MANILA, Philippines - The Makati
Regional Trial Court (RTC) said it is Pag-IBIG not Globe Asiagique which is
liable for specific performance and damages to Globe Asiatique.
In a resolution dated Jan. 30, 2012, a
copy of which was obtained only last Friday, the Makati court holds that
Pag-IBIG breached its memorandum of agreement (MOA) and funding commitment
agreements (FCAs) which it signed with Globe Asiatique when it refused to accept
the replacement buyers being offered by the latter pursuant to the provisions
of their contracts. According to the court, the MOA and FCAs allow Globe
Asiatique to replace defaulting buyers.
The right to replace defaulting buyers
is included in the five-year buy back guarantee of Globe Asiatique inserted by
Pag-IBIG in the contracts which it solely prepared, alternative to the right of
Globe Asiatique to directly pay off the loan of the buyer/borrower or for
Pag-IBIG to cause the automatic off-setting of the unpaid buyer’s loan with the
retention, escrow and other receivables of Globe Asiatique which are still in
the possession of Pag-IBIG, the court explained.
The Makati Court also rejected the
defense of Pag-IBIG that Globe Asiatique is guilty of breach of warranties
under the FCAs when the latter allegedly approved the Pag-IBIG loan
applications of a substantial number of fictitious or ghost buyers.
Explained the court: “Defendants
should not be allowed to escape liability with impunity by simply alleging that
the defaulting buyers-borrowers are fictitious and spurious because in the
first place, defendant HDMF was the one, based on admitted and undisputed
evidence, its Charter and provisions of the said contracts, that approved all
the Pag-IBIG Fund membership and loan applications of the buyer-borrowers which
defendant HDMF now claims to be substantially composed of fictitious and
spurious buyers-borrowers.”
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