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New Agrarian Emancipation Act

New Agrarian Emancipation Act
Congress of the Philippines
  • 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
CitationRepublic Act No. 11953
Territorial extent Philippines
Enacted byHouse of Representatives of the Philippines
Enacted bySenate of the Philippines
Signed byPresident Bongbong Marcos
SignedJuly 7, 2023
Status: In force

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]

The first-ever distribution of Certificates of Condonation with Release of Mortgage (COCROM) was held in Lingayen, Pangasinan on July 19, 2024, almost one year after the condonation law took effect.[7]

See also

References

  1. ^ Macapagal, Jed (July 13, 2023). "Govt to expedite processing of P43B agrarian reform loans". Malaya Business Insight. Retrieved July 15, 2023.
  2. ^ "Marcos enacts debt forgiveness law for 610k farmers". Philstar.com. July 7, 2023. Retrieved July 7, 2023.
  3. ^ Manahan, Job (July 7, 2023). "Marcos signs law condoning P57-billion debt of agrarian reform beneficiaries". news.abs-cbn.com. ABS-CBN News. Retrieved July 7, 2023.
  4. ^ Crisostomo, Sheila (July 9, 2023). "New Agrarian Emancipation law hailed". The Philippine Star. Retrieved July 15, 2023.
  5. ^ Bajo, Anna Felicia (July 7, 2023). "Marcos signs New Agrarian Emancipation Act". GMANetwork.com. GMA News Online. Retrieved July 7, 2023.
  6. ^ Gita-Carlos, Ruth Abbey (July 7, 2023). "PBBM signs New Agrarian Emancipation Bill into law". pna.gov.ph. Philippine News Agency. Retrieved July 7, 2023.
  7. ^ "DAR Conducts Historic Distribution of Certificates of Condonation in Pangasinan". Department of Agrarian Reform. July 20, 2024. Retrieved 2024-07-24.
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