Filinvest clarifies Rallos claim to SRP

CEBU, Philippines - Filinvest clarified that its SRP condominium projects, Amalfi Oasis and Sanremo Oasis, are not covered by the Rallos claims against the Cebu City government.

The Rallos family claims that the City government owes it P133 million arising from expropriation of a road right of way 48 years ago back in 1963.

The court decision does not require the city to pay the Ralloses with real property nor does it directly enjoin the Filinvest SRP JV area.

The Court Sheriff has also issued notice of garnishment on SM’s SRP payment and the City’s bank depository accounts.

If Cebu City decides to pay the claim, it can do so with money not real property. Under the law, Cebu City as the debtor can direct or choose which properties will be used to pay the obligation. The Ralloses as the creditor do not have the right to choose.

In addition, Filinvest has a valid contract for the development and marketing of the Joint Venture properties in the SRP. Filinvest’s joint venture contract has precedence over any possible claim that will be made on the property.

Filinvest further assured its stakeholders and clients that development of the projects Amalfi Oasis, Sanremo Oasis, is in full swing and that these projects are not part of any auction. They further reiterated that they stand by their commitment as developer to deliver the projects in a timely manner.

Filinvest asserts its right to take all legal actions to recoup from the Ralloses whatever damages their press release and actions will cause Filinvest and its projects.

Filinvest is one of the country’s top real estate developers with an asset base of P67 billion and equity of P42 billion and 46 years in the property business. The Filinvest group has developed over 2,100 hectares of land, over 600,000 sqm of commercial/office developments and over 120,000 units. (FREEMAN)