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1/20/21 email to atty atup

(just emailed this to atty atup's firm. note that the bank loan and using our house as collateral is just bulatik to pressure them that we are in dire straights)

Dear Atty Justtine,

Belated Pit Senyor !!! During my meeting with the heirs they were asking me if it's possible to know the estimated time it takes to transfer the Toledo properties under the names of my grandparents so we can pay the estate taxes before the amnesty expires. The heirs are worried it might take time for us to get a loan from the bank to pay for the estate taxes of Toledo, because the bank said it will take a month to appraise our house which we are using as collateral.

We already have an extrajudicial prepared by Atty Oscar Tan 2 years ago for the Toledo properties but the BIR won't let us pay until the properties appear in the list of holdings. Atty Camiso was suppose to do the transfer but it's been years and there has been no progress. In the meeting, the heirs expressed fears that transfer of ownership could normally take years. I told the heirs that during my consultation with Atty Atup last November 4, Atty Atup told me transfer of ownership can be complete by December, which means transfer of ownership can possibly be done in a month.

The heirs were also asking if Atty Atup already gave his assessment whether he can just do a direct substition to the heirs so we don't have to pay for the estate taxes.

I told the heirs all the information will be included in the proposal that your firm is preparing, together with the attorney's fees. However the heirs asked if it's possible to obtain the information ahead of time before your proposal is complete so we can already start applying for the loan.

Thank you for your kind consideration,

Sincerely, Ian Crystal

1/18/21 good news amnesty deadline is june 14

good news !!! me and tita georgia went to our BIR assessor (named edith) to give the 3 family homes certifications (thanks to tito virgilio's advice). she said it will lower our estate tax. but a bigger good news is that she told us she is ok if we pay by end of may. i bulatik to her that the philippine embassies in the states are closed for notary until april and so is the secretary of state for apostille and it usually takes a month to process. note i didn't ask for or mention the june 14 deadline because she might get offended and think, "wala diay mo ni salig nako pag ingon nako ug end of febuary". i was playing dumb and pretended i believed the deadline she gave me before. that's because she still needs to recompute our estate taxes, and if we insult or offend her she might give us an unfavorable compromise. that's how you get things done here in the philippines. if you scold them or quarrel with them they will only make your life harder even if you are right. the assessor said she will text me the new computation. let's have some fun. everyone give their guess on how much it will lower our taxes. the closest wins. my guess is the 3 family home deductions will lower our estate taxes by P1 million.

me and tita georgia also met with the broker of another pelaez buyer. as i said i'm sick and tired of meeting with buyers so i told him to meet us at the BIR to save us time and effort. we met at the parking lot of the BIR and i told him we have 2 other buyers who told us they are willing to give the downpayment even if we haven't retrieved the titles from Ang. this is a sales tactic to pressure the buyer to decide quickly.

earlier that day i met with atty abellana, who told me the hearing for the right of way in mambaling (title annotation) could be published this week. he was wearing the knights of columbus shirt, so he must be a close friend of tito virgilio. that's probably why he is doing his best to schedule the hearing early.

1/17/21 coaching moment: navigating beaurocracy

tita georgia posted an article confirming the amnesty deadline is june 14. since our assessor told me it's end of febuary, i told tita georgia to accompany me to our assessor to have our estate tax recomputed with the family homes deduction. we also need to find a way to let our assessor agree or tell us the amnesty is on june 14 without offending her. i know the law is on our side. but by now you should know that in the philippines, there is a way or STYLE on how we should deal with government agencies. it's not as simple as simply doing what is right or what is "THE LAW". you were the one who told me that the toledo assessor never gave you the tax decs you needed even if by law they were required to do so. the NFA never approved my philippine passport because my birth cert says i was not born in the philippines even if by law they should give me a passport because both my parents are filipinos. i was only able to get my passport in san francisco philippine embassy. also by law DAR was not suppose to give away our 10ha 4143 because the court case was still on going. that's why it's important everyone reads my policy proposal because you will learn valuable skills on how to navigate the VERY TREACHEROUS PHILIPPINE BEAUROCRACY LANDSCAPE. the core theme of my proposal is really about STREET SMARTS and how we can be stronger as a group to ward off the sharks that are circling around us. the skills you learn will be very valuable in the future even after we resolve all the estate issues and we go our separate ways, so you can better protect your children and love ones from the sharks that are always swimming around your assets waiting for you to let your guard down. my point is that we should not just go in to BIR and demand our deadline is june 21 just because "it's the law".. first, we should do whatever we can to not rock the boat. first we should pretend that we believe the assessor that the deadline is end of febuary. then we plead that it's impossible for us to beat the deadline because of the apostille problem in the US, and the philippine embassy is closed indefintely, and we ask our deadline be moved to june. if she voluntarily moves our deadline to June, then great. but if she insists on end of feb or before june, we VERY RESPECTFULLY AND HUMBLY say, "naa man gud mi na basahan sa google maam. ambot tinuod ba ni kay daghan baya fake news sa internet karon." then we let her read your screen shots. these little things can sometimes mean the difference between success and failure. oops. no offense to tita angie and my dad. i was just generalizing, and of course we know tita angie, papa and tito jojo serves our country with integrity. hehehe. by the way discussing the amnesty deadline with the assessor should happen only after she recomputes our taxes based on the family home deductions. note that the compromise part of our estate tax is PERSONAL DISCRETION of the assessor and we were able to get a huge compromise on top of the amnesty because she is dear friends with atty mark's staff. she might get annoyed at our amnestly deadline demand and give us a very unfavorable compromise number.

