Philippines Cancels $1 Billion in Farmers’ Debt to Lift Output
07/07/2023 19:19
Philippine President Ferdinand Marcos Jr. on Friday signed into law an agrarian reform measure that writes off nearly 58 billion pesos ($1.04 billion) of debts owed by farmers to help them boost production.
Farmers transplant rice seedlings in Los Banos, the Philippines.
Photographer: Veejay Villafranca/BloombergPhilippine President Ferdinand Marcos Jr. on Friday signed into law an agrarian reform measure that writes off nearly 58 billion pesos ($1.04 billion) of debts owed by farmers to help them boost production.
The New Agrarian Emancipation Act freed over 600,000 farmers tilling more than 1.7 million hectares of land from land-related arrears, according to a statement from Marcos’s communications office.