President Ferdinand 'Bongbong' Marcos Jr. on Friday, July 7, signed into law the legislative measure that condones the billions of unpaid debts of Filipino farmers who are cultivating 1.173 million hectares of agrarian reform lands.

With the signing of Republic Act No. 11953 or the New Agrarian Emancipation Act, 600,000 agrarian reform beneficiaries (ARBs) will be free from ₱57.56 billion unpaid principal loan.

The ₱57.56 billion loan of ARBs, includes amortization, interests, penalties, and other surcharges levied on lands under the Comprehensive Agrarian Reform Program (CARP).

RA 11953 is one of the priority bills mentioned by Marcos, who also sits as the Agriculture Chief, during his first State of the Nation Address (SONA) in July last year.

In his speech at the Heroes Hall in Malacañan Palace, the President said it is the right time for Filipino farmers to be freed from the burden of their billions of unpaid debts.

"This is why, on September 13, 2022, I signed Executive Order No. 4, imposing a one year monitorium on the payment of Amoritaion and Argrian debt of our benefits. I know that the government can and must do more to alleviate the plight of our Argrian Reform Benifericies," he added.

Marcos thanked both House of Representatives and Senate for "heeding the call for social justice for farmers for swiftly enacting the New Agrarian Emancipation Act."

"Tutulungan at susuportahan namin kayo sa inyong bawat hakbang. Let us work together to realize this dream, our dream, as it was my father’s dream to give every Filipino farmer and his or her family, a life beyond mere survival, a life free from want, from hunger, or fear of the future. A life of dignity, abundance and prosperity," the President underscored.

Along with the ceremonial signing, Marcos bestowed 31,000 land titles to 23,000 ARBs.

He was joined by Senate President Juan Miguel 'Migz' Zubiri, House Speaker Martin Romualdez, Agrarian Reform Secretary Conrado Estrella III, and other lawmakers.