Mañosa siblings refused help, face P620 million lawsuits

MANILA, Philippines — The heirs of the late National Artist Francisco “Bobby” Mañosa refused an offer of assistance from a “white knight” financier for their various failed real estate projects in Metro Manila and Tagaytay, which had them facing lawsuits of over P620 million in unpaid loans and unreturned investments to various prominent families, government institutions and private firms.

Athletics chief Philip Ella Juico is one of many prominent individuals demanding immediate payment from the children of Mañosa who are accused of either defrauding them or failing to return their investments for failed real estate projects such as the Anahaw Park in Alabang Hills in Muntinlupa City, and Campanilla Lane in New Manila, Quezon City.

Juico said he has stopped trying to meet with siblings Francisco “Dino” Mañosa Jr., Denise Mañosa, Angela Milagros Mañosa, Miguel Angelo Mañosa, and Ma. Isabel Mañosa Tanjutco after months of negotiating for the return of over P30 million for a house under the Campanilla project, and several attempts to help them get out of their financial troubles.

“I’ve no more energy. I’m tired. I can’t take this anymore. So we just sued them (Mañosa siblings),” Juico told The STAR.

He explained his wife, Margarita – former chairperson of the Philippine Charity Sweepstakes Office – a few years ago first saw the project being advertised as they passed by the area. After some checking, she thought a three-storey unit was a worthy place for their family to move into once completed.

And because it was a Mañosa brand, and that construction was already starting, they decided to make a reservation for the Campanilla project, Juico said.

“When we were told almost two years ago that they are having difficulties (in completing the project) I met Dino for the first time. I asked him why?” he said.

Dino showed Juico documents indicating they were duped by some contractors, and were planning to sue people.

“I’ve tried to help them and brought them a white knight because it was my interest to help them, because it would solve my problems. They’re both the problem and the solution,” Juico continued.

A white knight, in this case, is a friendly entity or individual which offers to rescue financially troubled companies or groups.

Juico, Dino, and the prospective rescuer met a few times to help bail out the Mañosas. The unnamed white knight was interested because of the Mañosa brand, but negotiations fell through.

“Their (Mañosa) proposal did not make economic sense for them (white knight). It was too high,” Juico said.

The financier, he said, commented that the projects, as envisioned, appeared to be okay but the siblings apparently did not know anything about construction.

Juico said he tried to propose other solutions, including suggesting other financiers, but nothing happened. Up to now, he has yet to be paid a single centavo from what they put up three years ago.

Documents obtained by The STAR showed some 26 individuals, private companies, banks, and one government agency as seeking payment or suing the siblings for a total of P626.2 million in connection with the real estate projects.