1/16/21 coaching moment: conversation with broker

i just talked to atty balili, who's client is interested in buying pelaez. our conversation highlights the importance of the policies i just proposed. i asked for LOI and bank cert on availability of funds. he said his firm's practice in the past is to just cut to the chase and offer the MC for the 50% downpayment based on the price they think is fair and it always works. i was impressed. then i told them the script that i narrated in my policy proposal, about the situation with Ang. i also told them there is another buyer (tita georgia's) almost ready to give the downpayment (which is a sales tactic i also suggested in my policy proposal). he started to get rattled. he told me he agrees with me that there is really no need for the buyer to be in hurry with getting the title from Ang, so he will try to convince the buyer to give us the downpayment even without the title and just stipulate in the contract that they are aware of the risk. anyway the full payment won't be due until we get the title from Ang. note he is a lawyer so that proves my hypothesis that the title is really not important. it's just common sense. then he calls me again saying the buyer wants to construct a building and the title is needed for the building permit. then i said if the buyer is a big developer that means the P6m worse case scenario is just pocket change for the buyer. it should be no sweat for the buyer to shoulder the P3m on top of our P3m. he says he will talk to the buyer. he calls back and says the buyer offers to shoulder 50% of the P3m, so we pay Ang P4.5m and they shoulder P1.5m in the worse case scenario. since the appraisal for pelaez is P21m, i thought it would still be a big win. so i told him we agree and to call me when the MCs are ready. then he asks me - if in case Ang's proposal is the worse case scenario, do we have the P4.5m? i told him, why are you asking me that question? if you are going to shoulder the P1.5m, that means the deal is done, which means you should already have MCs for the downpayment, which means we should already have the P4.5m for Ang. he said, yes you're right, o sige i will talk the buyer. then i told him, if the buyer agreed to give the full payment after we get the tile from Ang, then he should give us the full payment during the downpayment because we already got the title from Ang. he say, yes that's right, i will talk to the buyer and call you back. by the way the amount the buyer agreed to was also P25m net. the lawyer also asked for 5% commission. i told him if the heirs like the amounts in the MCs, i give you my word that we will give you 5%. he thanked me and now i'm waiting for his call.

1/15/21 priorities and policies proposal

Click here to view my priorities and policies proposal that i think can guide us in better accomplishing our goals

1/14/21 toledo, mambaling update and pep talk

i read the 2 inch thick toledo court documents and found the court order that orders the toledo ROD to issue titles for all our 86ha toledo lots. i talked to atty atup and he said that means we should already have titles for all our toledo lots. he advised me to go to toledo ROD and get the titles because it's impossible we didn't have the lots titled after we won the case and there is a court order. i told atty atup this is the reason why i'm helping the heirs so that this kind of monumental blunder won't happen again. he said the court order expires after 5 years so because the court order was in 2006, we will need to file a case. atty atup also said he will try to find out if it can be directly substituted to the heirs so we don't have to pay estate taxes on toledo.

i think the family just ran out of funds to pay atty camiso for the titling service. atty camiso was probably just waiting for us to request his services, which is usually P40k per title. i'm sure someone in the family could have financed the titling like tita jane or tito mike but they were not informed of the SUPER URGENT situation. this is an example of why it is very important everyone reads my updates because you never know when you can help. we all have different strengths. example tito ronnie of all people could be our hero if he convinces Ang to come to the negotiating table before tita georgia's buyer loses patience. reading my updates also saves us precious time. example in the meeting we had to discuss issues that's been resolved long time ago such us gikom's talamban townhouse and tita jane's house being in the lolo's list of holdings.

atty camiso just kept silent and did not volunteer his services maybe because we have a reputation for not paying. this is why i never hesitate to give lawyers and fixers large incentives, even if some of you have expressed your disapproval of my strategy. i was embarassed to know engr norvic did a relocation survey for toledo but we never paid him. anyway, let's hope and pray atty atup can still get it titled even if the court order already expired 9 years ago.

we must all realize we live in a cruel world. it's survival of the fittest. there are sharks always circling around us waiting for an opportunity to devour us. the 10ha 4143 got land grabbed by the sharks. now we have to pay atty atup contingency for the reconveyance. we have to be sharp and professional by replying to my proposals and questions in a timely manner. we need to be united and work together and stop being suspicous and distrusting with each other. i am making lots of sacrifices to battle the sharks. the best you can do is make my job easier, or at least not make it more difficult by having to write long essays to convince you on supposedly simple and trivial matters.

BEING PARANOID IS VERY PARALYZING and can cost us dearly. we could easily end up owing P63m in estate tax if we don't beat the amnesty deadline, simply because it will take a month just for those in the states to sign the contract for tita georgia's buyer, especially with the lockdowns or delay with the apostille. i suggest tita jane and tito mike hire a lawyer they trust, maybe their dear classmate in school. give that lawyer an SPA and do all the signing for them including the extrajudicial and sale of any property. the lawyer could be disbarred if he/she commits estafa so it should be very safe.

we should avoid burning bridges. always keep your cool and focus on our goal. example, i paid mobilization fee to atty atup but i'm still doing all the leg work. i never say anything about it and just keep thanking them and being grateful for their very valuable advice. you might think i have the right to complain but it could alienate the lawyer and delay the transfer of ownership of the toledo lots, and we could miss the amnesty deadline and have to pay P30m in estate taxes for toledo instead of just P1.5m. don't just do what is right, instead do what is necessary to accomplish our goal which is to make lola, lolo, tito gerry and tito bertie smile upon us from heaven.

we also need to be savvy and street smart. i paid atty abellana P100k to assure us the right of way hearing will be scheduled right away and we will win the case. he promised to publish the hearing on jan 4. but now i can't even talk to him and his secretaries have no idea of status. instead of being angry, i will see if we need to up our offer to P1m. but of course this time it will be more of a contract, maybe in the guise of him being our representative for the sale, where we pay him the P1m only after the sale. note we can never sell mambaling without the right of way annotation so P1m is still small compared to the value of the property which is P30m. just imagine it will cost us P400k just to notarize our extrajudicial and all the laywer has to do is sign and stamp. P400k is even very low because the notary is tito jojo's friend. good thing i found a lawyer who would notarize our extrajudicial for just P20k.

if the toledo lots are titled, this will give us an option to be paid by TRANSCO for the 3ha. i say option because someone wants to buy 4126 and 4127 (38ha and possibly 65ha if we recover the CARPed 27ha) for P150/sqm or P57m but it might lower the value of the property if we sell the 3ha to TRANSCO because the property will be halved. also TRANSCO will only pay for the zonal value which is only P50/sqm and possibly only P20/sqm if the DENR classifies it as forest timberland.

we should also not leave any stone unturned. i hired one of engr norvic's staff to get the tax mapping on mambaling right of way that goes through the squatters to see if it's really 4 meters wide and the squatters just encroached. he told me he will need to go to the baranggay to find out how wide it is and if the right of way has been donated to the squatters. if it's been donated to the squatters that means we don't have the legal right to demolish their encroachment. i always knew that was the case but the reason why i still want to proceed is so that i can sit down with the barangay and the squatters to find out how much they are willing to be paid to widen the right of way. they don't need to be relocated because the houses that are encroaching are big enough such even if we shave off 1 meter, it would still be a decent size house. so if we shave off 1 meter on both sides that would add 2 meters to the existing 2 meters, making it 4 meters. engr norvic said if we handle the cost of demolishing and fixing, the usual payout is around P20k to each squatter. i'm sure they will be happy with the deal because a wider road will increase the value of their property. note that even if they are squatters, they can still sell their rights to someone else. i'm also sure they would want our property to be developed because it would be a huge business opportunity for them. example if the buyer builds a residential condo, the squatters can benefit by starting a karinderia business. so if the worse case scenario happens and we lose the petition for right of way going to cashmere st, it would be good to have this option and at least the price of our property won't collapse. we would be lucky to get P5m for mambaling if there is no right of way.

