DAR: Moratorium on payments by land reforms beneficiaries signed on Marcos’ birthday

President Ferdinand Marcos, Jr. will sign the executive order imposing a moratorium on the payments for the amortization and interest on loans of agrarian reform beneficiaries (ARB) when he turns 65 on September 13.

Agrarian Reform Secretary Conrado Estrella III made the announcement during the department's presentation of its proposed P15-billion budget for 2023 before the House Committee on Appropriations.

"The President is set to sign this on his birthday, September 13. This is what he mentioned in his SONA (State of the Nation Address). I trust the wisdom of the President," Estrella told lawmakers.

"The EO on moratorium on payments for amortization fees and interest on agrarian reform beneficiaries' loans will ease the burden of paying regular amortization and interest payments," Estrella said.

Estrella said many farmers failed to pay their amortization because of the pandemic.

He said that the moratorium on payments would allow farmers to  set aside funds for additional capital for increased yield.

The said moratorium was already included under the Republic Act No. 11469 commonly known as the Bayanihan to Heal as One Act which was legislated to help the government address the COVID-19 situation and its effects.

Estrella reiterated Marcos' call for Congress to pass a law condoning the land amortization fees of ARBs.

"This will free farmers from debts. I have talked to the members of the House and the Senate, and I think they are going to support this," Estrella said.

"With such condonation, they can use their land as an asset, a collateral or a negotiable instrument. This is beneficial especially to those who only got a small portion of land," he added. —NB, GMA News