QuestionsQuestions (PRESIDENTIAL DECREE NO. 671)
PD 671 amends certain provisions of RA 1160, particularly Section 10, to facilitate disposition of LASEDECO assets and prevent qualified landless occupants from being outbid in public auctions.
The requirement under Section 10 of RA 1160 to dispose of LASEDECO assets through public bidding hindered the speedy disposition of certain parcels and allowed moneyed speculators to outbid actual occupants.
The second paragraph of Section 10 of RA 1160 was amended.
All assets of LASEDECO, including farm machinery and equipment, are turned over to the Board of Liquidators and sold at public auction.
The proceeds are used to pay off LASEDECO’s accounts with commercial firms, and the net proceeds are transferred to the National Treasury.
Lands whose awards, allocations and/or assignments have been cancelled and/or annulled are disposed of and awarded through negotiated sale to qualified applicants at a reasonable price.
Qualified applicants who previously held awards/allocations/assignments that were cancelled or annulled, and who meet the qualifications under the relevant laws and rules.
The price must be “reasonable,” as specified in the proviso of the amended Section 10.
The sale may be paid in cash or in installments payable for a period of not more than five (5) years from the date of execution of the sale with interest at six percent (6%) per annum.
Six percent (6%) per annum.
It takes effect immediately.
The Board of Liquidators (for turnover and auction) and the National Treasury (as recipient of net proceeds).
It emphasizes facilitating distribution of lands to landless tenants and farm workers, improving living standards and production, and preventing loss of opportunities due to public auction mechanics.
It would be disposed of and awarded through negotiated sale to qualified applicants at a reasonable price, payable in cash or in installments for up to five years at 6% interest per annum.
They are included as part of “all assets” turned over to the Board of Liquidators and sold at public auction.
It retains public auction generally but allows negotiated sale for cancelled/annulled awards to qualified applicants, thereby reducing reliance on bidding that could be exploited by those with more funds.