lastly, i understand we still need to discuss in the next meeting if beating the amnesty deadline is our #1 priority or not, but in case we decide it's the #1 priority, we need to do something before it's too late. the good news is tita doris already secured the 3 family home certifications that could lower our estate taxes further, thanks to tito virgilio's advise. i will have our estate taxes recomputed by our assessor tomorrow, but i would like tita georgia to come with me. i was wondering why different assessors have different amnesty deadlines - our assesor told me it's end of febuary. tita georgia asked another assesor who said it's april. i asked our assessor why the inconsistency and turns out the official deadline was dec 31, and the extensions are just the peronal discretion of each assessor. we also can't switch to a different assessor who has a longer deadline because the computation has to be done before dec 31, as what one assessor told tita georgia. so when i have our estate taxes recomputed tomorrow, tita georgia can come with me so she can hear from our assessor that our deadline is end of febuary. now of course it's possible that the deadline is really april and our assessor is just in a hurry to get things off her plate. but we are not sure of that. what if she's right? i say we should not take the risk and assume the deadline is end of febuary. please voice out your agreement or objection.

1/11/21 toledo update

i gave the LDC (lot data computation) and cadastral map of lot 4126 (i got from DENR lahug) to engr norvic so he can create a sketch map. his fee is P5k. i'm posting the standard fees for geodetic services for your reference. once it's done, i will submit it to DENR CENRO in toledo so they can project it and determine it's land classification. if it's forest timberland, note we cannot title and sell it. but i'm sure it will be alienable/disposable, which we can title and sell. if 4126 was really registered as a forest plantation by lolo, then it will also show up, which means we can recover the CARPed 27ha. the output of the cenro project will also determine how much we will be paid by TRANSCO and land bank (CARP) if we decide to be paid. i explained all the details in my previous status report. i advice you to read all my status reports so you will know everything that's going on - http://covid19.wiki-site.com/index.php/IansMessages.

however, atty atup said after doing a quick browse on the court documents, it seems the reason why we won the court case is because lolo was the first to file a free patent. if his assumption is true, we can already pay the estate taxes by just showing the free patent to the BIR. we can also have our toledo properties titled, and get a bigger pay off from TRANSCO on the 3ha they used for the power lines. i will also read the 2 inch thick court documents to find out in case atty atup will be too busy.

an agent named virgie said she has a buyer for the P38ha (4126 and 4127) for P150/sqm NET or P57m. the buyer will use it to build a motorcross race track. one of the requirements for selling is to have a relocation survey. i asked norvic if our family ever did a relocation survey on toledo and if we paid for it. norvic told me he can't remember because it was a long time ago but it's possible he did the survey. he said he will dig up his files to find out. i looked at the geodetic service fee chart and noticed relocation survey is P25k for first ha and P10k for each additional ha. that means if norvic did the survey on our 86ha property, we probably owe him P875k.

i read the CARP law (https://media.dar.gov.ph/source/2018/09/04/ao-2011-07.pdf) and found out if the lands that are above 18 degree slope are exempted from land reform. so next week i will hire one of norvic's people to go with me to toledo to do just an initial visual or ocular survey on the CARPed 27ha. if it's above 18 degree slope i will ask norvic to do a topogrophical survey. norvic told me his fee for topogrophical survey is P15k for the first ha and P10k for each additional ha. that means for the 27ha, it will cost us P275k (although in the geodetic services fee list it's P30k for first ha and 15k for each additional, which means norvice is giving us a very big discount). we will then use this to recover the 27ha or ask for a bigger payout form land bank. although papa told me land bank will never pay if it's above 18 degree slope. we will wait for land bank's assessment at the end of this month before i let norvic do the survey because it's possible the CLOAs will be cancelled in our favor if land bank finds out it's above 18 degree slope.

1/8/21 toledo update

turns out according to the CLUP and transco sketch map, 3,186 sqm (out of the 30,570sqm) falls within the mining classification and according to the BIR zonal values for 2018, the zonal value for copper mining area in barangay DAS (don andres soriano) where 4126 is located is a whopping P2,000/sqm. if we can get it titled and get paid by transco, the total will be (P2,000 X 3,186sqm) + (P20 X 27,384sqm) = P6,919,680. note that 2/3 of 4126 is timberland which can't be titled but 1/3 is mining so we need to find out if it can be titled or not. because P6,919,680 is still bigger than the value of the 30,570sqm at P150/sqm, which is P4,585,500.

another potential good news is that i was looking at the 1998 tax decs of the CARPed 27ha and turns out around 5ha is cornland or A16. the CLUP also shows that around 5ha of the 27ha that was CARPed is agricultural (not timberland). the 2018 BIR zonal value of A16 or cornland the poog area is P400/sqm. in nearby media once corn land is P200/sqm. so let's give the DAS cornland to be P300/sqm. the land bank pay out is 70% of zonal value so 30% of 300 is P210. that's P210 X 50,000sqm = P10.5m. if the rest is assessed by land bank as hilly land, that's (.7 X P50) X 220,000sqm = P7.7m for a total of P18.2m payout from landbank. if they classify it as timberland, it would be (.7 X P20) X 220,000sqm = P3,080,00 for a total of P13.58m. which is more than enough to pay the P6.5m estate tax and P3m for salvador ang.

