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Manila Bulletin devider Philippines devider National devider Marcos condones over 64,000 ARBs from paying P3-B mortgages

Marcos condones over 64,000 ARBs from paying P3-B mortgages

Published Jul 19, 2024 09:55 am

At A Glance

  • Of the 64,241 ARBs, Marcos said 3,558 from the Ilocos region would be exempted from paying P50.56 million in debt, while 60,683 in the Cordillera, Cagayan Valley, and Central Luzon regions would no longer have to pay their debt amounting to P3.175 billion.

The Marcos government has spared 64,241 agrarian reform beneficiaries (ARBs) in the regions of Ilocos, Cordillera, Cagayan Valley, and Central Luzon from paying over P3 billion in mortgages following the signing of the Certificates of Condonation with Release of Mortgage (COCROM) on Friday.

President Ferdinand 'Bongbong' Marcos Jr. (Malacañang photo)
President Ferdinand 'Bongbong' Marcos Jr. (Malacañang photo)

In a speech during the distribution of government assistance in Pangasinan, President Marcos said the move fulfilled his promise to needy farmers.

"Ang mga [certificates] na ito ay simbolo ng katuparan ng ating pangako na buburahin natin ang pagkakautang ng ating mga Agrarian Reform Beneficiaries dito sa Region 1 (These certificates symbolize the fulfillment of my promise to erase the debts of our ARBs here in Region 1),” he said on Friday, July 19.

Of the 64,241 ARBs, Marcos said 3,558 from the Ilocos region would be exempted from paying P50.56 million in debt, while 60,683 in the Cordillera, Cagayan Valley, and Central Luzon regions would no longer have to pay their debt amounting to P3.175 billion.

“Ito ay isang mahalagang hakbang-pasulong sa ating paglalakbay tungo sa hustisyang agraryo (This is an important step towards agrarian justice)," the President said.

"Kaisa ninyo kami sa inyong mga hangarin, at kami ay tapat sa pangakong susuportahan at palakasin kayo sa bawat hakbang ng inyong paglalakbay (We are one with your dreams and we are committed to our promise to support and boost you in every step of the way),” he added.

The Department of Agrarian Reform (DAR) led the distribution of the certificates. It was the first time for DAR to distribute COCROMs.

Republic Act 11953 or the New Agrarian Emancipation Act condones all unpaid outstanding loans, amortizations, interests, penalties, and surcharges associated with the allocation of lands under the Comprehensive Agrarian Reform Program (CARP).

Related Tags

Bongbong Marcos Agrarian Reform Beneficiaries (ARBs) President Marcos
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