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PCGG warned vs. ‘Payanig’ auction

By MST Business | Jul. 13, 2015 at 10:00pm [ manilastandardtoday.com ] 
BLEMP Commercial of the Philippines Inc. has filed a lis pendens with the Registry of Deeds in Pasig City to warn the Presidential Commission on Good Government against auctioning off 18.4-hectares of properties known as the ‘Payanig sa Pasig’ lots. 
Lis pendens, which literally means a pending suit, refers to the jurisdiction, power or control that a court acquires over a property involved in a suit pending final judgment. 
“Effectively, it serves as an official and public notice that a particular real property is in litigation, and serves as a warning that anyone who acquires interest over the litigated property does so at his own risk,” said BLEMP lawyer Dennis Manalo in a statement. 
“More importantly, it binds would-be purchasers of the litigated property to the judgment or decree of the court, whether they are legitimate buyers or not,” Manalo said. 
The PCGG is auctioning the property is based on its claim that it holds a reconstituted title obtained after the Edsa revolution, through an assignment by alleged Marcos crony Jose Campos. 
Under the law, however, a reconstituted title is rendered void if the original title still exists. BLEMP said it was in possession of these titles. The company has issued an open challenge to any document verification experts to prove the titles were not original. No one has taken the challenge so far. 
“My advice to all the bidders is for them to consult and carefully deliberate with their lawyers, because they are literally taking a multi-billion peso gamble and leaving it up to the courts,” Manalo said. 

“This case is now entirely dependent on the legal merits of each claimant, and no matter how you spin it, nothing will ever beat the original, physical titles that we have in our possession,” he said.
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