Providing That Land Transfer Certificates Issued Pursuant To Presidential Decree No. 27 Shall Be Accepted By Financing Institutions As Collateral For Loans

MALACAÑANG
M a n i l a

PRESIDENTIAL DECREE No. 315 October 22, 1973

PROVIDING THAT LAND TRANSFER CERTIFICATES ISSUED PURSUANT TO PRESIDENTIAL DECREE NO. 27 SHALL BE ACCEPTED BY FINANCING INSTITUTIONS AS COLLATERAL FOR LOANS

WHEREAS, under Presidential Decree No. 27 Land Transfer Certificates are issued to tenant-farmers in agricultural lands primarily devoted to the production of rice and corn found qualified to acquire the land tilled by them;

WHEREAS, under the Presidential Decree No. 266 these Land Transfer Certificates are registerable as valid evidences of ownership.

WHEREAS, these tenant-farmers need financial assistance and one measure of providing them assistance is to provide that Land Transfer Certificates shall be accepted by financing Institutions as collateral for loans;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution as Commander-in-Chief of 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...

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Summary of Presidential Decree No. 315

Acceptance of Land Transfer Certificates as Collateral for Loans
- All financing institutions shall accept as collateral for loans a duly registered Land Transfer Certificate issued by the Department of Agrarian Reform to tenant-farmers. (Section 1)
- The loan amount shall be not less than 60% of the value of the farmholding as determined under Presidential Decree No. 27. (Section 1)
- The loans shall be guaranteed by the Guarantee Fund established by the Samahang Nayon (Barrio Association) in which the tenant-farmer is a member. (Section 1)
- The loans obtained shall be used for the improvement or development of the tenant-farmer's farmholding, establishment of facilities for enhancing production or marketing of agricultural products, or increasing farm income. (Section 1)
- All inconsistent laws, decrees, executive orders, rules, and regulations are repealed, amended, or modified accordingly. (Section 2)