LOAN CONDONATION FOR AGRARIAN REFORM BENEFICIARIES | RA 11953

Agrarian Reform Beneficiaries; ARB; Agrarian Reform Law; Agrarian Reform Program; Comprehensive Agrarian Reform Law; RA 6657; CARPER Law; RA 9700; PD 27; Emancipation Patent; CLOA; Certificate of Land Ownership Award; Annual Amortization; Department of Agrarian Reform; Land Bank of the Philippines; just compensation; Voluntary Land Transfer; Direct Payment Scheme; Agrarian Reform Coverage; An Act Emancipating Agrarian Reform Beneficiaries from financial burden by condoning all principal loans, unpaid amortizations and interests and exempting payment of Estate Tax on agricultural lands awarded under the Comprehensive Agrarian Reform Program.  Agrarian reform beneficiaries (ARBs) are farmers or farmworkers awarded lands under Presidential Decree No. 27 (PD 27), Republic Act No. 6657 (RA 6657), as amended, and Republic Act No. 9700 (RA 9700).  The present agrarian reform laws require agrarian reform beneficiaries (ARBs) to pay for the land awarded to them in annual installments with 6% interest for a maximum period of thirty (30) years. Now, RA No.11953 condones all the unpaid amortizations of the principal debt, including interest and surcharges, if any, incurred by ARBs. A total of P 57.56 Billion of unpaid principal debt will be condoned to benefit 610,054 ARBs tilling 1.173 million hectares of land.

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