The Agricultural Land Reform Code (RA 3844) was a major advancement of land reform in the Philippines and was enacted in 1963 under President Diosdado Macapagal. It abolished tenancy and established a leasehold system in which farmers paid fixed rentals to landlords, rather than a percentage of harvest. It also established the Land Bank of the Philippines to help with land reform, particularly the purchase of agricultural estates for division and resale to small landholders, and the purchase of land by the agricultural lessee.