After 27 years of legal battle, the city government of Marikina has finally acquired the three-hectare lot in Barangay Tumana, which will be subdivided among around 1,000 beneficiaries from the community.

Mayor Marcelino “Marcy” Teodoro said the city government directly purchased the lot from the Philippine Deposit Insurance Corporation (PDIC) which is the liquidator of the Admiral United Savings Bank (AUSB). In 1984, the said bank was closed by the Bangko Sentral ng Pilipinas (BSP).

PDIC said a private corporation, which formerly owned the lot, insisted ownership over the property, causing a very long litigation. AUSB foreclosed the property after the private corporation failed to pay its debt.

The mayor and PDIC president Roberto Tan went to Barangay Tumana for the turnover of the final deed of sale of the lot. It was witnessed by the beneficiaries.

“This is not a community mortgage program. This is a local initiative by the city. Direct acquisition of the property is what we did. We will be subdividing and awarding it to individual families who are already occupying the said area,” Teodoro said.

The mayor said the subdivided lots will be sold for the same price it was acquired, which is for only P799 per square meter.

Tan said the depositors of Admiral Bank will now get paid, thanks to the Marikina LGU. He is pertaining to the excess amount not covered by the insurance of PDIC, or those who deposited more than P500,000.