RCI: No compensation for those affected by hacienda redev't

Some 50,000 Batangas farmers and other individuals affected by the listed Roxas & Co. Inc.’s (RCI) planned real estate development across its three haciendas will not be compensated.

No less than the RCI management publicly informed the Philippine Stock Exchange (PSE) on Monday that the company has “no other financial obligations” to the affected individuals—the first time the company clearly stated its stance over the long-standing issue.

"To date, there are no actions planned on the properties and affected parties until our company receives further instructions from the Department of Agrarian Reform... Apart from the duty to vacate peacefully the properties to be distributed to the ARBs, has no other financial obligations to the latter," RCI said.

To recall, the PSE sought clarification about any plans for RCI regarding the issue because such information could materially affect the company's future.

Roughly 1,000 Batangas residents gathered at Makati's Freedom Park last week to protest RCI's plans to evict around 50,000 people from Haciendas Palico, Banilad, and Kaylaway, spanning over 2,941 hectares across nine barangays.

Batangas farmers, demanding equitable land distribution and increased compensation for affected agrarian reform beneficiaries (ARBs) and informal settlers, have been protesting a DAR order involving over 2,941 hectares across RCI's three haciendas.

Currently, the RCI is in the process of finalizing the "Highest and Best Use Study and Master Plan" for the haciendas.

RCI's main holdings are raw real estate located in Nasugbu, Batangas, sugar-related assets, and businesses held through Roxas Holdings Inc.