1/7/21 update on toledo

i finally got to talk with terdy and macris from transco (formerly napocor). they told me transco only pays for the land they used for the towers if it's a private titled property. the amount they pay is whatever is the zonal value. they said if it's forest timberland, they only pay for the trees they cut, which they already have because their policy is they never cut a tree without paying first. that explains the P24,000 payment to tito bertie from transco i found in our records. i didn't tell them 4126 and 4127 is 2/3 forest timberland according to the CLUP we just got from toledo tax mapping office.

at first i thought maybe we can still get it titled because 4126 is 1/3 mining and 4127 is 1/5 mining according to the CLUP. atty charter (my neighbor in gemsville) told me his friend is the head of ROD in toledo and he can title any property with a tax dec. we will soon be getting tax decs for the 52ha of our toledo lots (which includes 4126 and 4127). atty atup is just creating the proposal (lawyer fees). but i downloaded the zonal values from BIR and found out the zonal value for forest timberland in toledo is only P20/sqm. PATAY !!! attached is the excel file. however if you look at the excel file, none of the areas under poog, DAS, and media once are classified as A36 or forest timberland. the cheapest zonal value under those barangays is A49 or hilly lands, which is P50/sqm.

the zonal value for plain lands is P100/sqm but i called maldo and he said only 1ha of the entire 4126 is patag. i also looked at the satellite view in google maps to verify this (i figured out the approximate boundaries of 4126 based on the river, creek and estimate width based on the square root of 605,000). however, there are A36 forest timberland areas in the other barangays in toledo, all with a P20/sqm zonal value.

however, they also told me that if we only get paid for the trees cut (not the land / sqm), the 3 hectares they used for the towers is still ours. which means we can still sell it. if we find a way to get it titled and get paid by transco, the 3ha will now belong to transco. meaning our 38ha (32ha 4126 + 6ha 4127) will now be just 35ha. also note there have been interested buyers of toledo at P100-200 /sqm. if transco pays us, they will only pay at best P50/sqm if we get lucky, and possibly P20/sqm if they really classify it as forest-timberland. so we should forget about the payment from transco.

now let's talk about the possible payment from land bank for the CARPed 27ha. i googled and downloaded the land owner compensation formula (https://media.dar.gov.ph/source/2018/09/04/ao-2011-07.pdf). if the property does not generate income, the formula is 70% of the zonal value + 10% of market value. market value is what they use for realty tax which is very low so let's just ignore it. now we know our worst case scenario for payment from land bank. if they classify it as forest timberland, then 70% of 20/sqm is P14/sqm. we will only receive 270,000 X 14 = P3.78m. it's small but at least we can use it to pay Salvador Ang. the best we can hope for is that if you look at the excel file, there is no area under poog or media once classified as forest timberland. if land bank classifies it as hilly land, then we get 70% of P50/sqm = 35 X 270,000 = P9.45m, which is enough to pay our estate taxes of P6.5m and Salvador Ang's P3m.

but the spreadsheet contains some good news. .4ha of our property is along the national road, where the zonal value is P700/sqm, so we can sell our .4ha for P2.8m. our 6ha 3816 and 3817 is along the baranggay road, which has a zonal value of P500/sqm. so we can sell it for a whopping 60,000 X 500 = P30m. considering that our 52ha is classified as forest timberland with a zonal value of P20/sqm, P150/sqm offered by the buyers should be a very good price (150 X 520,000 = P78m).

note the excel file is consistent with the appraisal of our guba property along the barangay road which was given a zonal value of 760/sqm (higher because it's closer to cebu city than toledo).

by the way i talked to atty atup over the phone and he said they will be filing for reconveyance of the 10ha 4143 because what DAR did was illegal and there already is a court order saying the property belongs to us. what it means is the titles of 4143 will be trasferred to our names instead of cancelled.

12/22/20 good news and pep talk

lots of good news today. please read all my messages. scroll back to make sure you didn't miss any. it's the only way to avoid misunderstandings so we can be united and work together as a family to achieve our common goal. i recently posted the wiki site the contains all my important messages.

first good news - atty gines already filed a motion for the hearing. the hearing will be published on Jan 4 and 3 weeks after that, there will be a hearing then the court order to annotate the title. atty gines told me the buyer, named ML Durano, also visited him and was happy of the progress.

the 2nd good news is that my tita citcit (mama's best friend) introduced me to a notary who will only charge us around P25k for the 3 extrajudicials. the unchuans have been using this notary for a long time without any issues. tita citcit literally saved us P375k. what's even more amazing is that unlike other notaries who required that all heirs not in cebu give an SPA to someone who is local, this notary said duplicate originals are ok. for us this is a life saviour because tita jane is not comfortable giving an SPA and it might be a while before she is vaccinated so she can safely come to cebu. another big thing we should be happy with this notary is that unlike other notaries, the heirs don't have to physically go to his office to sign. he just needs photocopies of the IDs. this would make it very convenient for us because there are 15 heirs in cebu that needs to sign. we should be very thankful to my mom who had the presence of mind to ask tita citcit if she knows a notary that won't charge us an arm and a leg. this is why it's very important everyone reads my messages because you never know when you can contribute. team work is very important and good communication is essential in team work.

here are the new instructions:

for tita georgia: 1. print 8 copies of the extrajudicial (latest version which is tito virgilio's version), 4 copies of the deed of assignment, and 2 copies of the loan agreement. also print 8 copies each of tito bertie's and tito gerry's extrajudicials. note that you can just print 1 copy and photocopy it if it's faster and cheaper. my suki for xerox is that coop across bdo in SKB because the girl is so hot. also buy 5 of that big folder that can fit 2 inch thick documents that has like a rubber band tie around it (not sure what it's called but the coop also sells it). 2. give all documents to tita doris. 3. post in this chat group that all cebu heirs should go to tita doris at their convenient time but as soon as possible to sign ALL PAGES of all the documents that they need to sign. be careful it's easy to make a mistake in signing tito gerry's or tito bertie's extrajudicial even if you are not an heir because you will just be signing at the margins until you reach the last page and realize you are not one of the heirs. 4. go to tito virgilio and have him sign. 5. give them to me so i can also have chrisitan and tita angie sign it (via JRS express same day delivery or if they spend christmas here in cebu). i will then have it notarized.

for tito mike: 1. print 8 copies of the extrajudicial (latest version which is tito virgilio's version), 4 copies of the deed of assignment, and 2 copies of the loan agreement. 2. coordinate with tita jane when you will go to a UPS store to sign and notarize all documents. remember to sign ALL PAGES. 3. call the office of the secretary of state in sacramento (+1 916-657-5448) to inquire if they resumed doing apostille (it was closed because of the covid lockdowns). if closed ask when they will reopen. 4. if open go to sacramento to have all notarized documents apostilled. then fedex everything to me. my address is below. if closed and they don't know when they will reopen, do the following:

  a) print and fill out the apostille-intakeform.pdf, the fee is $150 so put the amount in the form. 
  b) fedex ONE copy of the extrajudicial, check (if paying by check), and the apostille-intake form to this address:

