MANILA -- The Department of Agrarian Reform (DAR) has issued an administrative order on the creation of a document required to estimate the value of lands awarded to farmer-beneficiaries.
In a statement on Thursday, the DAR said Administrative Order No. 4, Series of 2019, published early April, outlines the procedures in the generation of the Land Distribution and Information Schedule (LDIS), which form part of the prerequisites of the land valuation process.
Under the AO, the lands awarded shall be paid for by the beneficiaries to the Land Bank of the Philippines (LBP) in 30 annual amortizations at 6 percent interest per annum.
"It also provides that the LBP shall have a lien by way of mortgage on the land awarded to the beneficiary and this mortgage shall be foreclosed by the LBP for non-payment of an aggregate of three annual amortizations," the statement added.
The LDIS reflects data for the computation of the amortization that agrarian reform beneficiaries (ARBs) should pay the government.
The new AO sets clear definitions and procedures for filing, monitoring, and reporting of this vital information.
Compensable lands awarded by the government shall be paid by the ARBs over a certain period of time as per Republic Act No. 6657 or the Comprehensive Agrarian Reform Law, as amended, Presidential Decree No. 27, RA No. 3844, as amended by RA No. 6389.
The law also states that the LBP shall have a right to keep possession of the awarded lots until the debt is paid by way of mortgage on the land. This mortgage shall be foreclosed by the LBP for non-payment of an aggregate of three annual amortizations. (PNA)
