Applies to all tenant farmers of private agricultural lands primarily devoted to rice and corn under a system of sharecrop or lease-tenancy
Tenant farmer deemed owner of a family-size farm of 5 hectares if not irrigated, 3 hectares if irrigated
Landowner may retain an area of not more than 7 hectares if cultivating or will cultivate it
Land value equivalent to 2.5 times the average harvest of 3 normal crop years preceding the decree
Total land cost, including 6% interest, to be paid by tenant in 15 equal annual amortizations
Defaulting amortizations to be paid by farmer's cooperative with right of recourse against tenant
Government to guarantee amortizations with shares of stock in government corporations
No land title issued unless tenant is full-pledge member of recognized farmer's cooperative
Land title not transferable except by hereditary succession or to government
Department of Agrarian Reform empowered to promulgate implementation rules and regulations