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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 1274 |
The Chairman of the Board of Directors
Land Bank of the Philippines
The President, Land Bank of the Philippines
All others concerned
WHEREAS, the establishment of agrarian reform projects in various provinces has transformed self-reliant and economically and socially viable farmers, and has brought about maximum land utilization and development, and increased farm production, through cooperative endeavors;
WHEREAS, the setting up of such agrarian reform projects needs the attention and encouragement of the government; and
WHEREAS, the acquisition of the 574-hectare property of the Sagana Plantation, Inc. located at South Bienvenida, Kapalong, Davao del Norte, is necessary in order to establish another agrarian reform project.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, do hereby order and direct:
1.
The Minister of Agrarian Reform to carry out a land transfer operation
scheme in the property of the Sagana Plantation, Inc. and allocate the
farmlots and homelots therein in accordance with the integrated
development plan prepared for the project;
2. The
Minister of Agrarian Reform and the Land Bank of the Philippines to
organize an appraisal committee to be composed of representatives from
each of two government financial institution and a private appraisal
firm in order to determine the reasonable valuation of the subject
property in accordance with law.
3. The Land
Bank of the Philippines to finance the acquisition of the property by
the Davao del Norte Free Farmers Cooperative, Inc. and its
farmer-beneficiaries therein at the value determined as provided in the
preceding paragraph and that said financing shall be effected only
after a parcellary mapping or identification of lots occupied by the
farmer-beneficiaries shall have been made by the Ministry of Agrarian
Reform and after the farmer-beneficiaries jointly and severally with
the said farmers' cooperative shall have acknowledged in a document
their obligation to amortize to the Land Bank the value of the lots
allocated to them in fifteen (15) years at 6% interest per annum.
4. The mode of
financing by the Land Bank of the Philippines shall be in accordance
with the provisions of the Presidential Decree No. 251, preferably 10%
in cash and 90% in the Land Bank bonds.
DONE in the City of Manila, this 27th day of October, in the year of Our Lord, nineteen hundred and eighty-two.
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