Apostille Please, LLC 1070 Middle Country Road, Suite 7-192 Selden, New York 11784

  c) fedex the other 7 copies of the extrajudicials, 4 copies of the deed of assignment and 2 copies of the loan agreement to me:

ian crystal 20 emerald st, gemsville subd, lahug cebu city, 6000 philippines

  d) around 3 weeks later when you receive the apostilled document, fedex it to me

this is it !!! let's do this !!! pretty soon millions will start flowing in your bank accounts. let's target 2nd week of january to get everything done.

i apologize that it's very painful for you to sign the documents because i'm the one asking you to sign it. it's a weird phenomenon i've experienced all my life. i have negative charisma so it's very painful for anyone to follow anything i say. it's just VERY NORMAL HUMAN NATURE and it happens to the best of us. the trick is to be aware of it and fight this obsolete instinct because this is one of those situations where a little sacrifice results in huge upside or in this case, millions in your bank accounts. it's like it's very difficult to exercise but if you do it the rewards on your health are huge. not everything we need to do is something we like to do. another trick is to realize the extrajudicial is tito virgilio's extrajudicial so you will feel happy signing it. tito virgilio has strong charisma because he was the president of the very prestigious cebu jaycees. i understand it sucks that of all people driving this thing it has to be me who has a very unpleasant personality. that's just life. hehehe.

another mind trick to motivate you to sign the extrajudicial is, if you were able to endure 15 years of school, forcing yourself to wake up in the morning even if you are still very sleepy, studying all those text books, cramming for the exams, listening to boring teachers the whole day, there's no reason why you can't force yourself to read my instructions and follow them to the letter. and last but not the least, if you sign the extrajudicial, lolo and lola will be very happy watching over us from heaven.


ian's letter to virgilio on 12/18/20

dear tito virgilio,

i talked to the BIR assessor yesterday and she said if we present a baranggay certification that the main house is a family home, then our estate tax can go down further. the heirs are very thankful for your valuable advice.

all the heirs are now working in harmony towards their common objective, which is to enjoy their millions before they grow old and die :-) this is mainly thanks to your guidance and advise. we regret that because of the pandemic it is difficult for us to communicate because it's dangerous for you to get a load for your phone. for your safety, i loaded your phone P150 so we can call each other when we need your advice.

attached are the 3 documents the heirs need to sign. the extrajudicial is completely your version. the heirs call it "virgilio's version" during our meetings. the heirs realized your advice is correct, that an extrajudicial with sale will be more expensive, complicated, it will be too much work and delay the BIR assessment especially we are trying to beat the amnesty deadline this april 20. Although the heirs decided that we should pay the estate tax by february just to be safe because if we miss the deadline it will be P63 million instead of only P6 million as you can see in the computation i sent you.

we need to start signing as soon as possible so some heirs can finally be relieved of their economic poverty and sufferings and can afford to pay for their badly needed medical treatments. the buyers feel more confident giving the downpayment if we can show them the extrajudicial already signed by everyone. i understand some heirs don't need the money but the reason why i worked hard doing all the legwork is because i realized we should make a little sacrifice to help other people especially our own blood. it's my opportunity to be a good christian and serve Christ, aside from the 7 sacraments.

unfortunately atty mark is not a notary. tita jane suggested we let your son-in-law atty dennis to do the notary. i hope atty dennis won't charge us that much because the lowest quote we got so far from different lawyers is P400k just to notarize the 3 extrajudicials (including tito gerry's and tito bertie's). it's unbelievable atty mark only charged P245k to do the 3 extrajudicials, including mobilization to get all the tax decs, list of holdings and no improvements including toledo, plus BIR processing. but just to do notary the standard fee of notary is 2% of total zonal values.

there needs to be 8 copies of the extrajudicial documents. let me know how you want to go about signing, whether you will sign and i will bring it to atty dennis and he can call you to confirm you signed it? or will you personally go to atty dennis' office?

note that because of the pandemic, the philippine consulates in the US won't do notary. luckily the US and the philippines has an apostille treaty so tita jane and tito mike can have their notary apostilled by the california secretary of state. the problem is it could take more than a month to have our extrajudicial apostilled so it might be a stretch to beat the april 20 deadline. that's why it's very important that we all act fast. call me as soon as you are ready to sign. maybe these documents are not perfect but if the errors are not a show stopper, might as well just proceed so we don't lose precious time.

i am also including a status report for all the properties of the estate in case you can give us advice.

sincerely, ian

12/18/20 mambaling status

i consulted the baranggay captain (atty gines) who happens to be good friends with tito virgilio in the knights of columbus. he summoned the dela cernas at the barangay but they did not show up. atty gines told me after 3 summons we can demolish the garage blocking the right of way (ROW).

but the buyer told me even if there is a battle tank blocking the ROW they will buy it if the ROW is annotated on the title. even if the owners gladly let's them use the ROW they will still not buy it if the ROW is not annotated on the title. tito virgilio suggested we get the copy of TCT 54800 and 54801 because it's mentioned in the deed of sale of the 94sqm. virgilio said to ask for the history which might involve multiple titles because we also want to look at those that got cancelled to see if any of the titles have ever been annotated. unfortunately, the last annotation of all the titles was 1972.

papa advised me we need to hire a lawyer to petition the right of way. so i hired atty gines. he advised me to get a certified notary entry of the deed of sale. thanks to tito vigilio, i already had one in my possession because he advised us to get it. the hearing will be published soon and after 3 weeks there will be a hearing. atty gines told me it will take only 1 hearing and we will surely win because of the certified notary entry. the buyer visited atty gines to confirm and said he will start drawing up the contract for our agreed price of P30 million net after we show him the extrajudicial signed by all the heirs. so it's important everyone signs the extrajudicial as soon as possible. we also need the funds to beat the amnesty deadline or else we end up paying P63 million estate tax instead of P6 million.

if the date of the hearing gets delayed because of the pandemic, we can advise the buyer to offer the dela cernas P1 million to buy the right of way. also scare the dela cernas if they don't take the offer, they could end up with nothing because a petition has been filed and we have a high chance of winning because of the certified notary entry of the deed of sale.

atty gines advised us to sell mambaling as soon as we can because there are plans for the elementary school to expand and our property happens to be public domain so it could be expropriated.

