← President Ferdinand Marcos (1961-1965)
1. Pre-Martial Law (First term, 1965-69)
➢ The Agricultural Land Reform Code continued to be implemented by Marcos.
➢ Second term (1969-73)
- Congress amended the Agricultural Land Reform Code
❖ Agrarian Reform Special Fund Act (R.A. No. 6390) was passed.
AN ACT TO ACCELERATE THE IMPLEMENTATION OF THE AGRARIAN REFORM PROGRAM BY CREATING AN AGRARIAN REFORM SPECIAL ACCOUNT IN THE GENERAL FUND, PROVIDING THE NECESSARY FUNDS THEREFOR, AND FOR OTHER PURPOSES Section 1. Purpose. - It is hereby declared to be the purpose of this Act to accelerate the attainment of the objectives set forth in Republic Act Numbered Three thousand eight hundred and forty-four, otherwise known as the Agricultural Land Reform Code, as amended, by providing an immediate source of funds to finance the Agrarian Reform Program of the government, transferring certain assets of the National Government to augment the capital base of the Land Bank, involving the active participation of rural banks in a program of supervised credit by creating an Agricultural Guarantee Fund, providing counterpart funds for existing and new rural banks and prescribing certain requirements and conditions to stimulate the continuous establishment of cooperatives among those who actually till and work upon the land. Section 2. Creation of Agrarian Reform Special Account in the General Fund. - To carry out the purpose of this Act, there is hereby created in the General Fund an Agrarian Reform Special Account, hereinafter referred to as the Account, which shall be used exclusively to finance the Agrarian Reform Program of the government. Section 3. Financial Source of the Account. - The Account shall be constituted out of a portion of the proceeds of the stabilization tax collected under Republic Act Numbered Six thousand one hundred twenty-five, as amended in Section four of this Act. Section 4. Section four of Republic Act Numbered Sixty-one hundred and twenty-five is hereby amended to read as follows: ➢ "Sec. 4. The sum of fifty million pesos shall be taken annually out of the proceeds of the levy under this Act which shall accrue to and form part of the Agrarian Reform Special Account in the General Fund: Provided, however, That the balance of such proceeds shall be used as follows: ➢ "(a) Fifty per centum of the balance of the said collection shall be deposited with the Central Bank in a Special Account which shall be used exclusively for (1) servicing domestic and foreign debts of the National Government, (2) retiring the existing debts of the National Government held by the Central Bank which includes treasury notes, government bills or certificates, securities and bonds, and (3) amortizing the existing budgetary deficit under the general fund: Provided, however, That no portion of this amount shall be applied to the payment of the subsequent overdraft of the National Government; ➢ "(b) Twenty-five per centum of the same balance of the collection shall be deposited with the Central Bank in a Special Account which shall provide for (1) the counterpart requirements of projects financed by the Asian Development Bank, the International Bank of Reconstruction and Development and other United Nations agencies, and other projects financed by loans under bilateral agreements; and (2) the counterpart funds of the government in the setting up of rural banks and for expanding the capital base of established existing rural banks: Provided, That the amount of ten million pesos annually shall be set aside to augment the government counterpart fund for the establishment of new rural banks and five million pesos to expand the capital base of established rural banks existing as of the date of effectivity of this Act: Provided, further, That the Central Bank may, when necessary, authorize the establishment of more than one rural bank in any...
Please join StudyMode to read the full document