The New Agrarian Emancipation Act has been passed by both Houses of Congress and is now up for Bicameral Conference Committee (BICAM) to consolidate House Bill No. 6336 and Senate Bill No. 2850, calling for the condonation of more than Php 115 Billion of unpaid amortizations and interests for payment by 1.8 Million Agrarian Reform Beneficiaries (ARBs), covering 2.3 million hectares of lands awarded to them under the Comprehensive Agrarian Reform Program (CARP).

The sweeping provisions of the new law will result in giving land for free to the landless, with the government shouldering all payments to landowners through the Land Bank of the Philippines, to be sourced from the agrarian reform fund. Even previously awarded lands that were taken back due to non-payments by ARBs will be reconstituted, and all pending cases will be dismissed motu propio by both quasi-judicial and judicial bodies.

Amending pertinent provisions of R.A. 6657 (CARP Law) & R.A. 9700 (CARPER), the new emancipation law will terminate compensation by ARBs to landowners under voluntary land transfers and direct payment schemes and shall be subrogated unto the government and be paid for by the LBP.

Moreover, ARBs who are yet to receive their awarded lands under CARP or other agrarian reform laws shall not be obliged to pay any amortizations. All other private agricultural lands that are covered by CARP shall be distributed at no cost to ARBs.

However, both versions of the proposed law called for a 10-year ban on the sale, mortgage, or conversion of the awarded land from the time of the issuance of a Certificate of Condonation. More importantly, broadened support services shall be extended to ARBs in the attainment of agricultural productivity and resilience, enterprise development, and financial literacy of the ARBs, as well as the needs for sustenance, dwelling, clothing, medical assistance, education, and transportation, among others.

The agrarian reform lands owned by ARBs are exempt from the estate tax. However, this exemption only applies when these lands are considered estates. This estate tax exemption only applies to transfers made from ARBs to their heirs.

ARBs who have completed payment of their amortization schedule and payment of their interest charges for their awarded lands shall be given preference in the giving of credit facilities and support services.