The city government of Zamboanga under the leadership of Mayor John Dalipe has taken possession of the Land Bank of the Philippines’ (LBP’s) two parcels of land measuring 1,071 square meters near City Hall Annex along Valderrosa Street, this city.
This developed after Mayor Dalipe and LBP President/CEO Ma. Lynette V. Ortiz signed the Deed of Exchange Monday, Nov. 13, at LBP Central Office in Manila with City Legal Officer Atty. Haydee Gretchen Panganiban as instrumental witness together with Executive Assistant Leonard Ong.
The Deed of Exchange effectively transfers the ownership of LBP properties along Valderrosa St.—TCT Nos. T-166171 and T-166172 with areas consisting of 298 sqm and 773 sqm, respectively, for a total of 1,071 sqm.—to the city government of Zamboanga in exchange of the latter’s 1,597-sqm properties at Pettit Barracks currently occupied by LBP’s Zamboanga Main Branch and Regional Office.
Under the Deed of Exchange, approved by the Sangguniang Panlungsod through Resolution No. 1039 dated May 15, 2023, both parties have agreed to voluntarily and freely transfer, cede, and convey to each other, and each party voluntarily accepts and receives from each other their respective ownership, rights, titles, interests and participants, to wit:
The exchange shall be on an “As-Is-Where-Is” basis with regard to the current physical condition and legal state of the subject properties. Furthermore, both parties acknowledge that they have been given every opportunity to investigate, inspect, verify and ascertain the actual condition as well as the legal status of the titles of the said properties.
If applicable, the LBP and the City shall pay individually for the Creditable Withholding Tax (CWT), Documentary Stamp Tax, all taxes, charges and other fees to be incurred for the transfer of titles to their respective names upon the execution of the Deed of Exchange.
The properties subject of exchange shall be considered full and equivalent value of each other.
While titling is on the process, the City shall be allowed to take possession of the LBP properties and introduce improvements thereto.
To recall, a significant portion of the public domain known as Pettit Barracks was reserved for Government Center purposes of the City, pursuant to Presidential Proclamation No. 69 series of 1954.
On April 19. 2002, the city government of Zamboanga entered into a Memorandum of Agreement (MOA) with LBP for the construction of the latter’s Zamboanga Main Branch and Regional Office on the 1,200-sqm parcel of lot at Pettit Barracks for a period of 25 years or until April 18, 2027.-[Vic Larato]