Monday, April 9, 2012

Filinvest Buys Land in SRP Lot Cebu

Filinvest Land Inc. (FLI) is willing to pay its P845.2 million
amortization this year for the purchase of a lot at the South Road
Properties (SRP) to the Cebu City Government but has set some
conditions, an official said.

Cebu City Administrator Jose Marie Poblete said FLI vice president for
Visayas and Mindanao Tristan Las Marias attended a meeting with Cebu
City officials Monday and signified the firm's "willingness to pay"
but only after the City Government does something.

Poblete refused to mention what the deal was, in deference to Las
Marias and the FLI.

FLI earlier informed the Cebu City Government that it will hold its
annual amortization for the year, amounting to P845.2 million because
of encumbrances in the title.

The titles have been annotated "lis pendens," or under litigation,
because they are among the lots that the heirs of Fr. Vicente Rallos
want to take if they city fails to pay the P133 million ordered by the

The Cebu City Legal Office will be working on the solution tackled
during Monday's meeting.

Poblete said aside from him and Las Marias, City Attorney Joseph
Bernaldez and City Treasurer Ofelia Oliva also attended the meeting at
City Hall.

Poblete said it was Las Marias who called for the meeting.

The lots where titles have been levied are part of the joint venture
of FLI and the City government.

But Las Marias clarified these have not been developed.

While there was no definite commitment for payment yet, Poblete said
the fact that both parties are talking about it is already a good

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