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Ex-Finance chief cites Marcos' 2 'biggest achievements'

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ABS-CBN News

The condonation of some P57 billion of farmers&#x27; debts and the ratification of the Regional Comprehensive Economic Partnership (RCEP) are among the biggest achievements of the administration of President Ferdinand Marcos Jr, a former official said on Monday.Marcos earlier signed a <a href="https://news.abs-cbn.com/news/07/07/23/new-law-frees-farmers-from-p57-billion-debt">measure </a>freeing farmers for principal payments, interests, and penalties of 610,054 agrarian reform beneficiaries.The administration also paved the way for the ratification of its RCEP participation. Joining the trade pact opens more markets for local products while protecting crucial agricultural produce, former Finance Secretary Margarito Teves told ANC. &quot;The biggest hit was the condonation of interests and loans of the agrarian beneficiaries. This would allow this group to have access to financing institutions, which would allow them to buy equipment for their farm which would increase their income,&quot; Teves said. &quot;The ratification of the Philippines entering into the Regional Economic Regional Partnership would allow the entry of our goods to the biggest market in the world, at the same time allow our agricultural crops to be protected,&quot; he added.Another gain under Marcos&#x27; few years in office is the liberalization of foreign investments in the renewable energy space with the release of its implementing rules, he said. However, Teves said the government must ensure that the decline in inflation is sustained. When asked about the proposed merger of the Landbank of the Philippines and the Development Bank of the Philippines, Teves said &quot;I will consider the merger as important but not urgent, in the same manner the Maharlika is important but not urgent.&quot;<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/02/22/23/rcep-to-expand-market-access-attract-investments-diokno">RCEP to expand PH market access, attract more investments: Diokno</a></li>	<li><a href="https://news.abs-cbn.com/news/07/07/23/new-law-frees-farmers-from-p57-billion-debt">Marcos signs law condoning P57-billion debt of agrarian reform beneficiaries</a></li></ul>

The condonation of some P57 billion of farmer debt and the RCEP ratification are among the biggest achievements of the Marcos administration, a former official said.