EPZA v. Dulay 149 SCRA 305 (1987) F: The San Antonio Development Corporation was the owner of a piece of land in Lapu-Lapu City which the EPZA expropriated in 1979. The commissioners appointed by the trial court recommended that the San Antonio Development Corp. be paid P15.00 per square meter. EPZA filed a petition for certiorari, arguing that under PD 1533 the compensation should be the fair and current market value declared by the owner or the market value determined by the assessor, whichever is lower. HELD: The method of ascertaining just compensation under PD 1533 constitutes impermissible encroachment on judicial prerogatives. Although the court technically would still have the power to determine the just compensation for the property, following the decree, its task would be relegated to simply stating the lower value of the property as declared either by the owner or the assessor. Just compensation means the value of the property at the time of the taking. It means a fair and full equivalent for the loss sustained. All the facts as to the condition of the property and its surroundings, its improvements and capabilities should be considered. In this case, the tax declarations used as basis for the just compensation were made long before the declaration of martial law when the land was much cheaper. To peg the value of the lots on the basis of those documents which are outdated would be arbitrary and confiscatory