Congress has ratified the invoice writing off all unpaid principal loans, together with pursuits, penalties, and surcharges value some P57 billion incurred by Comprehensive Agrarian Reform Program (CARP) beneficiaries.
This developed after the Senate and the House of Representatives and the Senate accredited the bicameral convention committee report on House Bill 6336 and Senate Bill 1850 by way of voice vote.
The measure covers the condonation of P57.557 billion principal debt of 610,054 agrarian reform beneficiaries (ARB) tilling a complete of 1,173,101.57 hectares of agrarian reform lands, supplied that these ARBs are nonetheless in debt upon the passage of this proposed legislation.
Of the P57 billion, the P14.5 billion mortgage of 263,622 ARBs is outrightly condoned for the reason that names of those ARBs and their mortgage particulars had been already submitted by the Land Bank of the Philippines (LBP) to Congress.
The remaining P43.057 billion principal mortgage of the 346,432 ARBs, alternatively, will probably be condoned upon submission by the LBP and the Department of Agrarian Reform (DAR) of particulars of the mentioned ARBs’ indebtedness to the federal government contained in an inventory of the collective certificates of land possession award (CLOA).
The invoice offers that the condonation of the remaining P43 billion will probably be processed within the three years.
Likewise, the invoice mandates the termination of the execution of a remaining and executory administrative or judicial case determination as a result of failure of an ARB to pay the 30-year amortization plus 6% annual curiosity ensuing within the disqualification of the ARB, the cancellation of the agrarian reform title, the extinguishment of the rights of possession and possession of the awarded land, in addition to the elimination of the particular person from the awarded land or the dismantling of any enhancements discovered therein.
The invoice, nevertheless, disqualifies ARBs for acts and omissions constituting violations of agrarian reform legal guidelines together with willful refusal by the ARB to make the land productive or deliberate neglect, for 2 calendar years. —NB, GMA Intregrated News
Source: www.gmanetwork.com
