Amending R.A. No. 6390 Entitled "An Act to Accelerate the Implementation of the Agrarian Reform Program by Creating an Agrarian Reform Special Account in the General Fund, Providing The Nec
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Amending R.A. No. 6390 Entitled "An Act to Accelerate the Implementation of the Agrarian Reform Program by Creating an Agrarian Reform Special Account in the General Fund, Providing The Nec
Presidential Decree No. 544
August 22, 1974
Case Overview and Summary
Summary of Presidential Decree No. 544Amending Republic Act No. 6390 on Agrarian Reform Financing
- Increases the maximum loan amount that can be granted to agrarian reform beneficiaries (Section 1):
• The total loan amount is determined by the actual need, viability of the project, and borrower's repayment capacity.
• Removes the previous P5,000 maximum loan limit per borrower (Section 16, R.A. 6390).
• Interest rate should not exceed 12% per annum, excluding service fees and other charges.
- Extends the privileges granted to rural banks to other financing institutions (Section 2):
• The Philippine National Bank and other financing institutions can also grant loans under supervised credit to agrarian reform beneficiaries (Section 17-A).
• These institutions can avail of the same privileges as rural banks, including guarantee coverage under the Agricultural Guarantee Fund.
- Repeals, amends, or modifies inconsistent laws (Section 3).
- Immediate effectivity (Section 4).
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Executive Issuances
Presidential Decrees
agrarian reform
financing
loans
rural banks
Philippine National Bank
financing institutions
supervised credit
agrarian reform beneficiaries
maximum loan amount
interest rate
repayment capacity
project viability
Agricultural Guarantee Fund
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Amending R.A. No. 6390 Entitled "An Act to Accelerate the Implementation of the Agrarian Reform Program by Creating an Agrarian Reform Special Account in the General Fund, Providing The Nec
Presidential Decree No. 544
•August 22, 1974
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 544 August 22, 1974
AMENDING RA NO. 6390 ENTITLED "AN ACT TO ACCELERATE THE IMPLEMENTATION OF THE AGRARIAN REFORM PROGRAM BY CREATING AN AGRARIAN REFORM SPECIAL ACCOUNT IN THE GENERAL FUND, PROVIDING THE NECESSARY FUNDS THEREFORE, AND FOR THE OTHER PURPOSES"
WHEREAS, it is the policy of Government to increase food production as well as the income of agrarian reform beneficiaries;
WHEREAS, agrarian reform beneficiaries are now being encouraged to engage in the production of multiple crop and in agricultural projects in order to maximize the utilization of their available land and labor resources;
WHEREAS, rural banks, the Philippine National Bank and other financing institutions operating in rural areas are ideal outlets for the granting under supervised credit of the necessary loans to finance the multiple crops/projects of agrarian reform beneficiaries;
WHEREAS, under supervised credit, the amount of loans granted by rural banks and other financing institutions to their borrowers is determined by the actual needs and viability of the projects to be financed and the...
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Amends
n/a
Amended by
n/a
Tags
Executive Issuances
Presidential Decrees
agrarian reform
financing
loans
rural banks
Philippine National Bank
financing institutions
supervised credit
agrarian reform beneficiaries
maximum loan amount
interest rate
repayment capacity
project viability
Agricultural Guarantee Fund
guarantee coverage
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 544 August 22, 1974
AMENDING RA NO. 6390 ENTITLED "AN ACT TO ACCELERATE THE IMPLEMENTATION OF THE AGRARIAN REFORM PROGRAM BY CREATING AN AGRARIAN REFORM SPECIAL ACCOUNT IN THE GENERAL FUND, PROVIDING THE NECESSARY FUNDS THEREFORE, AND FOR THE OTHER PURPOSES"
WHEREAS, it is the policy of Government to increase food production as well as the income of agrarian reform beneficiaries;
WHEREAS, agrarian reform beneficiaries are now being encouraged to engage in the production of multiple crop and in agricultural projects in order to maximize the utilization of their available land and labor resources;
WHEREAS, rural banks, the Philippine National Bank and other financing institutions operating in rural areas are ideal outlets for the granting under supervised credit of the necessary loans to finance the multiple crops/projects of agrarian reform beneficiaries;
WHEREAS, under supervised credit, the amount of loans granted by rural banks and other financing institutions to their borrowers is determined by the actual needs and viability of the projects to be financed and the...
Login to see full content