Determination of Monetary Compensation.
Section 15
SEC. 15. Determination of Monetary Compensation. - (a) The Board shall determine the monetary compensation and award of the lawful owner(s), whichever is the lower amount of either the fair market value of the residential, cultural, commercial structures, or other real properties or the value of its total area per storey equivalent to an amount to be determined in the implementing rules and regulations of this Act. In case of claims for loss or destruction of personal properties, the claimant shall present competent evidence of the loss or destruction, ownership, as well as the fair market value of the personal properties. (b) Within thirty (30) days after the Board has approved with finality each eligible claim pending before it and after due publication of such legitimate claim, the award of monetary compensation shall take effect: Provided, That any pending appeal filed by an aggrieved claimant before the Board must be resolved by the Board not later than sixty (60) days before it becomes functus officio.