QuestionsQuestions (Republic Act No. 8532)
The main purpose of Republic Act No. 8532 is to strengthen further the Comprehensive Agrarian Reform Program (CARP) by providing an augmentation fund and amending Section 63 of Republic Act No. 6657.
Section 63 of Republic Act No. 6657 is amended by RA 8532.
The funding is provided until the year 2008.
The funding shall come from the Agrarian Reform Fund and additional appropriations authorized not to exceed Fifty billion pesos (P50,000,000,000.00).
The additional amount authorized to be appropriated shall in no case exceed Fifty billion pesos (P50,000,000,000.00).
Sources of funding include: proceeds from the sales of the Assets Privatization Trust; receipts from assets and ill-gotten wealth recovered through the Presidential Commission on Good Government; proceeds from the disposition of government properties abroad; income from agrarian reform operations; portions of official foreign aid grants; yearly appropriations of not less than Three billion pesos from the General Appropriations Act; and other government funds not otherwise appropriated.
A yearly appropriation of no less than Three billion pesos (P3,000,000,000.00) is mandated from the General Appropriations Act.
They are to be used specifically for financing production credits, infrastructure, and other support services required by the Comprehensive Agrarian Reform Program.
The Act shall take effect within fifteen (15) days following its publication in at least two newspapers of general circulation.
Republic Act No. 8532 was approved by President Fidel V. Ramos on February 23, 1998.
It ensures that sufficient funding is allocated and guaranteed, including an authorized augmentation fund, so that the Comprehensive Agrarian Reform Program is adequately financed up to the year 2008.