Republic Act No. 8532

Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

Section 1

Sec. 63 of Republic Act No. 6657, otherwise known as the Comprehensive Agrarian Reform Law of 1988 is hereby amended to read as follows:

"Sec. 63. Funding source. – The amount needed to implement this Act until the year 2008 shall be funded from the Agrarian Reform Fund.

"Additional amounts necessary for this purpose are hereby authorized to be appropriated in excess of the initial funds, amounting to Fifty billion pesos (P50,000,000,000.00) provided under Sections 20 and 21 of Executive Order No. 229.

"The additional amount hereby authorized to be appropriated shall in no case exceed Fifty billion pesos (P50,000,000,000.00).

"Sources of funding or appropriations shall include the following:

"a) Proceeds of the sales of the Assets Privatization Trust;

"b) All receipts from assets recovered and from sales of ill-gotten wealth recovered through the Presidential Commission on Good Government;

"c) 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 this Act;

"d) All income and collections arising from the agrarian reform operations, projects and programs of CARP implementing agencies;

"e) 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 this Act;

"f) Yearly appropriations of no less than Three billion pesos (P3,000,000,000.00) from the General Appropriations Act;

"g) Other government funds not otherwise appropriated."

Section 2

This Act shall take effect within fifteen (15) days following the completion of its publication in at least two (2) newspapers of general circulation.

Approved: February 23, 1998