Question & AnswerQ&A (LETTER OF INSTRUCTIONS NO. 1274)
The main purpose is to order and direct the acquisition and land transfer operation for the Sagana Plantation property to establish an agrarian reform project, thereby transforming farmers into self-reliant and economically viable individuals.
The Minister of Agrarian Reform is directed to carry out the land transfer operation scheme.
The 574-hectare property of the Sagana Plantation, Inc. located at South Bienvenida, Kapalong, Davao del Norte.
The Minister of Agrarian Reform and the Land Bank of the Philippines are tasked to organize the appraisal committee, which shall include representatives from two government financial institutions and a private appraisal firm.
The Land Bank of the Philippines is to finance the acquisition of the Sagana Plantation property by the Davao del Norte Free Farmers Cooperative, Inc. and its farmer-beneficiaries.
The farmer-beneficiaries, jointly and severally with the cooperative, shall amortize the value of the lots to the Land Bank in 15 years with 6% interest per annum.
Financing shall comply with Presidential Decree No. 251, preferably with 10% in cash and 90% in Land Bank bonds.
A parcellary mapping or identification of lots occupied by the farmer-beneficiaries must be made, and the beneficiaries and the cooperative must acknowledge their amortization obligations in a written document.
It refers to the systematic transfer and allocation of land ownership rights from the plantation owner to farmer-beneficiaries as part of agrarian reform projects.
It facilitates land acquisition and distribution to farmers, supports cooperative endeavors, enhances land utilization, and promotes economic and social viability among farmers.