7/23/2023 0 Comments Republic finance gonzalesPetitioners, on July 30, 1979, accepted under protest the condition of the GSIS This, however, did not stop them from seeking reconsideration of the decision of the GSIS to the extent of appealing to the Office of the President on Septemand offering to pay the balance of their obligation in cash provided GSIS would accept at par value the Land Bank bonds without awaiting payment corresponding to their other 9-hectare agricultural land in Jaen In effect, the bonds were given a creditable value of only P41,775.00 (P16,400.00, at par plus P25,375.00, the discounted value) compared to its face value of P93,500.00. The GSIS refused acceptance unless the payment in bonds was to be credited thus: P16,400.00 at par (the loan value of the property and P77,100.00 in land bank bonds discounted at 18% interest per annum to maturity, 1 actuarially computed at P25,375.00. The land, having been appraised at P117,005.00, that sum was tendered by the Land Bank to the GSIS broken down as follows: 20% in cash or P23,505.00 (recomputed at P23,401.00), and 80% in bonds or P9,3,500.00 re-computed all P93,604.00). It was only in May of 1979, however, that payment by the Land Bank became remittable covering in particular, the 15- hectare land of petitioners in Jaen 27, otherwise known as the Tenants' Emancipation Act, effective October 21, 1972, the agricultural lands of petitioners were subdivided and awarded by the then Department of Agrarian Reform to the tenant-farmers therein. Petitioners were able to pay several monthly installments of P814.38 until both of them retired compulsorily from government service in 1973, leaving an unpaid obligation of over P73,000.00, which, as of May 31, 1978, amounted to P 135,884.87 because of accumulated interests or arrearagesīy virtue of Presidential Decree No. Of the latter two, one is 15.7880 hectares in area, while the other is 9.4602 hectares. GSIS accepted as collaterals two (2) residential lots located in Quezon City, and two (2) agricultural lands located in Jaen, Nueva Ecija. This was to be repayable within fifteen years at 6% interest per annum for the first P30,000.00 and pay for the balance. Gonzales and Rosario Esquivel Gonzales obtained a housing loan of P80,000.00 from the respondent GSIS. On April 2, 1968, Augand November 7, 1968, petitioner-spouses Inocencio H. We view this Petition as substantially one for mandamus to compel the respondent Government Service Insurance System (GSIS) to accept 6% interest-bearing bonds issued by the Land Bank of the Philippines at their par or face value as payment for petitioners' outstanding housing loan. and THE MANAGER, RESIDENTIAL LOANS DEPARTMENT, respondents. THE GOVERNMENT SERVICE INSURANCE SYSTEM thru GENERAL MANAGER ROMAN A. GONZALES and ROSARIO ES QUIVEL GONZALES, petitioners,
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