Philippines writes off US$1 billion in farmer debt to boost food production
Farmers harvesting onions at a farm in Bongabon, Nueva Ecija province January 17, 2023. The Philippine government has written off US$1.04 billion in land-related debt owed by more than half a million farmers, a move aimed at boosting food production. – AFP pic, July 8, 2023.
PHILIPPINE President Ferdinand Marcos yesterday wrote off US$1.04 billion in land-related debt owed by more than half a million farmers, a move aimed at boosting food production. 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.
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