Committee Details
House Counterpart
Legislative History
Entitled: AN ACT PROVIDING FOR THE RESTRUCTURING AND CONDONATION OF UNPAID INTERESTS, PENALTIES, AND SURCHARGES ON LOANS SECURED BY FARMERS, FISHERFOLKS, AND AGRARIAN REFORM BENEFICIARIES FROM THE DEPARTMENT OF AGRARIAN REFORM, THE DEPARTMENT OF AGRICULTURE, THE PEOPLE’S CREDIT AND FINANCE CORPORATION, THE COOPERATIVE DEVELOPMENT AUTHORITY, THE NATIONAL FOOD AUTHORITY, AND THE QUEDAN AND RURAL CREDIT GUARANTEE
CORPORATION[ FIRST REGULAR SESSION, 19TH CONGRESS ] [ 2023 ] Introduced by Representatives FELIMON M. ESPARES, ARNOLFO "ARNIE" JR. A. TEVES, SOLOMON R. CHUNGALAO, FRANCISCO PAULO V P. ORTEGA, LINABELLE RUTH R. VILLARICA, et. al.; Approved on Third Reading by the House of Representatives on January 31, 2023; 2/1/2023 Sent to the Senate requesting for concurrence; 2/14/2023 Read on First Reading and Referred to the Committee on AGRICULTURE, FOOD AND AGRARIAN REFORM;
Senate Legislative History
Entitled: AN ACT PROVIDING FOR THE RESTRUCTURING AND CONDONATION OF UNPAID INTERESTS, PENALTIES, AND SURCHARGES ON LOANS SECURED BY FARMERS, FISHERFOLKS, AND AGRARIAN REFORM BENEFICIARIES FROM THE DEPARTMENT OF AGRARIAN REFORM, THE DEPARTMENT OF AGRICULTURE, THE PEOPLE’S CREDIT AND FINANCE CORPORATION, THE COOPERATIVE DEVELOPMENT AUTHORITY, THE NATIONAL FOOD AUTHORITY, AND THE QUEDAN AND RURAL CREDIT GUARANTEE
CORPORATION[ FIRST REGULAR SESSION, 19TH CONGRESS ] [ 2023 ] Introduced by Representatives FELIMON M. ESPARES, ARNOLFO "ARNIE" JR. A. TEVES, SOLOMON R. CHUNGALAO, FRANCISCO PAULO V P. ORTEGA, LINABELLE RUTH R. VILLARICA, et. al.; Approved on Third Reading by the House of Representatives on January 31, 2023; 2/1/2023 Sent to the Senate requesting for concurrence; 2/14/2023 Read on First Reading and Referred to the Committee on AGRICULTURE, FOOD AND AGRARIAN REFORM;
Abstract
ABSTRACT : Seeks to provide farmers, fisherfolks, and agrarian reform beneficiaries the opportunity to regain access to government and commercial credit facilities through the condonation of unpaid interests, and surcharges on their existing loans obtained through government lending programs. States that condonation shall be limited to cases involving force majeure or market aberration, and shall, in no case be applied to cases resulting from the willful default of the borrower to pay such loans. States further that accumulated payments of not less than 5% of the loan principal shall have been paid at the time of the application for condonation and that, a graduation process shall be granted a one-time condonation only to encourage borrowing discipline and enhance credit worthiness.