Marginalized farmers and fisherfolk stand to get financial relief from the government to settle their unpaid loans through a bill passed on third and final reading by the House of Representatives.
Speaker Martin G. Romualdez on Tuesday called for closer economic ties with the United States (US) to capitalize on the Philippines’ record-breaking economic growth in 2022 amid a gloomy global outlook. Romualdez made the call following a luncheon caucus of the US-Philippines Society – whose membership includes top US business…
The House of Representatives unanimously passed on third and final reading Tuesday, Jan. 31 a bill that would condone unpaid loan interests, penalties, and surcharges incurred by farmers, fisherfolk, and other agrarian reform beneficiaries from government-led lending agencies.
(File photo/MA
MANILA - The House of Representatives on Tuesday approved on third and final reading a bill condoning unpaid interests, penalties and surcharges on loans obtained by farmers, fisherfolk and agrarian reform beneficiaries from government agencies. House Bill 5702, or the "Agrarian and Agricultural Loan Restructuring and Condonation Act" was passed with 271 votes, no negative votes and no abstentions. The bill mandates the one-time condonation of unpaid interests, penalties and surcharges of agricultural and agrarian loans secured by farmers, fisherfolk and agrarian reform beneficiaries from the Department of Agrarian Reform (DAR), Department of Agriculture (DA), People's Credit and Finance Corporation (PCFC), Cooperative Development Authority (CDA), National Food Authority (NFA), and the Quedan and Rural Credit Guarantee Corporation (QUEDANCOR) prior to the effectivity of the measure. Also covered are cooperatives registered with the CDA, and farmers' and agrarian refor
MANILA - A measure proposing a one-time condonation of unpaid loan penalties and interests owed by farmers, fisherfolk and agrarian reform beneficiaries from various government agencies has hurdled second reading at the House of Representatives. During Tuesday's plenary session, the chamber approved through voice voting House Bill 5702, or the proposed Agrarian and Agricultural Loan Restructuring and Condonation Act. The bill aims to facilitate the reintegration into the financial and banking system of farmers, fisherfolks and agrarian reform beneficiaries who have unpaid loans and thus enabling them to avail of other credit facilities. Under the measure, all unpaid interests, penalties and surcharges of agricultural and agrarian loans secured by farmers, fisherfolk, agrarian reform beneficiaries, Cooperative Development Authority (CDA), CDA-registered cooperatives, agrarian reform beneficiary organizations and farmer organizations from the Department of Agriculture, Department of