CEBU, Philippines - The executor of the Balili estate finally gave an accounting to the court of the P98.9 million paid by the Cebu Provincial Government for the purchase of the 24.7-hectare property in Tinaan, Naga, which is now the center of controversy and investigations after it was found out that a large portion of it is underwater.
The accounting was contained in the seven-page compliance of lawyer Romeo Balili to the order of Regional Trial Court Branch 6 Judge Ester Veloso for him to explain why he failed to submit for the court’s approval the deed of sale and why the proceeds of the sale were deposited in his name and that of Amparo Balili instead of the name of the estate.
The estate proceeding on how the properties of the late Luis Balili shall be divided is pending before the court of Veloso.
According to the executor, there is still P82,714,900.87 left of the proceeds of the sale.
Romeo said they have paid a total of P18.3 million for the capital gain tax, documentary stamp, registration fees, broker’s commission, relocation fees, court commission of deposit and the reserved deposit for Tidcorp which has a P5 million money claim against the Balili estate.
Romeo said that the amount was deducted from the proceeds of the sale. Romeo also said that of the P82.7 million left, only P43,176,371.11 is considered cash on hand because P24 million was invested while the P15.5 million was already advanced by the widow.
He said the P43 million was already deposited under the account Estate of Luis Balili and Amparo Balili which he and Amparo opened jointly at the Banco De Oro F. Ramos Branch.
Romeo said that the P15.5 million advanced by the widow will be deducted from her 50 percent share of the estate.
Romeo attached to his explanation the different bank certifications as proof of the existence of the money.
He likewise attached the withdrawal slips as proof of the payment for the broker’s commission.
As proof of investments, Romeo attached certifications from the Land Bank of the Philippines and Philippine National Bank.
The Freeman however noticed from the certificates of investments that some of these accounts were opened before the controversial property was purchased by the Capitol.
The documents from Land Bank showed that some of these accounts were opened as early as 1993 to 2004. In another certification issued by PNB it shows that Amparo Balili opened Tier 2 Capital Investments in August 10, 2006 in the amount of P1 million and another P6 million in June 10, 2008, a day before the sale of the property was completed.
The deed of absolute sale was issued on June 11, 2008 in favor of the Cebu Province. The other certifications did not indicate the dates when the account was opened.
Romeo said that the approval of the deed of sale by the estate court is no longer necessary because there was already a prior approval of the memorandum of agreement.
“Since the office of the Deed of Absolute Sale in this case consummates the perfected contract of sale contained in the Memorandum of Agreement the approval by the court of the latter document encapsulated the approval of the former document. Thus, it is respectfully submitted therefore that there is no more need to present the deed of absolute sale for the approval of the court,” Romeo said.
He likewise explained why the deed of sale was signed even before the approval of the MOA. According to him, the MOA was approved by the court on July 15, 2008 but the deed of sale was already executed on June 11, 2008 because there was already an initial payment made by the Capitol.–/NLQ (FREEMAN NEWS)