Connect with us

Hi, what are you looking for?

Captain Of Success
Top Stories

Stock Markets

SMC defends 7,000-ha Bugsuk Island titles

SAN MIGUEL CORP. (SMC) confirmed its acquisition of 7,000 hectares on Bugsuk Island in Balabac, Palawan, noting that the titles predate the 1997 Indigenous Peoples Rights Act and no certificate of ancestral domain title exists for the properties.

SMC acquired the properties “through the purchase of companies that have held the titles since their original issuance in 1974 as part of a government program involving the redistribution of agricultural lands to farmers under the Land Reform Program,” the Ramon S. Ang-led conglomerate said in an e-mailed statement on Monday.

“The Department of Agrarian Reform (DAR) has upheld in its orders dated Aug. 15 and Sept. 20, 2023, that the Bugsuk properties are not subject to Agrarian Reform distribution,” the company said. An indigenous peoples (IP) group called Sambilog-Balik Bugsuk Movement questioned this decision.

“While no certificate of ancestral domain title exists for Bugsuk Island, and existing property titles predate the 1997 Indigenous Peoples Rights Act, SMC is committed to engaging in constructive dialogue with all stakeholders, including the true representatives of the Molbog people, to address any concerns,” it added.

BusinessWorld still awaits comment from Agrarian Reform Secretary Conrado M. Estrella III.

“Any reacquisition by the government would violate the just compensation already provided and infringe upon the Constitutional rights of the lawful owners,” SMC said.

“Still, SMC acknowledges the historical complexities of land ownership in the Philippines and recognizes the importance of respecting the rights of legitimate indigenous communities,” it added. — Ashley Erika O. Jose

    You May Also Like

    Finance

    Tourists visiting the UK may soon be asked to pay local visitor levies as councils consider introducing overnight stay charges to support services strained...

    Finance

    Shoppers are expected to face higher prices as retailers grapple with increased costs resulting from recent budget measures, the British Retail Consortium (BRC) has...

    Finance

    Gary Lineker, the former England footballer turned broadcaster, has strategically placed his television production company, Goalhanger Films, into voluntary liquidation ahead of upcoming capital...

    Stock Markets

    NEW BOHOL-PANGLAO INTERNATIONAL AIRPORT — ABOITIZINFRACAPITAL.COM By Ashley Erika O. Jose, Reporter ABOITIZ InfraCapital, Inc. is keen to develop and operate more regional airports...

    Disclaimer: CaptainOfSuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
    The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 Captain Of Success. All Rights Reserved.