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Ph writes off US$1 B farmer debt
By Nidz Godino
"We know these farmers do not have means to pay this huge debt…so putting it under government's tab is right thing to do," Philippine President Ferdinand Marcos Jr. at signing ceremony at presidential palace. wrote off $1.04 billion in land-related debt owed by more than half million farmers, move aimed at boosting food production.
"New Agrarian Emancipation Act" he signed into law waived all property-related debt owed by farmers who had been given land on 30-year payment terms under 1988 land reform programme, but had been unable to pay.
Writing off of loans, issued by government banks, meant "we are doing everything in order to feed our people", he stressed.
Under law passed about year after FMJ's father and namesake was toppled in bloodless "People Power" revolt in 1986, about 4.8 million hectares (11.9 million acres) of plots were distributed to almost three million landless farmers.
Total was equivalent to 16 percent of country's land area.
Congress passed new legislation because nearly 1.2 million hectares of redistributed farmland had gone unpaid for, with farm sector's contribution to country's economic output shrinking.
Write-off will benefit more than 610,000 land reform beneficiaries but will cost government 57.65 billion pesos ($1.04 billion), FMJ said.
Government will spend another 206 million pesos to compensate landowners whose properties were transferred to tenants, he added.
"We need to revitalize agriculture sector," said FMJ, who is also agriculture minister.
After his election last year, archipelago nation was wracked with shortages and soaring prices of farm commodities, including onions and sugar, while imports of rice, a food staple, also surged.
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