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PRESIDENTIAL DECREE NO. 57
PRESIDENTIAL DECREE NO. 57 -
AMENDING PRESIDENTIAL DECREE NO. 27 DATED OCTOBER 21, 1972, ENTITLED,
"DECREEING THE EMANCIPATION OF TENANT FROM THE BONDAGE OF THE SOIL
TRANSFERRING TO THEM THE OWNERSHIP OF THE LAND THEY TILL AND PROVIDING
THE INSTRUMENTS AND MECHANISM THEREFOR"
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I, FERDINAND E. MARCOS, President of the
Philippines, by virtue of the powers vested in me by the Constitution
as Commander-in-Chief of all 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, decree and make as part of the laws of the land the following
measures:cralaw:red
Section 1. To further accelerate the attainment of
the objective set forth in the Presidential Decree No. 27, the
following provisions are hereby incorporated, to wit:cralaw:red
1. The landowner shall be exempt from the capital
gains tax on the proceeds of the amortizations paid him by the
tenant-purchaser and likewise from income tax due on the securing
interests paid as an addition to the total cost of the land.
2. The active participation of rural banks and all
other financial institutions shall be required in order to provide
immediate sources of funds to augment loans/credits to be made
available to the tenants and/or farmers cooperatives inconsistent with
the asserted implementation of the supervised credit program.
3. The Agricultural Guarantee Fund constituted under
Section twelve of Republic Act 6390 for all its intent and purpose
include the guarantee coverage to the participating financial
institutions under the same terms and conditions allowed and applied to
the rural banking system. chanroblesvirtualawlibrary
4. The existing agricultural guarantee loan funds
wholly or partly contributed and/or funded by government agencies shall
be integrated into the Agricultural Guarantee Fund, and shall be
governed by the rules and regulations promulgated by the Agricultural
Guarantee Fund Board established under Section thirteen of the
mentioned Act.
Section 2. All acts, orders, rules and regulations,
or parts thereof, inconsistent herewith are amended or modified
accordingly. chanroblesvirtualawlibrary
This Decree shall take effect immediately.
Done in the City of Manila,
this 19th day of November, in the year of Our Lord, nineteen hundred
and seventy-two.
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