Debt moratorium

President Ferdinand Marcos Jr. (center) signs an executive order imposing a one-year moratorium on payments for land amortization and interests of agrarian reform beneficiaries at Malacañang Palace. Witnessing the event are (from left) Land Bank of the Philippines executive vice president Alex Lorayes, LandBank president and chief executive Cecilia Borromeo, Senator Maria Imelda Marcos and Agrarian Reform Secretary Conrado Estrella III. Land Bank welcomed the imposition of the year-long moratorium to provide financial relief to over 650,000 ARBs, whose income were adversely affected by the pandemic.