More than 1,500 families struggling to get decent housing in Payatas, Quezon City will now have the opportunity to own the land they have been living in for over four decades after the Land Bank of the Philippines (LANDBANK) agreed to sell its property at a lower price.
The state-owned Bank recently sold to the Quezon City Government its 96,169-square-meter property covering 157 parcels of land in Barangay Payatas in the amount of P209 million or P48 million less than the original offer of P257 million, paving the way for the urban dwellers to acquire land security tenure.
“LANDBANK is proud to be instrumental in fulfilling the dreams of 1,500 families in Payatas to finally own the land they have been occupying for the past forty years. As a universal bank with a social mandate, we are committed to supporting our local government partners in providing affordable housing and other basic necessities to their constituents,” said LANDBANK President and CEO Cecilia C. Borromeo.
The City Government will implement a direct sale program to award the land, wherein families will pay for the area they are occupying at P3,000 per square meter.
“Malaki po ang pasasalamat namin sa LANDBANK dahil you agreed to enter into negotiations with the City Government para maibigay po sa tao ang matagal na nilang tinitirahang mga lupa,” said Quezon City Mayor Ma. Josefina “Joy” G. Belmonte during a ceremonial awarding of the Deed of Conditional Sale by LANDBANK to the Quezon City Government last 25 September 2021.
Alongside extending loans to the agriculture sector, LANDBANK’s efforts toward national development involve extending support to the socioeconomic programs of local government partners, aimed at enhancing the quality of life of their constituents and promoting sustainable and inclusive growth.
