BSP sets auction for Evercrest Golf Club to pay Orient Bank's debts

MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) has successfully taken over the sprawling Evercrest Golf Club and Resort in Batulao and Nasugbu, Batangas and is set to auction the property within the year to pay the creditors of the defunct Orient Bank of businessman Jose Go led by the central bank.

BSP Deputy Governor and concurrent General Counsel Juan de Zuñiga Jr. said in an interview with reporters that the central bank has successfully taken over the Evercrest Golf Club Resort valued at about P1.2 billion after several attempts.

The Evercrest Golf Club and Resort features a golf course as well as 76-room accommodations with balconies overlooking the panoramic view of the famous Caleruega Church as well as the breathtaking Taal vista.

De Zuñiga said the BSP would have the property reappraised as the last appraisal in 2009 placed the value of the property at about P1.2 billion.

He added that the BSP would also look into the list of members of the golf club before putting the property on the auction block.

Go and other Orient Bank owners reportedly owe the BSP P6 billion worth of obligations for the emergency advances and overdrafts obtained by the closed bank.

A Manila Court ordered Go, on behalf of his Gotesco Group of Companies, and his brothers, George Co Go and Vicente Co Go, together with Evercrest Golf Club Resorts and Megaheights last December 2003 to pay Orient Bank’s obligations to the BSP including a principal of P2.9 billion.

De Zuñiga said the BSP is looking at other properties owned by the Gotesco Group of Companies to be able to raise enough case to pay off the outstanding loans of the Go group to the BSP.

“We are looking at other properties,” he added.

BSP plans to dispose of the property to pay creditors of Orient Bank and Go creditors.