President Ferdinand Marcos on Friday waived $1.04 billion in land-related debt owed by more than half a million farmers. The move is aimed at boosting food production in the Philippines.

The debt was incurred by farmers who had been given land under a 1988 land reform program. However, many farmers were unable to pay the debt, which was issued by government banks.

Marcos said that the government is taking this step because it knows that the farmers do not have the means to pay the debt. He also said that the write-off is necessary to revitalize the agriculture sector.

The write-off will benefit more than 610,000 land reform beneficiaries. It will cost the government 57.65 billion pesos ($1.04 billion).

Marcos also said that the government will compensate landowners whose properties were transferred to tenants.

The write-off is a significant step by the government to support the agriculture sector. It is hoped that the move will help to increase food production and reduce food imports.

In recent years, the Philippines has faced shortages and soaring prices of farm commodities. The write-off is seen as a way to address these problems and ensure that the country has a reliable source of food.

The write-off is also a positive development for the farmers who will benefit from it. The debt waiver will free up their resources and allow them to focus on improving their productivity.

The write-off is a welcome move by the government. It is a step in the right direction to boost food production and help the agriculture sector.