Rallos lot: Why it now costs Cebu City P133.5 million

The  4,654 square meter lot  in Sambag II was priced at P44.2 million or P9,500 per square meter based on a computation by court sheriff IV Antonio Bellones.

The money judgment was rendered by the Regional Trial Court Branch 9 based on its decision ordering the city government to pay the Rallos heirs for the land taken over as a public road.

With interest of 12% per month from Sept. 2, 2001 to Oct. 1, 2011, interest alone reached P53.5 million.

Based on this, the city was directed to pay P97.7 million to the Rallos heirs plus other interest amounting to P91.85 million, bringing the city’s due to a total of P189.6 million.

The sheriff’s computation cites partial payments made of P56.2 million in  2001 and 2009.

This includes P34.9 million which was garnished from the city’s bank deposit and another P21.3 million payment made in 2009.

As of Oct. 1, 2011, according to the sheriff, Cebu City owes  P133.5 million to the Rallos heirs.

This includes  P50, 000 reimbursement for attorney’s fee and another P50, 000 for litigation expenses.