Legal basis and amendment made
- Section 1 amends Section 63 of Republic Act No. 6657 (the Comprehensive Agrarian Reform Law of 1988).
- The amendment strengthens CARP funding by authorizing additional augmentation amounts for CARP implementation.
Funding source and CARP implementation period
- Section 63 (as amended) provides that the amount needed to implement CARP until the year 2008 shall be funded from the Agrarian Reform Fund.
- Additional amounts necessary to implement CARP are authorized to be appropriated in excess of the initial funds authorized under Sections 20 and 21 of Executive Order No. 229.
Authorized augmentation cap
- The additional amount authorized for appropriation shall be capped at no case more than Fifty billion pesos (P50,000,000,000.00).
Approved funding sources
- Section 63 (as amended) provides that funding sources or appropriations include the following:
- Proceeds of the sales of the Assets Privatization Trust.
- All receipts from assets recovered and from sales of ill-gotten wealth recovered through the Presidential Commission on Good Government.
- Proceeds of the disposition of the properties of the Government in foreign countries, for the specific purposes of financing production credits, infrastructure, and other support services required by CARP.
- All income and collections arising from the agrarian reform operations, projects, and programs of CARP implementing agencies.
- A portion of amounts accruing to the Philippines from all sources of official foreign aid grants and concessional financing from all countries, to be used for the specific purposes of financing production credits, infrastructures, and other support services required by CARP.
- Yearly appropriations of no less than Three billion pesos (P3,000,000,000.00) from the General Appropriations Act.
- Other government funds not otherwise appropriated.