House okays amnesty for farmer loans

The House agrarian reform committee has approved amnesty for unpaid loan interests secured by farmers, fisherfolk and other agrarian reform beneficiaries.

The approval came after the panel approved House Bill 187 or the Agrarian and Agricultural Loan Restructuring and Condonation Act, which provides leniency on unsettled interests, penalties and surcharges on loans availed of by the farmers, fishermen and agrarian reform beneficiaries from the Department of Agrarian Reform, Department of Agriculture, People’s Credit and Finance Corporation, Cooperative Development Authority, National Food Authority and the Quedan and Rural Credit Guarantee Corporation.