Some 3,527 agrarian reform beneficiaries (ARBs) had their debts wiped clean when they were handed the Certificates of Condonation with Release of Mortgage (COCROMs) for the lands they are tilling.
On Monday, President Marcos gave out a total of 4,663 COCROMs to their intended beneficiaries in ceremonies held in Paniqui, Tarlac.
In doing so, the chief executive effectively cancelled farmers’ debt for the lands they received under the Comprehensive Agrarian Reform Program.
Each ARB may receive more than one COCROM, depending on the technical description of their land, it was explained.
“This is equivalent to more than P124 million in amortizations that we are erasing,” Mr. Marcos said during his speech.
The President assured farmers that his administration remains committed to making their financial burdens more manageable.
“We are here and we continue to listen to your needs so you can have a more comfortable and stable future,” he said.
The certificates’ awarding is part of the New Agrarian Emancipation Act, signed into law last year.
The law forgives debts tied to awarded agricultural lands, including amortizations, interest, and surcharges.
Mr. Marcos urged the beneficiaries to make their lands more productive, not only for their own benefit but to strengthen the country’s food security position.
“With these blessings comes the responsibility to cultivate our lands, not just for your own development, but for the progress of the whole Philippines,” he told beneficiaries.
The President also hailed the vital role farmers play in building up domestic food stocks despite extreme weather disturbances and other challenges.
“Accept our gratitude for the crucial role you play in ensuring that every Filipino has enough food,” he said.
