THE national government condoned more than P1.467 billion worth of bad and unpaid loans of farmers and agricultural beneficiaries from parts of Mindanao.
President Marcos Jr. yesterday led the distribution of 9,058 certificates of condonation with release of mortgage (COCROM) that covered P527.69 million worth of debt in the regions of Davao (Region XI) and 13,000 COCROM in Soccsksargen (Region XII) that covered P939.1 million in debt.
Marcos, accompanied by Department of Agrarian Reform (DAR) Secretary Conrado Estrella III, in Panabo City in Davao del Norte distributed 672 electronic titles (E-titles) to 465 agrarian reform beneficiaries (ARB) from the provinces of Davao del Norte and Davao del Sur covering 467 hectares, as well as 144 certificates of land ownership award (CLOA) to 142 ARBs from Davao City covering 250 hectares.
DAR aims to complete the distribution of a total of 11,559 COCROMs to 9,158 beneficiaries in Davao Region by the end of the year.
From Panabo, they proceeded to Alabel, Sarangani, where they distributed 1,251 land titles covering 2,174.52 hectares of land in North Cotabato, Sarangani, South Cotabato and Sultan Kudarat, including 1,248 e-titles under the Support to Parcelization of Lands for Individual Titling Project.
The condoning of unpaid loans and outstanding debts resulting in the securing of land ownership by the farmers is covered by Republic Act 11953 or the New Agrarian Emancipation Act, which provides financial relief for the farmers who continue to work tirelessly to sustain the country’s food security.
“In other words, almost P1 billion debt has been condoned including amortization, interest and surcharges owed by our farmers,” Marcos said in Filipino.
He also assured the farmers the government will continue to advance agricultural sustainability and inclusive growth.
