QUEZON CITY -- Agrarian Reform Secretary Conrado Estrella III said that more than half a million agrarian reform beneficiaries (ARBs) are expected to benefit from the one-year moratorium on payment of land amortization and the corresponding six-percent annual interest.

Estrella said that the suspension on payment of amortization and interest covers a combined 1.18 million hectares of agricultural lands awarded to 654,000 ARBs.

“This should be of great help to our beneficiaries because they can make use of the money intended for the payment of annual amortization and interest for farm inputs or other livelihood activities to augment their income,” Estrella said.

Estrella said the one-year moratorium covers “the financial obligation to pay the total cost of the land and the six-percent interest under Presidential Decree No. 27, series of 1972 or the ‘Operation Land Transfer,’ as well as the principal value of the 30-year land amortization under Section 26 of the Republic Act No. 6657 or the “Comprehensive Agrarian Reform Law.’”

President Ferdinand “Bongbong” Marcos Jr. declared the moratorium on payment of amortization and interest in his speech during his first State of the Nation Address on July 25, 2022.

“It’s time to give back to the farmers,” Marcos was quoted as saying during the signing of Executive Order No. 4 held last September 13, 2022.

Marcos said a moratorium “will give the farmers the ability to channel their resources into developing their farms, maximizing their capacity to produce and propelling the growth of the economy.” (DAR)