G.R. No. 192890 - LAND BANK OF THE PHILIPPINES, VS. VIRGINIA PALMARES, LERMA P. AVELINO, MELILIA P. VILLA, NINIAN P. CATEQUISTA, LUIS PALMARES, JR., SALVE P. VALENZUELA, GEORGE P. PALMARES, AND DENCEL P. PALMARES HEREIN REPRESENTED BY THEIR ATTORNEY-IN-FACT, LERMA P. AVELINO.R E S O L U T I O N - Su

Ruling

Accordingly, the Department of Agrarian Reform (DAR) acquired 19.1071 hectares of the entire area, [5] which was valued by LBP at P440,355.92. Respondents, however, rejected said amount. Consequently, the Department of Agrarian Reform Adjudication Board (DARAB) conducted summary proceedings to determine just compensation for the land, but it resolved to adopt LBP's valuation. Hence, the same amount was deposited to respondents' credit as provisional compensation for the land. On August 17, 2001, respondents filed a petition [6] for judicial determination of just compensation docketed as Civil Case No. 01-26876 before the RTC of Iloilo City. During the pendency of said petition, the trial court directed [7] LBP to recompute the value of the land. In compliance therewith, LBP filed a Manifestation [8] dated November 4, 2002 stating the recomputed value of the land from P440,355.92 to P503,148.97. Despite the increase, respondents still rejected the offer. The RTC Ruling On March 27, 2006, the RTC rendered the assailed Decision fixing the just compensation of the land at P669,962.53, thus: WHEREFORE, based on the foregoing premises, judgment is hereby rendered fixing the just compensation of the total area of the land actually taken in the amount of P669,962.53 and ordering the LBP to pay the plaintiffs Virginia Palmares, et al. the total sum of P669,962.53 as just compensation for the 19.1071 hectares taken by the government pursuant to R.A. 6657 plus 12% interest per annum from June, 1995 until full payment. Under Section 19 of R.A. 6657, plaintiffs are also entitled to an additional five percent (5%) cash payment by way of incentive for voluntarily offering the subject lot for sale. SO ORDERED.