Payment of Compensation by Beneficiaries under Voluntary Land Transfer.
Section 21
SEC. 21. Payment of Compensation by Beneficiaries under Voluntary Land Transfer.—Direct payment in cash or in kind may be made by the farmer-beneficiary to the landowner tinder terms to be mutually agreed upon by both parties, which shall be binding upon them, upon registration with and approval by the DAR. Said approval shall be considered given, unless notice of disapproval is received by the farmer-beneficiary within thirty (30) days from the date of registration. In the event they cannot agree on the price of land, the procedure for compulsory acquisition as provided in Section 16 shall apply. The LBP shall extend financing to the beneficiaries for purposes of acquiring the land.