Philippines waives farmers debt to boost food output FMTNews FMTBusiness
Plans to revitalise the agriculture sector in response to severe shortages and skyrocketing farm commodities.
The “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 a 1988 land reform programme but had been unable to pay. The writing off of the loans, which were issued by government banks, meant “we are doing everything in order to feed our people”, he added.
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