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HACIENDA LUISITA TIMELINE.

Asia Africa Intelligence Wire

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(From Philippine Daily Inquirer)

1957JOSE COJUANGCO SR. buys majority shares of the Central Azucarera de Tarlac, including the 6,453-hectare Hacienda Luisita from the Spanish company Compania General de Tabacos de Filipinas (Tabacalera). The CAT and hacienda are transferred to Cojuangcos Tarlac Development Corp., an agricultural corporation.

Aug. 27, 1957Central Bank Monetary Board issues Resolution No. 1240 approving Cojuangcos loan to pay Manufacturers Trust in New York, which extended a loan to purchase Hacienda Luisita. The CB resolution says, There shall be a simultaneous purchase of Hacienda Luisita with the purchase of the shares, with a view to distributing this hacienda to small farmers in line with administrations social justice program.

Resolution No. 3202

Nov. 27, 1957The Government Services Insurance System approves a loan of P5.9 million for the Cojuangcos through Resolution No. 3202. The GSIS loan was approved after Cojuangco told the GSIS in a letter that the Cojuangcos acquisition of Luisita would pave the way for the sale to bona fide planters on a long-term basis, portions of the hacienda.

1976Period when the Cojuangcos should have made good on the condition of the loan agreements they signed with CB and GSIS to distribute and sell the land to farm workers through affordable terms.

1977Marcos government reviews Cojuangcos compliance with the land distribution condition

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