Amending Presidential Decree No. 27 DatedOctober 21, 1972, Entitled, "Decreeing The Emancipation Of Tenant From The Bondage Of The Soil Transferring To Them The Ownership Of The Land They T

MALACAÑANG
M a n i l a

PRESIDENTIAL DECREE No. 57 November 19, 1972

AMENDING PRESIDENTIAL DECREE NO. 27 DATED OCTOBER 21, 1972, ENTITLED, "DECREEING THE EMANCIPATION OF TENANT FROM THE BONDAGE OF THE SOIL TRANSFERRING TO THEM THE OWNERSHIP OF THE LAND THEY TILL AND PROVIDING THE INSTRUMENTS AND MECHANISM THEREFOR."

I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution as Commander-in-Chief of all the Armed Forces of the Philippines, and pursuant to Proclamation No. 1081, dated September 21, 1972, and General Order No. 1, dated September 22, 1972 as amended, do hereby order, decree and make as part of the laws of the land the following measures:

Section 1. To further accelerate the attainment of the objective set forth in the Presidential Decree No. 27, the following provisions are hereby incorporated, to wit;

1. The landowner shall be exempt from the capital gains tax on the proceeds of the amortizations paid him by the tenant-purchaser and likewise from income tax due on...

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Summary of Presidential Decree No. 57

Provisions to Accelerate the Emancipation of Tenants from the Bondage of the Soil

- Landowner Exemptions (Section 1.1):
    - Exempt from capital gains tax on proceeds of amortizations paid by tenant-purchaser.
    - Exempt from income tax on securing interests paid as addition to total cost of land.

- Financial Institution Participation (Section 1.2):
    - Rural banks and other financial institutions required to provide funds for loans/credits to tenants and farmers cooperatives.
    - Consistent with implementation of supervised credit program.

- Agricultural Guarantee Fund Coverage (Section 1.3):
    - Guarantee coverage extended to participating financial institutions under same terms and conditions as rural banking system.

- Integration of Existing Agricultural Guarantee Loan Funds (Section 1.4):
    - Existing agricultural guarantee loan funds contributed/funded by government agencies shall be integrated into the Agricultural Guarantee Fund.
    - Governed by rules and regulations of the Agricultural Guarantee Fund Board established under Section 13 of Republic Act 6390.