Politics · Philippines Bureau
House approves bill to forgive agricultural loan penalties for farmers
The House of Representatives has given final approval to legislation that would condone unpaid interest, penalties, and surcharges on agricultural loans owed by farmers, fisherfolk, and agrarian reform beneficiaries. The measure passed with overwhelming support on Wednesday.
LSN Philippines ·
House Bill No. 10750 cleared its final reading in the lower chamber with 256 votes in favor and no dissenting votes or abstentions, signaling broad legislative backing for debt relief targeted at the agricultural sector.
The measure seeks to write off accumulated financial obligations on farm loans, potentially providing significant relief to farming communities and coastal fishing communities struggling with accumulated debt burdens. Agrarian reform beneficiaries would also qualify for the debt forgiveness program.
The overwhelming unanimous vote reflects lawmakers' recognition of the financial pressures facing agricultural producers amid volatile commodity prices and production challenges. The bill now advances toward the next stage of the legislative process.
If enacted, the legislation would represent a major policy intervention aimed at alleviating the debt burden on the agricultural sector and supporting rural livelihoods across the country.