in case we don't get the right of way going to cashmere st, we have another option. papa also told me the ROW that goes throught the squatters and out of avocado st. is 4 meters wide. i hired engr. norvic abella's staff named richard to get the documents from tax mapping to confirm this. turns out even if it's 4 meters wide, we don't have legal right to demolish the encroachment because it's not annotated in the title. richard said he will go to the barangay to see if it's been donated to the squatters. i suggested we sit down with the squatters and barangay and ask them how much they are willing to be paid to widen the road. richard said that's a good idea and the squatters will most likely cooperate because widening the road will increase the value of their property. note that even if they are squatters, it's customary for them to be able to sell their right on the lot they are occupying. and if our property is also developed by the buyer. it will also give the squatters business opportunities such as karinderias. the good news is the houses are big, so shaving off 1 meter on both sides of the road won't require relocation. richard said based on his experience, if we pay for the demolition and repair, P20k per house is enough. there are around 15 houses so P300k + P200k cost of demolition and repair should be enough. which is very small relative to the value of the property. even if the cost is P1m, that's still small.

just like some of the interested buyers of mambaing in the past, we have another buyer for mambaling who does not care about the right of way because what they need is at least 5,000 sqm for residential development so they need to buy the property next to ours which has a frontage and is 3,000 sqm. so combined with ours which is 2,369 sqm, it would meet their 5,000 sqm requirements. the past brokers have been telling me the owner is in the states and very hard to contact.

all i know is the name of the caretaker is girlie. so i went there to try to get the contact info of the owner from girlie, maybe bowie can call the owner in the statess or even meet face to face it would make the deal have higher chance of success. turns out girlie is very nice and cooperative. her FB messenger account name is Gigi Navarro, the woman with blonde hair. you can chat with her via messenger. she knows exactly the price – it’s P55 million and the owner will give 2.5% commission. she told me the owner's name is Mrs. Helen Young Spencer, and turns out she can easily be contacted via messenger. her profile picture is the woman holding 2 red flowers. turn out Mrs. Spencer’s price is fixed at P55 million (~P18k/sqm) and does not want to negotiate. however the brokers (paul and mr. delgado) would keep bugging her to lower the price, maybe so that they can earn bigger profit. this annoyed Mrs. Spencer so she blocked the brokers who kept asking her for a lower price.

i gave this info to the buyer in hopes he will be aware not to annoy helen the owner and avoid ruining the deal.

in the worse case scenario where we fail to get both right of ways, it could be a blessing in disguise. bed spacers don't have cars, so we could develop it similar to our development plans for mactan - click here for my proposal for developing our mactan lot

12/13/20 good news

good news. the mambaling buyer where we get P30m net has decided to proceed with the purchase and will prepare the contract. he will down 50% and pay the rest within a year. (actually it's P34m pero gepatongan sa broker and we pay capital gains and comission). i already hired a lawyer to file for administratorship just in case not everyone will sign the contract. what happens is the court will assign an adminstrator who will report the inventory and accounting of estate to the court. the court has to approve all decisions and make sure all heirs get their share. anyone can contest any decision of the administrator but of course you need to have valid reason. the court will usually go with the majority or consensus of the heirs so at least the heirs don't have to be paralyzed by the decision of a few heirs. i'm sure this will be very good for all of us who want to sell everything and divide it equally. it will also help us reach our objective faster.

at first the buyer kept asking me to have the deed of sale to the right of way entered in the notary. they said it would cost P50k but we would surely win the case if we present it during the hearing. i thought they meant manufacture a certified deed of sale so i told them we won't do it because our opponent might find out and it might only cause the case to be dismissed. the buyer offered to shoulder the expense but i still rejected their request for the same reason. i met with the broker yesterday and learned what they meant was have the deed of sale notary entered in the notary log book. i told them we already have a certified notary entry. they looked at it and told me they will prepare the contract once they get a clear copy of the encumbrances (back of the title) so they are assured the title is clean because until now we haven't given them a clear copy and the certified true copy from the ROD is very hanap. since it's been 2 weeks and tita jane haven't sent us a photo of the encumbrances, i decided to go to ROD and offer our cousin huge money to let us borrow the original copy of ROD so we can xerox it. MIRACULOUSLY our cousin let us xerox it. i gave the copy to the broker. then he asked who my contact was in getting the notary entered and how much i paid because he wants me to introduce him to that person. i told him it was already entered in 1993 during the time of the sale so i did not have to bribe anyone.

i then warned the broker that i have no clue where the title is. it's probably in california and i have no idea if my tita jane will be able to fedex it to us because they are experiencing a third wave of the pandemic. the broker said we won't be giving the title to the buyer when he gives the downpayment. we will be giving them the title only after they have fully paid (12 months). but it's standard procedure for the buyer to look at the title before giving the downpayment. so note that whoever has the title, nobody will touch it but you. you just show it to the buyer. we can hire an off duty police officer or bouncer to make sure the buyer won't just grab the title and run away with it. i don't think that would ever happen but if it will make us feel secure when showing the title when the buyer gives us P15m, we should do it. i asked the broker to ask the buyer if in case the title is still in california and can't be fedex to cebu because of the pandemic, if it's ok that my tita jane will just show the buyer the title via zoom or video call. although i'm not sure where it is. maybe it's lost because it's been weeks and nobody has posted in our chat group who has it or where it is. maybe it's really lost and everyone is just assuming someone else has it. the broker suggested we can file a lost title and just pay someone in the ROD to have the new title released quickly.

i also talked to a loan officer in BDO to explore our other options in case the buyer backs out. note we need P6.49m estate tax and possibly P3m to pay salvador ang (by the way Ang has not replied yet to our offer of P3m but his secretary told me Ang already received our offer letter and is still trying to decide). also keep in mind the good news is we have until april 20 to pay the estate taxes. i will be going to BIR this week to pay for the computation and get a receipt.

if my money is not enough to pay the estate tax and Ang, i can get a loan from BDO with 6.5% interest. i can collateral my avida condo and townhouse in talmban. the bank said it will take a month to appraise my 2 properties and they said after that i can loan 80% of the appraisal value. however, if let's say we sell a property soon and have money to pay off my loan, we will need to wait 3 years to pay it off. and also we will need to pay an additional 15% early pay off penalty. so if i borrowed P5 million, we will need to pay P750k penalty. it's still not bad considering we save P57 million in estate tax penalties if we pay before april 20. another option is i can fly to the states and maybe get a home equity loan from one of my 2 houses. i have to do whatever it takes because if we can't sell a property before april 20, we are toast. we have to hope and pray there will be another amnesty.

