Lawmaker amazed by farmer beneficiaries’ high amortization payments

news national 1 pix 1 august 7 2018Quezon City - Albay Second District Representative Joey S. Salceda was surprised when the Land bank of the Philippines (LBP) Vice-President Alex A. Lorayes proudly announced that the agrarian reform beneficiaries’ (ARBs) amortization payment for the lands awarded by the government registered a high payment rate at 62%.

Lorayes reported this during the House Committee budget hearing when the Department of Agrarian Reform (DAR) presented its 2019 proposed budget held at the House of Representatives last week for the implementation of the Comprehensive Agrarian Reform Program (CARP). 

“This (62% amortization payment rate) is contrary to the perception of many people and this alone should lift the dignity of the farmers and farmer beneficiaries in terms of their financial standing in our community. Marunong pala silang magbayad,” Salceda noted.

The Landbank has so far received a total of 5.6 billion pesos of collection covering a total of 268,000 hectares of agricultural lands.

“As a finance person, it makes me happy to hear such high figures. This is a very good story, which means that land reform is doing great.”

Under the CARP or Republic Act No. 6657, the ARBs are required to pay the agricultural lands awarded to them by the government through the LBP within thirty (30) years amortization period.

Photo: Cong. Joey Salceda with Cong. Michael John “Jack” Duavit (Vice-Chairperson, Committee on Appropriations) during the House Committee budget hearing on the DAR’s 2019 proposed budget.

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