“Corona Orders Review of Luisita Labor Case”

It would be nice to know hard data or information on how the Cojuangcos and subsequently the Aquinos managed to possessed/owned Hacienda Luisita. Take a peek at this webpage:

(http://luisitamagsasaka.wordpress.com/2010/03/01/hacienda-luisitas-past-haunts-noynoys-future-2/)

This webpage contains the historical facts and data on how the Cojuangcos and Aquinos became the owner of Hacienda Luisita with the help of the Filipino money through the Philippine Central Bank and the GSIS on certain conditions.

This also contains the reason why Ninoy hates Marcos;

Would you believe that it is because Marcos wants to give Hacienda Luisita to the REAL OWNERS – the Farmers of the hacienda!

Because this is the condition of the Central Bank when it approved the 10-year, 2.1million dollar loan to purchase the hacienda brokered by Ninoy with the help of then President Magsaysay (Their wedding sponsor)!

This would be the ugliest skeleton in the closet of the Cojuangco’s and the Aquinos, especially President Noynoy.

This is probably the reason why CJ Corona is so emphatic in saying “just look at me.” Because, legally, he could strip the Cojuangcos and the Aquinos of their ownership of the hacienda.

And this is one f the reasons why I do not subscribed to the idea of Ninoy being a hero and Cory as restorer of Philippine democracy!

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Up until 1950,Central Azucarera de Tarlac was owned by a Spanish company the TABACALERA. Jose Cojuangco Sr. wants to acquire the controlling interest of the Azucarera and needs dollars to pay the Spaniards.

The Central Bank of the Philippines agreed to deposit part of the Philippines international reserves, to facilitate the 10-year, $2.1 million loan of Cojuangco, with the Manufacturer’s Trust Company of New York.

This is specifically on the condition that Cojuangco would simultaneously purchase the 6,443-hectare Hacienda Luisita, “with a view to distributing this hacienda to small farmers in line with the Administration’s social justice program.” (Central Bank Monetary Board Resolution No. 1240, August 27, 1957).

Then to purchase Hacienda Luisita, Cojuangco, applied for a P7 million loan from the Government Service Insurance System (GSIS). His loan application with GSIS stated that “…4,000 hectares of the hacienda would be made available to bonafide sugar planters, while the balance 2,453 hectares would be distributed to barrio residents who will pay for them on installment.”

The GSIS, through its GSIS Resolution No. 1085, May 7, 1957; GSIS Resolution No. 3202, November 25, 1957 approved a P5.9 million loan, on condition that Hacienda Luisita would be “subdivided among the tenants who shall pay the cost thereof under reasonable terms and conditions”.

Through the request of Jose Cojuangco, Sr., GSIS amended the condition, through its Resolution No. 356, February 5, 1958 to read “…shall be sold at cost to tenants, should there be any.”

And on May 7, 1980 the Marcos government filed a case against the Cojuangco company the TADECO (Republic of the Philippines vs. TADECO, Civil Case No. 131654, Manila Regional Trial Court, Branch XLIII) for the surrender of Hacienda Luisita to be distributed to the farmers at cost, in accordance with the terms of the government (CBP and GSIS) loans.

Reference: (http://luisitamagsasaka.wordpress.com

 

Philstar: “Corona orders review of Luisita labor case”: Posted: 21-22June2010