Hanoi (VNA) - Philippine President Ferdinand Marcos Jr on July 7 signed into law a reform measure that writes off about 1.04 billion USD of debts owed by more than 600,000 farmers to help them boost production. Speaking at the ceremony, President Marcos said that this is a measure that the government rolls out to help farmers deal with this huge debt. In addition, the government will spend an additional 206 million pesos (3.6 million USD) to compensate landowners who have transferred their properties to others. In 1988, about 4.8 million hectares of land, or 16% of the country's area - was allocated to 3 million farmers who did not own land. President Marcos has underscored the priority of recovering the agricultural sector and making it a growth motivation for the Philippine economy./.

Source: Viet Nam News July 08, 2023 17:59 UTC