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Advocates Philippines
Debt Condonation Bill To Boost Productivity And Livelihood Of Farmers - Speaker Romualdez
Photo credit: House of Representatives
Manila, Philippines - Speaker Ferdinand Martin G. Romualdez expressed optimism as the long-awaited signing into law of a measure that condones billions of pesos of debt for agrarian reform beneficiaries draws near. He believes that this legislation will significantly contribute to the improvement of farmers' productivity and income.
The bill, known as House Bill (HB) No. 6336, was approved by the House of Representatives on December 12, 2022. Its counterpart measure was subsequently approved by the Senate on March 6, 2023. Now, it awaits the signature of President Ferdinand "Bongbong" R. Marcos, Jr.
The legislation to condone the unpaid debts of agrarian reform beneficiaries is one of the 31 bills the House has approved thus far, out of the 42 priority measures identified by President Marcos through the Legislative-Executive Advisory Council (LEDAC).
Speaker Romualdez emphasized the potential benefits this bill could bring to the country's farmers, saying, "When our farmers are freed from the burden of debt, they would be able to invest more in their land and improve their productivity. This can lead to better yields and profits, which can help improve the lives of our farmers and their families."
He further highlighted the significance of this relief, especially in light of the challenges posed by rising farm input prices, particularly fertilizers, and the adverse effects of climate change on the agriculture sector.
Under the bill, a total of P57.557 billion in principal debt owed by 610,054 agrarian reform beneficiaries will be condoned. These beneficiaries are cultivating a combined area of 1,173,101.57 hectares of agrarian reform lands.
Additionally, the legislation halts the execution of a final and executory administrative or judicial ruling resulting from an ARB's failure to pay the 30-year amortization plus 6% annual interest. This provision aims to prevent the disqualification of beneficiaries and the subsequent cancellation of their agrarian reform titles.
Speaker Romualdez emphasized that this measure would complement the various programs and assistance provided by the Department of Agriculture (DA) to uplift the lives of farmers. He stressed the importance of supporting farmers to promote increased productivity and achieve food security, and assured that the House of Representatives would continue exploring avenues to revitalize the agriculture sector.
Furthermore, Speaker Romualdez highlighted the House's efforts in wielding its oversight powers to assist President Marcos, who also serves as the Secretary of the Department of Agriculture, in ensuring the sector's order and progress.
Last December, when onion prices skyrocketed to over P700 per kilo, Speaker Romualdez called for a congressional investigation to address the issue and protect consumers from exploitation by a cartel controlling supply and manipulating prices. He urged the National Bureau of Investigation, the Philippine Competition Commission, and the DA to collaborate and use the leads obtained from the hearings to build a strong case against the onion cartel.
With the imminent signing of the debt condonation bill, Speaker Romualdez remains hopeful that it will be a crucial step toward empowering farmers, strengthening the agricultural sector, and improving the livelihoods of the country's agrarian reform beneficiaries.
The bill, known as House Bill (HB) No. 6336, was approved by the House of Representatives on December 12, 2022. Its counterpart measure was subsequently approved by the Senate on March 6, 2023. Now, it awaits the signature of President Ferdinand "Bongbong" R. Marcos, Jr.
The legislation to condone the unpaid debts of agrarian reform beneficiaries is one of the 31 bills the House has approved thus far, out of the 42 priority measures identified by President Marcos through the Legislative-Executive Advisory Council (LEDAC).
Speaker Romualdez emphasized the potential benefits this bill could bring to the country's farmers, saying, "When our farmers are freed from the burden of debt, they would be able to invest more in their land and improve their productivity. This can lead to better yields and profits, which can help improve the lives of our farmers and their families."
He further highlighted the significance of this relief, especially in light of the challenges posed by rising farm input prices, particularly fertilizers, and the adverse effects of climate change on the agriculture sector.
Under the bill, a total of P57.557 billion in principal debt owed by 610,054 agrarian reform beneficiaries will be condoned. These beneficiaries are cultivating a combined area of 1,173,101.57 hectares of agrarian reform lands.
Additionally, the legislation halts the execution of a final and executory administrative or judicial ruling resulting from an ARB's failure to pay the 30-year amortization plus 6% annual interest. This provision aims to prevent the disqualification of beneficiaries and the subsequent cancellation of their agrarian reform titles.
Speaker Romualdez emphasized that this measure would complement the various programs and assistance provided by the Department of Agriculture (DA) to uplift the lives of farmers. He stressed the importance of supporting farmers to promote increased productivity and achieve food security, and assured that the House of Representatives would continue exploring avenues to revitalize the agriculture sector.
Furthermore, Speaker Romualdez highlighted the House's efforts in wielding its oversight powers to assist President Marcos, who also serves as the Secretary of the Department of Agriculture, in ensuring the sector's order and progress.
Last December, when onion prices skyrocketed to over P700 per kilo, Speaker Romualdez called for a congressional investigation to address the issue and protect consumers from exploitation by a cartel controlling supply and manipulating prices. He urged the National Bureau of Investigation, the Philippine Competition Commission, and the DA to collaborate and use the leads obtained from the hearings to build a strong case against the onion cartel.
With the imminent signing of the debt condonation bill, Speaker Romualdez remains hopeful that it will be a crucial step toward empowering farmers, strengthening the agricultural sector, and improving the livelihoods of the country's agrarian reform beneficiaries.
May 27, 2023
