This article was last updated on April 16, 2022
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Supreme Court made an announcement on Tuesday saying that the true value of the property belonging to Hacienda Luisita should be derived based on its value in 1989 which is around P 173 million.
The case was filed in the SC by Cojuangco family which expressed that the fair compensation of the value of their real estate should be based on the prices in 2006 which makes the 4,335 hectares of land worth P 10 million at the time it was given to 6,000 farmer beneficiaries. If measured on the value of 2006 real estate estimates, the property will be worth P 9.75 billion.
The application for reviewing the case was submitted by the Cojuangco family in 2011. The court announced their decision regarding the review of the property and announced with a 6-8 vote that the fair value of the property will be assessed with the value of real estate in 1989 or at a fixed rate of P 4000 per hectare. Justices who favored the decision include Justice Renato Corona, Roberto Abad, Jose Mendoza, Presbitero Velasco, Teresita Leonarda-de Castro, Jose Perez, Martin Vilalrama, and Arturo Brion. Justices who did not side with the decision include Estela Perlas-Bernabe, Ma. Lourdes Sereno, Lucas Bersamin, Bienvenido Reyes, Mariano del Castillo, and Diosdado Peralta.
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