paez said the condonation should be on loans from the Department of Agrarian Reform, the People's Credit and Finance Corporation, the Cooperative Development Authority, the National Food Authority and the Quedan and Rural Credit Guarantee Corporation.
Under the bill, the basis for the payment relief shall be limited to force majeure or market aberration and shall, in no case, be applied for the willful default of the borrower to pay such loans.
The measure also provides that the accumulated payments of not less than five percent of the loan principal shall have been paid at the time of application for condonation.
The bill requires that a graduation process shall be followed in line with the plan of payment, such that a borrower shall only be granted a one-time condonation.
It also provides that the condonation of unpaid interests, penalties and surcharges from loans acquired through conduit banks and financial institutions shall be in conformity with the applicable general banking laws and regulations of the Bangko Sentral ng Pilipinas .
Those who may apply for condonation are delinquent farmers, fisher folks or agrarian reform beneficiaries who secured loans via the Credit Assistance Program-Program Beneficiaries Development of the DAR, the Resettlement Loan Assistance Program of the DAR and Cooperative Development Loan Fund of the CDA, among others.
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