Bill writing off farmers, fisherfolk’s loan interests gets final House nod

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Bill writing off farmers, fisherfolk’s loan interests gets final House nod
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The House of Representatives unanimously passed 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.

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.

Aside from writing off the interests, penalties, and surcharges from loans obtained from under various lending programs of the Department of Agrarian Reform , Department of Agriculture , People’s Credit and Finance Corp., Cooperative Development Authority , National Food Authority , and Quedan and Rural Credit Guarantee Corp., the bill would also give the beneficiaries a clean credit record.

Issued on Oct. 21, 1972, PD No. 27 “emancipated all tenant farmers working on private agricultural lands devoted to rice and corn, whether working on a landed estate or not”. Under the bill, the loans would be restructured and the good credit standing of farmers, fisherfolk and agrarian reform beneficiaries would be restored after the condonation of interests, penalties, and surcharges.

Aside from the DAR, DA, and NFA, loans from cooperatives registered with the CDA are also covered by the bill.

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