Case Digest: Land Bank of the Philippines vs. Megaworld Corp. G.R. Nos. 193893-94, October 09, 2019
Land Bank of the Philippines vs. Megaworld Corp. G.R. Nos. 193893-94, October 09, 2019 Bersamin, J. Civil Procedure; Appeals Facts: Land Bank of the Philippines (Landbank) is the registered owner of a parcel of land with an area of 12,739.30 square meters (property) situated in Malate, Manila. In 1995, it entered into a property development contract (agreement) whereby Megaworld Corporation (Megaworld) undertook to construct on the property a 35-storey building to be known as the Landbank Plaza, Landbank's proposed corporate headquarters that would include a first-class commercial and residential condominium complex (project). In 1999, Megaworld notified Landbank that it had already completed the project. Nonetheless, Landbank did not issue a certificate of completion and acceptance in favor of Megaworld, but only released P168 million from the money retained under the agreement based on the accomplishment rate of 96.7586%. Almost three years following the notice of completion, ...