A total of 6,000 Agrarian Reform Beneficiaries (ARBs) in Nueva Ecija have been freed from their land debts, following the government’s distribution of Certificates of Condonation with Release of Mortgage (COCROMs).
The awarding ceremony was led by President Ferdinand R. Marcos Jr. in Palayan City, Nueva Ecija, this Friday.
The President stated that the lives of these 6,000 farmers will now change as the burden of debt has been lifted, giving them the opportunity to recover and start anew.
Under the New Agrarian Emancipation Act, the government, through the Department of Agrarian Reform (DAR), distributed 9,832 COCROMs, which translated into PhP276.7 million worth of condoned loans, covering 10,445.19 hectares of land.
President Marcos emphasized that relieving the farmers of their debts would help them recover from the damage caused by recent calamities that hit the province.
He further expressed his belief that the cancellation of these loans would significantly improve the lives of the beneficiaries, as they would no longer have to worry about amortization payments.