Over half a million farmers stand to benefit from the moratorium on payment of land amortization, according to the Department of Agrarian Reform (DAR).
DAR Secretary Conrado Estrella III said more than 500,000 agrarian reform beneficiaries are expected to benefit from the one-year moratorium on payment of land amortization and the corresponding 6 percent annual interest.
The suspension on payment of amortization and interest covers a combined 1.18 million hectares of agricultural lands awarded to 654,000 farmer-beneficiaries.
“This should be of great help to our beneficiaries because they can make use of the money intended for the payment of annual amortization and interest for farm inputs or other livelihood activities to augment their income,” the DAR chief said.
The one-year moratorium covers “the financial obligation to pay the total cost of the land and the 6-percent interest under Presidential Decree No. 27, series of 1972 or the Operation Land Transfer, as well as the principal value of the 30-year land amortization under Section 26 of the Republic Act No. 6657 or the Comprehensive Agrarian Reform Law.”
Mr. Marcos ordered a year-long moratorium on the annual amortization and interest payments of the farmer-beneficiaries.
Estrella said the executive order was in preparation for another fulfillment of the administration’s commitment to condone the loans of the farmers with unpaid amortization and interest.