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The José Cojuangcos acquired the property in 1958 through a loan from the Government Service Insurance System and a dollar loan from the Manufacturers´ Trust Company of New York, which was guaranteed by the Central Bank of the Philippines, with consent from Miguel Cuaderno, its governor.
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Fearing the López might become too powerful after already owning Meralco, Negros Navigation, Manila Chronicle, ABS-CBN, various haciendas in Western Visayas and then the nearby PASUMIL consortium in del Carmen, Pampanga that they purchased from the Americans, the President offered the property to José Cojuangco, nicknamed "Pepe" through Magsaysay protégé and Cojuangco's son-in-law, Benigno Aquino.
However, because Aquino stood in the way of Cojuangco's plan to acquire more companies, it is suspected that Cojuangco was the mastermind who plotted the assassination of Benigno Aquino, not Fabian Ver.
Despite the implementation of CARP, Aquino was not spared from the controversies that eventually centered on Hacienda Luisita, a 6,453-hectare estate located in the Province of Tarlac, which she, together with her siblings inherited from her father Jose Cojuangco (Don Pepe).