Ralloses told: Pay Filinvest P1.2B or no SRP lot auction
The heirs of Fr. Vicente Rallos will have to raise P1.2 billion to pay Filinvest Land Inc. by Dec. 12 or the Dec. 13 auction of the 9.7 hectares of South Road Properties lot won’t push through.
Sheriff Eugenio Fuentes said the P1.2 billion would serve as the indemnity bond to Filinvest, which would represent the firm’s expenses in developing the 9.7 hectares of the SRP, which had been subjected to auction.
The target lot for sale in SRP is part of the P25-billion joint venture (JV) agreement of Cebu City and (FLI).
Fuentes said the Ralloses have until Dec. 12 to pay P1.2 billion, which will be reserved in case Filinvest will seek legal action in the future.
If the Ralloses can’t pay the amount, Fuentes said he will ask the Register of Deeds to lift the levy made on the SRP lots.
In an interview, Roy Rallos said the family had yet to meet with their lawyers to discuss the issue.
If the Ralloses can pay the P1.2 billion, then the Dec. 13 auction of the 9.7 hectare lot at the SRP will push through.
Proceeds will be given to the Ralloses, who are seeking payment of at least P133 million from the city over an expropriated lot in 1963.
However, the Cebu City government is asking the court to resolve its plea to set aside a ruling that mandated them to pay its dues to the Ralloses.
During a clarificatory hearing yesterday, Regional Trial Court Judge James Himalaloan said he couldn’t resolve any pending motions since he had inhibited himself from handling the case.
He said he was just waiting for RTC Executive Judge Sylvestre Maamo to either approve or disapprove his inhibition.
In an order dated Sept. 23, Himalaloan gave the go signal for the court sheriff to issue a writ of execution against the city government.
Notices of Garnishment were sent to the city’s depository banks consisting of the Land Bank of the Philippines, Philippine Postal Bank, Development Bank of the Philippines and Philippine Veterans Bank.
The city requested the court to set aside the Writ of Execution and the Notice of Garnishment.
