Article 120Labor and Agrarian Laws and Social Legislation, p. 120

LABOR LAWS AND SOCIAL LEGISLATION SPECIAL LAWS AND IMPLEMENTING RULES AND REGULATIONS

Code. (Amendments to RA No. 3844 (Agricultural Land

Reform Code), Republic Act No. 6389, [September 10,

1971])

Section

72. Duplicate Records to be Furnished the

Bureau of Lands - The Department of Agrarian Reform

shall furnish the Bureau of Lands with the duplicate

records of proceedings on applications for the sale or

other disposition of public agricultural lands under its

administration.

Section 73. Transfer of Appropriations, Powers, Functions,

etc

-

The

National

Resettlement

and

Rehabilitation

Administration and the Land Tenure administration are

hereby abolished and their powers and functions not

inconsistent with this Code, balances of all appropriations,

funds,

equipment,

records

and

supplies,

as

well as

agricultural

lands,

public

and

private,

under

their

administration, are hereby transferred to the Authority:

Provided,

That

the

function

of

the

Land

Tenure

Administration with respect to the expropriation of urban

lands as provided by existing laws is hereby transferred to

and all hereafter be undertaken by the People's Homesite

and housing Corporation.

In addition to the appropriations herein transferred there

is hereby appropriated from the general funds in the

National Treasury not otherwise appropriated the sum of

five

million

pesos,

or

so

much thereof as may be

necessary, to carry out the purposes of this Code.

To carry out the land capability survey and classification

mentioned in paragraph 12 of Section fifty-one and

Section one hundred thirty-two of this Code, there is

hereby appropriated out of the unappropriated funds of

the National Treasury the amount of ten million pesos.

CHAPTER IV LAND BANK

Section 74. Creation - To finance the acquisition by the

Government of landed estates for division and resale to

small

landholders,

as

well

as

the

purchase

of

the

landholding

by

the

agricultural

lessee

from

the

landowner, there is hereby established a body corporate

to be known as the 'Land Bank of the Philippines',

hereinafter called the 'Bank', which shall have its principal

place of business in Manila. The legal existence of the

Bank is extended for a period of fifty (50) years from the

expiration

of

its

original

term

on

08

August

2013,

renewable for another fifty (50) years. The Bank shall be

subject to such rules and regulations as the Bangko

Sentral ng Pilipinas may from time to time promulgate.

The Bank shall allocate five percent (5%) of its

regular loan portfolio (net of loans to the Bangko Sentral

ng

Pilipinas,

interbank

loans

and

availments

from

domestic bills purchase line), for socialized credit to

qualified small farmers, fisherfolk and agrarian reform

beneficiaries

(ARBs).

This

facility shall solely finance

agricultural projects pursuant to the provisions of Section

4 of Republic Act No. 10000, otherwise known as 'The

Agri-Agra Reform Credit Act of 2009'.

Credits

extended to the beneficiaries named

therein under this facility shall be based on the feasibility

of the project and their paying capacity, their estimated

production, and/or securities they can provide as well as

assets as may be acquired by them from the proceeds of

the loan.

This facility will be funded through the operations

of

the

Bank

itself

and

will

not

require

additional

government funding.

All loans extended through this special socialized

credit

facility

shall

qualify

as

part

of

the

Bank's

compliance with the Agri-Agra Law.

Credit under this special socialized credit facility

shall be extended through the following conduits:

(a) Farmers' and fisherfolk's cooperatives;

(b)

Farmers'

and

fisherfolk's

organizations or

associations;

(c)

Nonagricultural

cooperatives

(credit

and

multipurpose);

(d) Cooperative banks;

(e) Rural banks;

(f) Thrift banks;

(g) Agri-business firms or anchor firms providing

credit support to ARBs, and small farmers and fisherfolk;

and

(h) Duly accredited microfinance nongovernment

organizations

by

the

Microfinance

NGO

Regulatory

Council.

Loans under this special socialized credit facility

shall have an interest rate equivalent to not more than

seventy-five percent (75%) of the Bank's prevailing rates

for loans to cooperatives: Provided , That these conduits

shall have an interest spread of not more than five (5)

percentage points. The interest spread shall exclude crop

insurance

premiums

and

guarantee

fees:

Provided,

further , That a conduit cannot lend to another conduit.

Criteria for eligibility under this special socialized

credit facility shall be determined by the Bank and shall

be reflected in the implementing rules and regulations.

(Amending R.A. No. 3844 As Amended (Code of Agrarian

Reform), Presidential Decree No. 251, [July 21, 1973], further

amended by Republic Act No. 10374, [March 5, 2013], and

Republic Act No. 10878, [July 17, 2016])

Section 75. Powers in General - The bank shall have the

power.

1. To prescribe, repeal and alter its own by-laws to

determine its operating policies, and to issue such rules

and regulations as may be necessary;

2. To adopt, alter and use a corporate seal;

3. To hold, purchase, acquire and own real and

personal property, introduce necessary improvements

thereon

to

enhance

and

develop

their

social

and

economic values, and to sell, mortgage or otherwise

dispose of the same;

4. To sue and be sued, make contracts, negotiate

and secure loans from both local and foreign sources.

Before undertaking any such credit operation, the Bank,

through

the Secretary of Finance, shall request the

opinion,

in

writing,

of

the

Monetary

Board

on the

monetary implications of the contemplated action. All

loans from foreign sources shall be subject to approval by

the

President

of

the

Philippines

and

shall be fully

guaranteed by the Philippine Government;

5. To grant short, medium and long term loans

and advances against security of real estate and/or other

acceptable assets for the establishment, development or

expansion of agricultural, industrial, home building or

home

financing

projects

and

other

productive

enterprises;

6.

To

grant

loans

to

farmers'

cooperatives/

associations to facilitate production, marketing of crops

and acquisition of essential commodities;

7. To finance and/or guarantee the acquisition,

under Presidential Decree No. 85 dated December 25,

1972 , of farm lots transferred to tenant-farmers pursuant

to Presidential Decree No. 27 dated October 21, 1972 ;

8. To underwrite, hold, own, purchase, acquire,

sell, mortgage, dispose or otherwise invest or reinvest in

stocks, bonds, debentures, securities and other evidences

of

indebtedness

of

other

corporations

and

of

the

government or its instrumentalities which are issued for

or in connection with any project or enterprise;

9.

The

provision

of any law to the contrary

notwithstanding,

to

guarantee

acceptance(s),

credits,

loans,

transactions

or

obligations

of

any

person,

co-partnership, association or corporation in favor of any

financing

or banking institution, whether foreign or

domestic:

Provided,

That

the

proceeds

of

such

© Compiled By RGL

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