WHEREAS,
under Presidential Decree No. 27 Land Transfer Certificates are issued
to tenant-farmers in agricultural lands primarily devoted to the
production of rice and corn found qualified to acquire the land tilled
by them;chanroblesvirtualawlibrary
WHEREAS, under the Presidential Decree No. 266 these Land Transfer
Certificates are registrable as valid evidences of ownership;chanroblesvirtualawlibrary
WHEREAS, these tenant-farmers need financial assistance and one measure
of providing them assistance is to provide that Land Transfer
Certificates shall be accepted by financing Institutions as collateral
for loans;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers in me vested by the Constitution as
Commander-in-Chief of the Armed Forces of the Philippines, and pursuant
to Proclamation No. 1081, dated September 21, 1972, and General Order
No. 1, dated September 22, 1972, as amended, do hereby order and
decree:cralaw:red
Section 1. All financing institutions shall hereafter
accept as collateral for loans and duly registered Land Transfer
Certificate issued by the Government, through the Department of
Agrarian Reform to tenant-farmers in an amount not less than sixty
percent (60%) of the value of the farmholding as determined under
Presidential Decree No. 27; Provided, That such loans shall be
guaranteed by the Guarantee Fund established by the Samahang Nayon
(Barrio Association) in which a tenant-farmer is a full-pledged member;
Provided, Further, That the loans obtained shall be used in the
improvement or development of the farmholding of the tenant- farmer or
the establishment of facilities that will enhance production or
marketing of agricultural products or increase farm income
therefrom. chanroblesvirtualawlibrary
Section 2. All laws, decrees, executive order, rules
and regulations, or part thereof, inconsistent with this Decree are
hereby repealed, amended or modified accordingly.
This Decree shall take effect immediately.
Done in the City of Manila,
this 22nd day of October, in the year of Our Lord, nineteen hundred and
seventy-three.
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