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Cainta homeowners seek NBI check on association’s funds

[ Manila Bulletin Online ] June 3, 2008
By DANNY JUNCO


CAINTA, Rizal—Most of the more than 2,000 homeowners of the Village East Executive Homes of this town sought the help of the National Bureau of Investigation (NBI) to check on how the P32.5 million fund of its association had been handled by their village developer.

The Prime East Holdings, Inc. (PEHI) (formerly the Antipolo Properties, Inc.), owner and developer of the village, had given lots worth P32.5 million to the association Village East Homeowners Association, Inc. (Vehai) intended for the completion of all its projects in the village.

The transaction was contained in a memorandum of agreement (MoA) entered into between PEHI and Vehai in 2003.

The Prime East Holdings, Inc. (PEHI) had turned over to Vehai the administration and management of the village.

However, since 2003 to the present the P32.5 million cannot be accounted for, and where the money had been spent, it was reported.

This is now the focus of investigation to be conducted by the NBI, based on the request of the homeowners.

Froy Solanoy, spokesman of the SAVE Village East homeowners, said that the homeowners have been forced to seek the help of NBI because the association had not responded to a request to account for the money.

Solanoy said the association had been promising to the homeowners that they would give them a report about where the P32.5 million went but the alleged promise had not yet been fulfilled.

"They are making fool of us and we are not naïve they should have to account where this money had been spent," Solanoy said.

Karl Frankebergen, one of the homeowners, said Vehai should present a clear balance statement about the R32.5 million.
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