Philippines writes off US$1bil in farmer debt to boost food production

MANILA (AFP): Philippine President Ferdinand Marcos on Friday wrote off US$1.04 billion in land-related debt owed by more than half a million farmers, a move aimed at boosting food production.

The "New Agrarian Emancipation Act" he signed into law waived all property-related debt owed by farmers who had been given land on 30-year payment terms under a 1988 land reform programme, but had been unable to pay.