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PRESIDENTIAL DECREE NO. 1072
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PRESIDENTIAL DECREE NO. 1072 -
APPROPRIATING THE AMOUNT OF ONE MILLION TWO HUNDRED THOUSAND PESOS TO
COVER THE ADDITIONAL AMOUNT NEEDED FOR THE EXPROPRIATION OF 51 LOTS OF
THE GRACE PARK SUBDIVISION IN CALOOCAN CITY
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WHEREAS,
upon petition of the occupants, the defunct People's Homesite and
Housing Corporation authorized on November 27, 1964, the expropriation
of 51 lots of Block 157, 158 and 159 of the Grace Park Subdivision
situated in Caloocan City, totalling 18,427.5 sq. m., and requested the
Office of the President the sum of Six Hundred Forty Five Thousand
(P645,000.00) Pesos needed to acquire that said lots at P35.00 per
square meter. chanroblesvirtualawlibrary
WHEREAS, the Treasurer of the Philippines was able to release the
requested sum of P645,000.00 to the National Housing Authority only on
February 12, 1976, at which time the market value of the said lots had
increased from P35.00 per square meter to an average of P100 per square
meter, or a total of P1.85 million, thereby making the amount released
to the National Housing Authority inadequate by One Million Two Hundred
Thousand (P1,200,000.00) Pesos.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution do hereby
order and decree:cralaw:red
Section 1. The sum of One Million Two Hundred
Thousand (P1,200,000.00) Pesos is hereby appropriated out of the
President's Special Operations Funds, to cover the additional amount
needed to expropriate the 51 lots of Block 157, 158 and 159 of the
Grace Park Subdivision in Caloocan City, for resale to the bona fide
occupants therein.
Section 2. This Decree shall take effect immediately.
Done in the City of Manila,
this 25th day of January, in the year of Our Lord, nineteen hundred and
seventy-seven.
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