The House of Representatives just lately authorized on third and closing studying a pet measure of Negros Oriental third district Rep. Arnie Teves.
The measure, House Invoice (HB) No. 2877, intends to supply for the restructuring and condonation of unpaid pursuits, penalties, and surcharges on loans secured by farmers, fisherfolk and agrarian reform beneficiaries (ARBs) from the Division of Agrarian Reform (DAR), Division of Agriculture (DA), Individuals’s Credit score and Finance Corp., Cooperative Improvement Authority, Nationwide Meals Authority (NFA), and Quedan and Rural Credit score Assure Corp.
Also referred to as the proposed Agrarian and Agricultural Mortgage Restructuring Act, the invoice was handed by the House on third and closing studying final Tuesday, Jan. 31.
Teves on Thursday, Feb. 2 stated farmers, fishermen, and ARBs and their respective cooperatives or associations have been burdened for a very long time resulting from ballooning pursuits, penalties, and surcharges to the loans they availed from authorities companies.
“The President cares much about the farmers and the fisherfolk and promised to provide them loans and financial assistance to boost production and food security. However, some farmer’s cooperatives might not be able to avail such if they don’t have good credit standing, thus I am pushing for the immediate approval of this measure,” he defined.
“This measure will facilitate reintegration into the financial and banking system of the farmers, fisherfolk and agrarian reform beneficiaries and will give them access to new government credit programs,” he stated.
Teves expressed confidence that his proposed measure would additionally hurdle the Senate with out hindrance, whereas noting for want for speedy help for the overburdened farmers and fisherfolk as a result of ballooning pursuits of their loans .
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