PHILGUARANTEE receives P752 Million from court-appointed Receiver, payment set to continue

Just another day — On December 5, 2024, the Philippine Guarantee Corporation (PHILGUARANTEE) received two (2) checks turned over by the Court-appointed Receiver, Atty. Norma Singson-De Leon, amounting to P752 Million as partial settlement of the Court-approved Memorandum of Agreement between PHILGUARANTEE and R-II Builders, Inc.

Atty. De Leon turned over a check in the amount of P252 Million representing the down payment by Moreta Shipping Lines Inc. (“Moreta Shipping”) covering the Court-approved sale of two parcels of land belonging to the Smokey Mountain Asset Pool (SMAP). The combined area of the two properties located in Tondo, Manila is 10,000 sq.m.

The court-approved selling price for the two properties is P1.26 Billion. Moreta Shipping shall pay the remaining balance in March 2025 based on the Contract to Sell.

Atty. De Leon, who manages the SMAP-owned properties, represented the SMAP, while Ms. Kimmie Moreno-Sy, Vice President for Finance, represented Moreta Shipping during the contract signing.

As approved by the Court, PHILGUARANTEE also received another check worth P500 Million from Atty. De Leon representing R-II’s partial settlement of its obligations under the Court-approved MOA.

The signing ceremony was attended by PHILGUARANTEE President and CEO Alberto Pascual, Atty. Isabelo Gumaru (Senior Vice President of the Legal Services Group), Atty. Dexter Lacuanan (Vice President for Litigation Department), Moreta Shipping Lines Vice President for Finance Ms. Kimmie Moreno-Sy, Atty. Jon Constantin Tecson, and Mr. Dennis John Chan, Court-Appointed Receiver Atty. Norma Singson-De Leon, Atty. Dino De Leon, Atty. Armand Arevalo, Mr. Nick Macabeo, Mr. Edelberto Landicho, and R-II Builder Inc. Chairman Dr. Reghis Romero and Corporate Secretary Atty. Jerome Canlas.

From: Strategy Management and Communications Department