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Philippines writes off $1 bn in farmer debt to boost food production

13 Sept 06:51 Key points summarised by AI

President Ferdinand Marcos signed the "New Agrarian Emancipation Act," waiving $1.04 billion in land-related debt for over 610,000 farmers.
This significant move aims to boost food production and revitalize the Philippines' agriculture sector, which has seen shrinking contributions to the economy.
The debt originated from a 1988 land reform program, where many farmers received land but were unable to meet the 30-year payment terms.
The government will absorb the 57.65 billion pesos cost of the write-off and allocate additional funds to compensate landowners, demonstrating a strong commitment to food security.
The measure addresses recent challenges, including shortages and soaring prices of essential farm commodities, seeking to stabilize the nation's food supply.

Today 14:58 Key points summarised by AI

Thailand's government will launch the "Chainat-Pasak-Gulf" water diversion canal project in fiscal year 2027, a seven-year mega-infrastructure initiative.
This permanent structural solution aims to mitigate recurrent central plains flooding by diverting water from the Chao Phraya River directly into the Gulf of Thailand, significantly reducing flow to major cities like Ayutthaya and Bangkok.
Prime Minister Anutin Charnvirakul justifies the long-term investment as a means to reduce future damages and fiscal burdens, contrasting it with the 40-50 billion baht spent annually on short-term flood relief.
Concurrently, the Prime Minister instructed officials to expand drainage capacity into the Tha Chin River and swiftly remove water hyacinths to improve immediate flood management.