Rama, FLI rejoice at decision canceling liens on 2 SRP lots-A A +A
Wednesday, September 4, 2013
FILINVEST Land Inc. (FLI) will soon turn over titles of its first residential buildings at the South Road Properties (SRP), following the decision of the Regional Trial Court (RTC) to cancel liens on two titles.
“Filinvest welcomes the recent ruling of the court favoring the Cebu City Government in its property dispute with the Rallos heirs over two parcels of land at the SRP.
With this resolution, the properties are now free and clear of any liens and encumbrances,” the firm’s statement read.
With this development, Cebu City Mayor Michael Rama also said the FLI should start turning over the City’s share of the proceeds of the joint venture.
Rama said there will be a “top-level” discussion on the shares soon. This means he will be talking to the FLI board in Manila.
Even though Rama did not get the chance to tell FLI vice president for Visayas and Mindanao Tristan Las Marias about the good news, the City Government still sponsored a thanksgiving mass at the Basilica del Sto. Niño.
He said the court’s decision to cancel the notice of garnishment to the P124-million account of the City in the Philippine Postal Savings Bank is timely since the
executive branch is planning the second supplemental budget.
“The account used to be restricted but now the tag has been lifted, it (the money) is already available,” Rama said.
He denied the City’s lack of funds caused the delay in the distribution of financial assistance to senior citizens and reiterated that the basis for the distribution is on the readiness of the payroll.
Besides, he said, the City released P4,000 of the P10,000 annual aid in the first quarter. This means the executive branch has some leeway in the second quarter distribution, he said.
“This is not just a victory for Cebu and Filinvest but for the entire Cebuano community as well, considering that Filinvest’s Citta di Mare project will undeniably change the landscape of Cebu and consequently, the lifestyle of Cebuanos,” FLI’s press statement also read.
The Citta de Mare project is composed of residential units divided into two clusters—the Amalfi and the San Remo.
In the same statement, the firm said the Amalfi titles will be released soon. Some of the units have already been turned over to the owners.
RTC Branch 9 Judge Alexander Acosta ruled to cancel the liens of two SRP titles and the notice of garnishment against the City’s bank accounts because of the writ of preliminary injunction issued by the Court of Appeals in favor of the City.
Published in the Sun.Star Cebu newspaper on September 04, 2013.