Executive Order No. 40 (2023) — —under Republic Act (RA) No. 11953 or the "New Agrarian Emancipation Act," individual loans of ARBs, including interests, penalties and surcharges were condoned and written off, and ARBs were exempted from payment of estate tax on agrarian reform lands secured under the CARP or other agrarian reform programs or laws, which were due and payable by covered ARBs as of the date od effectivity of the law on 24 July 2023;

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Executive Order No. 40 (2023)

—under Republic Act (RA) No. 11953 or the "New Agrarian Emancipation Act," individual loans of ARBs, including interests, penalties and surcharges were condoned and written off, and ARBs were exempted from payment of estate tax on agrarian reform lands secured under the CARP or other agrarian reform programs or laws, which were due and payable by covered ARBs as of the date od effectivity of the law on 24 July 2023;

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Section 1 · Extension of Moratorium Section 2 · Implementing Rules and Regulations Section 3 · Funding Section 4 · Separability Section 5 · Repeal Section 6 · Effectivity

Section 1

Extension of Moratorium

Section 1.

Extension of Moratorium. —The moratorium on the payment of the principal value and annual interest of the amortization sue and/or payable by ARBs under EO No. 4 shall be extended for a period of two (2) years.

Section 2

Implementing Rules and Regulations

Section 2.

Implementing Rules and Regulations. —Within fifteen (15) days from the effectivity of this Order, the DAR and LBP shall jointly formulate the rules and regulations for the implementation of this Order, in accordance with existing general banking laws, the rules and regulations of the—Bangko Sentral ng Pilipinas, EO No. 228 (s. 1987), RA No. 6657 or the "Comprehensive Agrarian Reform Law of 1988," as amended, RA No. 11953, and other relevant laws and issuances.

Section 3

Funding

Section 3.

Funding. —The funds for the implementation of this Order, including its monitoring and evaluation, shall be charged against the existing and available appropriations of the DAR and LBP, subject to relevant budgeting, accounting and auditing laws, rules and regulations.

Section 4

Separability

Section 4.

Separability. —If any part or provision of this Order shall be held unconstitutional or invalid, the other provisions not affected thereby shall continue to be in full force and effect.

Section 5

Repeal

Section 5.

Repeal. —This Order hereby amends or modifies relevant provisions of EO No. 4. All other issuances, orders, rules and regulations, or parts thereof that are inconsistent with this Order, are hereby repealed or modified accordingly.

Section 6

Effectivity

Section 6.

Effectivity. —This Order shall take effect immediately upon publication in the Official Gazette or in a newspaper of general circulation. 1aшphi1

DONE, —in the City of Manila, this 12th—day of September, in the year of Our Lord, Two Thousand and Twenty-Three.

(SGD.)— FERDINAND R. MARCOS, JR.

By the President:

(SGD.)— LUCAS P. BERSAMIN Executive Secretary