another possibility is that the amount NAPOCOR will be paying us for the 5ha they used for the 5 towers in lot 4126 and 4127 would be enough to cover the estate taxes and Ang. turns out someone from napocor have been contacting tita doris asking for the title because napocor is ready to pay us. but they can't pay until we show them the title. today i asked tita doris to call that person and setup a meeting. the meeting will be tomorrow. we will try to find out if they can give an estimate on how much we will be receiving. i will also inform them that our lawyer (atty atup) is now in the process of putting the properties under our names and have tax decs created. once that's done, i have a neighbor here in gemsville named atty charter tayurang who is also a real estate developer who told me he is very close buddies with the ROD head of toledo and he can have any tax dec titled instantly (this is perfectly legal). by the way, keep in mind atty atup is now studying the court documents i got from toledo so we will know soon the time frame on when the 52ha of toledo will be under the names of the heirs.

another possibility is that the amount land bank will pay us for the 27ha that was CARPed is enough to cover the estate taxes and Ang. i went to DAR today and atty guanzon apologized that it might be end of january before they can give us the amount land bank will pay us. she said it is delayed because of the pandemic. they still need to investigate to make sure all the beneficiaries are legible. i asked what is possible range of the pay off. she said she has no idea because it's the land bank who decides. i asked what is the possible range based on her past experience. she said between P10/sqm to P100/sqm. so if we get P50/sqm that's 270,000 sqm (27ha) X P50 = P13.5m. let's all keep our fingers crossed. i think if this is what land bank will give us, we should just take it. but if they offer P10/sqm, land bank will give us an option to contest it, which is part of their standard procedure.

so i asked advice from papa on what we can do to prepare early in case we will need to contest the land bank pay out. here's his reply:

Re: Toledo DARed lots, I remember Papa (munding) had our properties zoned by Toledo City as INDUSTRIAL ZONE. Portions of our property have been planted with Gemelinas and Mangiums and registered at DENR as FOREST PLANTATION, which is exempt from agrarian reform via DAR Executive Order signed by Sec Ben Leong. Tell the above to the lawyers

legal efforts to nullify CARPing of our property, the KEY is to PROVE THAT THOSE LISTED AS BENEFICIES are not presently occupying and farming their assigned lot and/or have not been paying Land Bank

Look for the DAR Exec Order signed by Sec. Ben Leong declaring DENR approved private Forest Plantations exempted from CARP. Portions of our Toledo Property has an approved Forest Plantation. The record of such can be provided by the TOLEDO CENRO. Doris and Maldo knows and can help getting such record from the CENRO. They were involved in getting a cutting permit from the CENRO when the NAPOCOR power line ROW was cleared by NAPOCOR around 5 years ago Re: Toledo, go to the Toledo City Hall City Planning Office and get a certified copy of the TOLEDO CITY LAND USE PLAN ( CLUP). Once you have the Land Use Maps, ask Norvic to locate our property in such maps. By the way, do not forget about: 1. Certifying that the persons who were issued the CLOA have not occupied nor farmed their assigned lots; 2. Certification the persons issued the CLOAs have not paid Land Bank; 3. Certification that NO TITLE for the area issued the CLOAs has been issued in the name of DAR/Land Bank.

There is a SUPREME COURT ORDER to Title all our Toledo lots in favor of Papa and Mama! Why is your lawyer suggesting a CARP cancellation case? The ISSUE is really IMPLEMENTING THE SC ORDER and squatter eviction.

The ZOSA Law Office, in coordination with Doris, has started the LEGAL PROCESS of TITLING TITLING LONG AGO but we ran out of funds. Use your money to fund the work in progress re TOLEDO TITLING per SC ORDER. Stop engaging that lawyer of yours

end of papa's replies

i will go to toledo city hall maybe thursday to get the certifications papa suggested. today i went to denr and asked where i can get a document that shows lot 4126 of poog toledo is a forest plantation. they told me to request a cadastral map and lot data computation (LDC) in DENR lahug. then go to toledo CENRO to have the lot projected. it will then show if it's classified as a forest plantation. i requested the cadastral map and LDC and i have a claim stub to get it 1-6-20. so i need to find a time machine to go back in time. hehehe of course it's just an error.

tomorrow i will also go to atty camiso (soza law firm) and ask if he remembers any supreme court order to title all our toledo lots in favor of lolo and lola. it blows my mind nobody ever bothered to keep a copy of this supreme court order. it would have been the single most powerful document to protect all our toledo properties. i really feel this supreme court order never existed because i don't think any of us can be that stupid not to keep it.

by the way tita doris told me they were not involved in getting the tree cutting permit for NAPOCOR. the tree cutting permit they got was for lot 4129 (the one where the heirs received around P20k each from the buyer of the lumber)

all this time i thought i can just withdraw from my IRA account without penalty because of the pandemic. i heard it in the news. that's why i was confident we can pay the estate taxes ang Ang. turns out the benefit only applies to those who lost their job and closed their business because of the pandemic. note that IRA is where i do all my stock trading and investments because it's tax deferred. but i can only start withdrawing without penalty when i'm 65 years old. the early withdrawal penalty is 20% and the tax is 20% so that's a 40% haircut. YIKES !!!

that's all for now. i still have a lot of work to do. but at least we are approaching the finish line.

12/10/20 pep talk and good news on T-215 files

this is such a roller coaster ride. as i posted here recently, the toledo court told me they can't find T-215 files. yesterday morning i called again and they told me they found it so i floored my tesla model S to toledo. atty atup can finally transfer all our toledo properties under lolo and lola's names so we can pay the estate taxes and have it titled. i talked to atty atup yesterday he said it can't be transferred directly to the heirs we really need to pay estate taxes which in my estimate i between P1.5 to P2 million. i'm making copies of these court documents and treating it like it's a gold bullion, unlike atty camiso who just treated it like it's knorr bullion and never transferred the properties to lolo and lola's names like he was suppose to. without these case files, we won't have a basis or proof to transfer the properties under our names. or if we do, it will take forever and the amnesty of estate taxes would have past and we would end up paying pretty much the same as the value of the properties so basically we would have lost the 52 hectares if these case files were not found.

keep in mind that for years now we've been trying to sell the the entire 86ha for P100m, but now there is a buyer offering P30m for just the 6.1ha of lot 3816 which is along the baranggay road and is already titled under lolo and lola's names.

we need to learn a valuable lesson from this, and that is, it was also partly our mistake that we never bothered to follow up with atty camiso. you should never assume that your lawyer will do what needs to be done. just like the publishing for the hearing of the mambaling right of way until now it hasn't been published even if it should have been published last week. i need to follow up every week. but don't follow up everyday because they might be offended or insulted or annoyed. we must do everything we can to avoid burning bridges because keep in mind we need something from them that can translate to millions in our bank account. even with atty atup i keep praising him for his professionalism yet i was the one who kept going back and forth to toledo even if we already paid P20k for mobilizing fee. i will never say a word about it or else this whole thing will blow up in front of our faces. same with atty tan. because i never burned the bridge with atty tan, i was able to negotiate with him to give up the main house front lawn and mactan property in exchange for just 1/4 the value of those properties. i hope we keep learning as we move forward because it's the only way we can succeed.

