The Quezon City (QC) government recently acquired 157 land parcels from the Land Bank of the Philippines (Landbank), making it possible for more than 1,500 families in Barangay Payatas to own the land on which they have resided for 40 years.
QC Mayor Joy Belmonte was able to conduct a negotiated sale with Landbank, through authority granted by City Resolution SP No. 8094-S-2020, leading to the groundbreaking venture.
In 1981, Landbank levied the 96,169-square-meter land of Ramawil property in order to satisfy the ruling of the Pasig Regional Trial Court, which mandated that Landbank pay back the city government’s investment in them.
Landbank’s initial price for the land stood at P257 million, but this was negotiated to a lower cost by city administrator Michael Alimurung, the housing community development and resettlement department (HCDRD), and the city appraisal committee.
After convincing the bank to accept a lower payment of P209 million instead of the standing property value, the conditional sale was signed.
Residents there are now able to buy the land from the city government at P3,000 per square meter.
Ramawil homeowners president Razul Janoras expressed his gratitude to the city government for achieving the acquisition.
“At long last, it would be Mayor Joy Belmonte who has fulfilled the promise for our land,” Janoras said.
A total of 1,518 families on the property will now have the opportunity to secure tenure on their residences.
Photo: CNN Philippines