Globe Asiatique to Pag-IBIG fund: What P6.5B damages?

MANILA, Philippines – Where is the P6.5-billion damages incurred by the Home Development Mutual Fund (HDMF) from its transactions with Globe Asiatique?

A lawyer from GA raised this question to the Court of Appeals Tuesday.

“We’ve been saying that they are flaunting in the media that they incurred P6.5 billion damages…Sinasabi namin sa hearing, san yun?” GA lawyer Roni Garay told reporters Tuesday.

(We’ve been asking at the hearing, where is it?)

He said the counter-claim is only P12 million. Up to now, Garay said they have yet to receive a demand letter claiming the amount.

HDMF or Pag-IBIG Fund went to the Court of Appeals after Makati City Regional Trial Court Branch 58 ruled that they are liable to GA for specific performance and damages.

The Makati Court in 2012 ruled that Pag-IBIG breached its memorandum of agreement (MOA) and funding commitment agreements, which it signed with Globe Asiatique when it refused to accept the replacement buyers being offered by the latter pursuant to the provisions of their contracts.

The appeals court affirmed the Makati court’s ruling, saying HDMF can be held liable for the damages sustained by GA when it “acted with malice and bad faith” by failing to accept the replacement of delinquent buyers and borrowers by GA, which are part of the memorandum of agreement and funding commitment agreement.

Giray said it was Pag-IBIG that said that the Makati court interpreted all the contract entered into between GA and Pag-IBIG and the court said its really Pag-IBIG who breached.

On the other hand, HDMF lead counsel Sandra Coronel asked the appeals court to stop the implementation of the Makati court ruling.

Coronel said they were surprised that the Makati Court issued a summary judgment on the case.

“There was no hearing, no witness testified. The court only said we should follow the contract and accept the replacement borrowers,” Coronel said.

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