Contextually operates in favor of cojuangco and

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contextually operates in favor of Cojuangco and against the Republic, as plaintiff a quo, which then had the burden to prove that indeed there was no sufficient consideration for the Second Agreement. The Sandiganbayan’s stated observation, therefore, that based on the wordings of the Second Agreement, Cojuangco had no personal and exclusive option to purchase the FUB shares from Pedro Cojuangco had really little to commend itself for acceptance. This, as opposed to the fact that such sale and purchase agreement in memorialized in a notarized document whereby both Eduardo Cojuangco Jr. and Pedro Cojuangco attested to the correctness of the provisions thereof, among which was that Eduardo had such option to purchase. A notarized document, Lazaro v. Agustin (GR. No. 152364, April 15, 2010, 618 SCRA 298) teaches, “Generally carries the evidentiary weight conferred upon it with respect to its due execution, and documents acknowledge before a notary public have in their favor the disputable presumption of regularity.” A perusal of the PCA-Cojuangco Agreement disclosed an express statement of consideration for the transaction. Applying Samanilla to the case at bar, the express and positive declaration by the parties of the presence of adequate consideration in the contract makes conclusive the presumption of sufficient consideration in the PCA Agreement. Moreover, the option to purchase shares and management services for UCPB was already availed of by petitioner Cojuangco for the benefit of the PCA. The exercise of such right resulted in the execution of the PCECJ Agreement, which fact is not disputed. The document itself is incontrovertible proof and hard evidence that petitioner Cojuangco had the right to purchase the subject FUB (now UCPB) shares. Res ipsa loquitur. COJUANGCO IS NOT ENTITLED TO THE UCPB SHARES WHICH WERE BOUGHT WITH PUBLIC FUNDS AND HENCE, ARE PUBLIC PROPERTY. The coconut levy funds were exacted for a special public purpose. Consequently, any use or transfer of the funds that directly benefits private individuals should be invalidated. The issue of whether or not taxpayers’ money, or funds and property acquired through the imposition of taxes may be used to benefit a private individual is once again posed. Preliminarily, the instant case inquires whether the coconut levy funds, and accordingly, the UCPB shares acquired using the coconut levy funds are public funds. Indeed, the very same issue took center stage, discussed and was directly addressed in COCOFED v. Republic (G.R. Nos. 177857-58 & 178193, January 24, 2012). And there is hardly any question about the subject funds’ public and special character.
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POLITICAL LAW CASE DIGESTS 76 From the foregoing, it is at once apparent that any property acquired by means of the coconut levy funds, such as the subject UCPB shares, should be treated as public funds or public property, subject to the burdens and restrictions attached by law to such property.
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