P30-M property owned by Cimatus?


Posted at Mar 03 2011 04:27 PM | Updated as of Mar 04 2011 03:04 AM

MANILA, Philippines - Former Armed Forces chief of staff Roy Cimatu was placed on the hot seat on Thursday after he failed to confirm that he owned 2 Iloilo City properties registered under his and his wife's names.

Sen. Franklin Drilon said he had 2 transfer of titles in Iloilo that were in the names of spouses Roy Cimatu and Fe Cimatu while the other was in the name of Fe Cimatu. He said the first property was acquired in July 12, 1984 while the second was acquired June 22, 1987.

Asked if he owns any properties in Iloilo City, Cimatu said: "I am not sure about those because my wife...I am not sure how those were acquired."

He said some of the properties could have been acquired by his wife's family. "With humility, your honor, even when I was a lieutenant they already had lands in Antique and Iloilo. They also have properties there," he said.

He said he was just an Army major in 1987. 

Drilon, meanwhile, pointed out that Cimatu signed a real estate mortgage for one of the properties to Queen City Development Bank in Iloilo last year. 

"The annotation at the back of the title indicates that the amount of loan which was secured for this property was P24.408 million. That is the loan secured by these properties. If we make it a very liberal grant and security that the bank allowed even if the bank will give you a loan up to 80% of the value of the property, this property should be worth over P30 million," Drilon said.

Cimatu said he will check the actual owner of the properties. He added that he believes the properties were declared in his statements of assets, liabilities and net worth.

Senate President Juan Ponce Enrile said the mortgage price should be compared with the actual value of the property when it was purchased 26 years ago. "I imagine it was quite low," he said.

He said the deed of sale should also be presented and instructed Cimatu to find out how it was registered as his property.