Restructuring the Loans of Farmers Affected by Natural Calamities in Certain Areas
Letter of Instructions No. 140, issued on October 23, 1973, addresses the severe agricultural damage caused by typhoons, floods, and pests in various regions of the Philippines. It directs the Central Bank, Philippine National Bank, and Agricultural Credit Administration to restructure existing loans for affected farmers unable to repay due to these disasters. Additionally, it mandates the provision of new loans to farmers willing and able to replant their crops. The aim is to support recovery and ensure continued agricultural productivity in the impacted areas.
October 23, 1973
LETTER OF INSTRUCTIONS NO. 140
| TO | : | The Governor, Central Bank |
| The President, Philippine National Bank | ||
| The Administrator, ACA |
Typhoons "Luming" and "Narsing", the floods and locusts in Cotabato and the brown planthopper disease have damaged a considerable number of farms in Cotabato, Central Luzon, Laguna and the Bicol region. Damages to farms means that farmers affected will be unable to pay their production loans borrowed from the rural banks, the Philippine National Bank, or the Agricultural Credit Administration. Further, farms which can still be replanted will need additional loans for land preparation, seeds and fertilizer.
You are hereby directed to take the necessary steps to restructure the loans of the farmers affected and, in addition, to provide new loans to farmers who would like to replant and are capable of replanting their farms.
DONE in the City of Manila, this 23rd day of October, in the year of Our Lord, Nineteen Hundred and Seventy-Three. acd