Connect with us

Hi, what are you looking for?

News

ARB debt condonation substitute bill approved by House panel

PHILSTAR FILE PHOTO

A SUBSTITUTE bill setting the terms for the condonation of debt taken on by agrarian reform beneficiaries (ARB) was approved in committee on Wednesday.

The substitute measure allows for the condonation of all unpaid amortization and interest, including penalties and surcharges, on loans obtained under the Comprehensive Agrarian Reform Program or other programs.

Beneficiaries are to be relieved of the obligation to compensate landowners, with the government taking on the responsibility via the Agrarian Reform Fund, to be dispensed via the Land Bank of the Philippines.

The estimated cost to the government of the condonation exercise is P58 billion, said Albay Rep. Jose Ma. Clemente S. Salceda during a hearing of the House committee on agrarian reform.

The committee report was forwarded to the ways and means committee, which is chaired by Mr. Salceda, for review of the provisions involving tax.

“Condonation of ARB debt could result in increase in productivity of between 23.8% and 38.3% if productivity-enhancing interventions are increased among the lands condoned,” he said in a statement on Wednesday.

“I commit that the House committee on ways and means will hear the tax provisions, without delay. We will have this on third reading before the end of the month. We will comply with the President’s request that we pass this measure by the end of the year,” Mr. Salceda said.

Agrarian Reform Committee Chairman and Ifugao Rep. Solomon R. Chungalao said such a condonation would allow beneficiaries to mortgage the land 10 years after the law comes into force.

Mr. Chungalao was responding to a proposal by Albay Rep. Edcel C. Lagman to prohibit ARBs from selling property received under the agrarian reform program.

The Comprehensive Agrarian Reform Law of 1988 requires beneficiaries to take on a 30-year mortgage on the land at 6% interest.

In September, President Ferdinand R. Marcos, Jr. ordered one-year moratorium on ARB amortizations. — Matthew Carl L. Montecillo

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

Linesmen fix electric posts in Tondo, Manila. — PHILIPPINE STAR/ RUSSELL PALMA PRESIDENT Ferdinand R. Marcos, Jr. is hoping the Court of Appeals (CA)...

News

Finance Secretary Benjamin E. Diokno answers questions from the media during a press briefing at the New Executive Building, Malacañan Palace, July 6. —...

News

SUBSIDIES extended to government-owned and -controlled corporations (GOCCs) surged to P39.981 billion in October, the Bureau of the Treasury (BTr) said. Budgetary support to...

News

Manila rose six spots to 55th place out of 75 ranked centers in the sixth edition of the Smart Centers Index (SCI) by Long...

News

By Arjay L. Balinbin, Senior Reporter METRO Pacific Tollways Corp. (MPTC) said its unit NLEX Corp. expects to award the Candaba Third Viaduct project,...

News

1 of 3 ARMANI’s diffusion line, Armani Exchange, is trading in its old store look for a new one. During a short introduction to...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.