12/8/20 toledo estate taxes

here's my estate tax estimate of the 52ha of toledo (4126, 4127, 4143, 4129, 3820) that's not included in the extrajudicial (because it's not under the name of lolo and lola, we only have court orders saying the properties belong to lolo and lola). the BIR included the 52ha properties in one of their previous compuations (before they knew the tax decs are not under lolo and lola's names or they don't appear under the list of holdings) and the total zonal value is P14,229,092. i notice the estate tax compromise is usually 14% of the total zonal value (the normal is 6%). that means our estate tax for the 52ha of toledo is around P2 million. they will probably compromise it down further to around P1.5 million.

however, it's possible atty atup will put the 52ha properties under the names of the heirs. i just emailed atty atup a while ago to ask this. i also asked him if that would mean we don't need to pay the estate taxes anymore for the 52ha since it was never under the names of lolo and lola.

12/4/20 urgent message

WE ARE IN A VERY DANGEROUS SITUATION !!! i just talked to our BIR contact, he said the official deadline of tax amnesty is dec 31, 2020. here is the rappler article - https://www.rappler.com/nation/house-passes-bill-extending-estate-tax-amnesty-two-years. the bill that extends the amnesty by 2 years passed in congress, but not yet approved by the senate because of the pandemic. he said most likely the senate will approve the bill, but that is not 100% sure. also let's say the senate will approve the bill on march, that means if we pay the estate tax on january or febuary, our tax will be P63m. we will have to wait and PRAY the senate approves the bill before we can pay the P6m. that means we should not wait for the annotation of the mambaling title because the hearing won't start until last week of december. we should accept the current offer of P30m net.

tita jane, please fedex the mambaling title as soon as possible. let's say because of the pandemic the bill won't be approved by the senate until june 20201. that means for 6 months we won't be able to sleep knowing our estate tax bill is officially P63m and there is slight chance we won't get the amnesty.

12/3/20 message

mambaling buyer who doesn't need the right of way

just like some of the interested buyers of mambaing in the past, we have a buyer for mambaling who does not care about the right of way because what they need is at least 5,000 sqm for residential development so they need to buy the property next to ours which has a frontage and is 3,000 sqm. so combined with ours which is 2,369 sqm, it would meet their 5,000 sqm requirements. the past brokers have been telling me the owner is in the states and very hard to contact.

all i know is the name of the caretaker is girlie. so i went there to try to get the contact info of the owner from girlie, maybe if bowie can call the owner in the statess or even meet face to face it would make the deal have higher chance of success. turns out girlie if very nice and cooperative. her FB messenger account name is Gigi Navarro, the woman with blonde hair. you can chat with her via messenger. she knows exactly the price – it’s P55 million and the owner will give 2.5% commission. she told me the owner's name is Mrs. Helen Young Spencer, and turns out she can easily be contacted via messenger. her profile picture is the woman holding 2 red flowers. turn out Mrs. Spencer’s price is fixed at P55 million (~P18k/sqm) and does not want to negotiate. however the brokers would keep bugging her to lower the price, maybe so that they can earn bigger profit. this annoyed Mrs. Spencer so she blocked the brokers who kept asking her for a lower price.

i gave this info to the buyer in hopes he will be aware not to annoy helen the owner and avoid ruining the deal. although i am confident we will win the case and the right of way of mambaling will be annotated by early january and tito jojo's buyer will push through, we should not rest on our laurels and we should always exhaust all options because we never know which ones would be our savior.

another lesson to be learned here is we should post our for sale properties in lamudi so we can also reach direct buyers, not just brokers. of course we should still meet with brokers because there's no harm and they can still give us more chances.

valuing our mactan lot

looks like the mactan buyer is backing out. note our asking price was P13.2M OR P8k/sqm. also note that if we had had a right of way wide enough for cars, the value is easily P50k/sqm or P82.75m. but i think it's a blessing in disguise because even if we had a wide right of way, the most ideal use of the property is bed spacing or something similar to munoz. bed spacers don't usually have cars. note that the width of the current right of way is more than enough for motorcycles. because of the very strategic location, workers in mepza, city hall, gaisano malls, hotels and resorts will be clamoring to rent it if we only offer P4k/month per room (note munoz's m5 si P6k/month per room). they can have a roommate so they only need to pay P2k/month. note most bedspacers are usually jam packed with at least 4 people per room and at least 8 people sharing a bathroom. with ours, each room have a bathroom (similar to m5). so imagine the full occupancy and even the long waiting list of bedspacers clamoring to live in our C1 C2 and C3.

now let's compute the potential earnings. note i am being very conservative here. i'm even assuming P4k/month per room instead of the realistic P6k/month. m5 has 52 units on a 444 sqm property. that already includes parking space. that means we can easily have 3 m5's on our 1,655 sqm with 323sqm left to spare (in case there are easement requirements). so 52 X 3 = 156 units. let's assume worse case scenario where we only have 50% average occupancy because of an architectural flaw where there is a water leak problem similar to munoz's m5 (note munoz is currently having financial propblems and even mortgaged P8m from the bank using m5 as collateral). so 156/2 = 78 X P4k = P312k per month earnings or P3.74m/year. let's assume a PE of 20 which is very low considering the PE of S&P500 right now is 31. using a PE of 20, the value of mactan lot is a whopping P74.8m. and that's using assumptions that insanely and intentionally undervalues the property. so it's value to our family if we use it is P74.8m minus cost of construction. note the PE of our valle verde condo is 27 (P10m/P360k). and i'm giving our mactan property only a PE of 20. it actually makes sense because munoz is currently trying to sell m5 at P20m because of the architectural problems of the building. the

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