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Landbank of the Philippines (LBP) vs. Spouses Banal

LANDBANK OF THE PHILIPPINES, Petitioner, versus SPOUSES VICENTE BANAL and LEONIDAS ARENAS-BANAL, Respondents.

G.R. No. 143276 | 2004-07-20

DECISION
 
SANDOVAL-GUTIERREZ, J.:
 
Spouses Vicente and Leonidas Banal, respondents, are the registered owners of 19.3422 hectares of agricultural land situated in San Felipe, Basud, Camarines Norte covered by Transfer Certificate of Title No. T-6296. A portion of the land consisting of 6.2330 hectares (5.4730 of which is planted to coconut and 0.7600 planted to palay) was compulsorily acquired by the Department of Agrarian Reform (DAR) pursuant to Republic Act (R.A.) No. 6657,[1] as amended, otherwise known as the Comprehensive Agrarian Reform Law of 1988.
 
In accordance with the formula prescribed in DAR Administrative Order...