President Duterte has contracted a law eliminating restrictions on agricultural free patents.
Duterte signed R.A. 11231 or the Agricultural Free Patent Reform Act on February 22, the copy of which was released by Malacañang to the public on Thursday.
The new law rescinds the restrictions imposed under the Commonwealth Act 141 or the Public Land Act that had landowners getting forbidden from mortgaging or selling their land within five years from the issuance of the patent and given the right to repurchase the patents within five years from transfer or conveyances.
One of the law’s authors, Senator Richard Gordon earlier stated that the measure aims to make agricultural land titles instantly tradeable and bankable, made available to farmer entrepreneurs much-needed access to credit, and generate capital to make investments, create jobs, increase productivity, and diminish poverty in rural areas.
RA 11231 will take outcome 15 days after its publication in the Official Gazette or in a newspaper of general circulation.