Land Bank Of The Philippines v. Alsua

PERLAS-BERNABE, J.:

Assailed in this petition for review on certiorari1 are the Decision2 dated October 31, 2013 and the Resolution3 dated February 18, 2014 of the Court of Appeals (CA) in CA-G.R. SP No. 127483, fixing the just compensation for respondents' 47.4535-hectare (ha.) land at ₱2,465,423.02, less the initial valuation already paid in the amount of Pl,369,708.02, with legal interest at the rate of 12% per annum (p.a.) from November 13, 2001 to June 30, 2013, and 6% p.a. from July 1, 2013 until full satisfaction, using the formula stated in Department of Agrarian Reform (DAR) Administrative Order (AO) No. 5, series of 1998.4 The Facts Jesus Alsua (Jesus) owned a 62.1108 has. parcel of unregistered agricultural land known as Lot No. 8882, Cad-201, situated in Malidong, Pioduran, Albay, covered by Tax Declaration No. 99-13-001-00675 in his name.6 On March 6, 1994, respondents Heirs of Jesus Alsua and their representative Bibiano C. Sabino (respondents) voluntarily offered to sell7 the entire parcel of land to the government under Republic Act No. (RA) 6657,8 as amended, otherwise known as the "Comprehensive Agrarian Reform Law of 1988,"

but only 47.4535 has. thereof, consisting of 43.7158 has. of cocoland and 3.7377 has.

of unirrigated riceland (subject lands), were acquired.9 Upon receipt from the DAR of the Claim Folder (CF) on April 20, 2001, albeit containing incomplete documents, petitioner Land Bank of the Philippines (LBP) valued the subject lands at 1,369,708.0210 (LBP's valuation) using the formula11 stated in DAR AO No. 5, series of 1998, as follows: Cocoland 43.7158 ha. x ₱29,018.46 ₱1,268,565.19 Unirrigated Riceland 3.7377 ha. x 27,060.18 101,142.83