SEPARATE CONCURRING AND DISSENTING OPINIONBRION, J.:On December 22, 2005, the public respondent Presidential Agrarian ReformCouncil (PARC) issued Resolution No. 2005-32-01. This Resolution revokedthe Stock Distribution Plan (SDP) that Tarlac Development Corporation(Tadeco) executed with its spin-off corporation Hacienda Luisita, Inc. (HLI)and its qualified farmworkers-beneficiaries (FWBs), and placed theHacienda Luisita under the compulsory coverage of the ComprehensiveAgrarian Reform Program (CARP). This Resolution set in motion a series ofevents that led to the present controversy.The Court is mainly called upon to decide the legality of the HLI’s SDP. Anunderlying issue is whether the PARC has the power and authority to revokethe SDP that it previously approved; if so, whether there is legal basis torevoke it and place the Hacienda Luisita under compulsory coverage of theCARP. The Court has to resolve, too, whether the petitioners-intervenorsLuisita Industrial Park Corporation (LIPCO) and Rizal Commercial BankingCorporation (RCBC) legally acquired the converted parcels of land(acquired lands) from HLI.FACTUAL ANTECEDENTSAcquisition of Hacienda LuisitaTo put this case in its proper context, I begin with a review of HLI’s historyand the significant events that ultimately led to the present case.The Hacienda Luisita is a 6,443 hectare parcel of land originally owned bythe Compania General de Tabacos de Filipinas (Tabacalera). In 1957, theSpanish owners of Tabacalera decided to sell this land and its sugar mill,Central Azucarera de Tarlac. Jose Cojuangco, Sr. took interest andrequested assistance from the Philippine government in raising thenecessary funds through: (a) the Central Bank, to obtain a dollar loan fromthe Manufacturer’s Trust Company (MTC) in New York for the purchase ofthe sugar mill; and (b) the Government Service Insurance System (GSIS), toobtain a peso loan for the purchase of the Hacienda. The Central Bank useda portion of the country’s dollar reserves as security for Cojuangco’s loanwith the MTC on the condition that Cojuangco would acquire HaciendaLuisita for distribution to farmers within 10 years from its acquisition. TheGSIS also approved Jose Cojuangco, Sr.’s loan for ₱5.9 million underResolution No. 3203 (November 25, 1957) which stated in part:
12. That the lots comprising the Hacienda Luisita shall be subdivided by theapplicant-corporation among the tenants who shall pay the cost thereofunder reasonable terms and conditions;At the urging of Jose Cojuangco, Sr., GSIS issued Resolution No. 356(February 5, 1958), amending Resolution No. 3203 in the following manner:That the lots comprising the Hacienda Luisita shall be subdivided by theapplicant-corporation and sold at cost to the tenants, should there be any,and whenever conditions should exist warranting such action under theprovisions of the Land Tenure Act;Thus, on April 8, 1958, Jose Cojuangco, Sr., through Tadeco, acquiredHacienda Luisita and Central Azucarera de Tarlac.