Marcos to sign EO suspending interest, amortization payments on loans

Marcos to sign EO suspending interest, amortization payments on loans

By Liezelle Soriano

MANILA — Secretary of Agrarian Reform Conrado Estrella III said that an executive order on the suspension of interest and amortization payments on loans to beneficiaries of the agrarian reform will be signed by President Ferdinand “Bongbong” Marcos Jr.

At the hearing of the House Committee on Appropriations related to the proposed 2023 budget of the Department of Agrarian Reform (DAR), Estrella said that this is part of Marcos’ promise in his first State of the Nation Address (SONA).

“If you will remember during the State of the Nation Address, the President said he would be coming up with an executive order calling for a moratorium on the payment of amortization fees and interests of the loans of agrarian reform beneficiaries, the President is set to sign it on his birthday on September 13,” said Estrella.

Estrella added that this will help in the use of farmers and money as capital.

“It will ease the burden of our land reform beneficiaries as they were affected by the ongoing pandemic. I trust the wisdom of the President,” he added.

Marcos is also waiting for a separate law to be approved that will excuse loans for the P58.125 billion agrarian reform, Estrella said.

The policy is anticipated to assist 654,000 beneficiaries of the agricultural reform. (ai/MTVN)

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