The House of Representatives recently approved on third and final reading a pet measure of Negros Oriental 3rd district Rep. Arnie Teves.
The measure, House Bill (HB) No. 2877, intends to provide for the restructuring and condonation of unpaid interests, penalties, and surcharges on loans secured by farmers, fisherfolk and agrarian reform beneficiaries (ARBs) from the Department of Agrarian Reform (DAR), Department of Agriculture (DA), People’s Credit and Finance Corp., Cooperative Development Authority, National Food Authority (NFA), and Quedan and Rural Credit Guarantee Corp.
Also known as the proposed Agrarian and Agricultural Loan Restructuring Act, the bill was passed by the House on third and final reading last Tuesday, Jan. 31.
Teves on Thursday, Feb. 2 said farmers, fishermen, and ARBs and their respective cooperatives or associations have been burdened for a long time due to ballooning interests, penalties, and surcharges to the loans they availed from government agencies.
“The President cares much about the farmers and the fisherfolk and promised to provide them loans and financial assistance to boost production and food security. However, some farmer’s cooperatives might not be able to avail such if they don’t have good credit standing, thus I am pushing for the immediate approval of this measure,” he explained.
“This measure will facilitate reintegration into the financial and banking system of the farmers, fisherfolk and agrarian reform beneficiaries and will give them access to new government credit programs,” he said.
Teves expressed confidence that his proposed measure would also hurdle the Senate without hindrance, while noting for need for immediate support for the overburdened farmers and fisherfolk due to the ballooning interests of their loans .