{"id":55063,"date":"2015-07-10T13:33:41","date_gmt":"2015-07-10T05:33:41","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=55063"},"modified":"2015-07-10T15:09:48","modified_gmt":"2015-07-10T07:09:48","slug":"hgc-scored-for-rejecting-settlement-offer-for-smokey-project","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2015\/07\/10\/hgc-scored-for-rejecting-settlement-offer-for-smokey-project\/","title":{"rendered":"HGC scored for rejecting settlement offer for Smokey project"},"content":{"rendered":"<figure id=\"attachment_11350\" aria-describedby=\"caption-attachment-11350\" style=\"width: 300px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2014\/05\/house-of-representative-philippine-congress.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-11350\" src=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2014\/05\/house-of-representative-philippine-congress-300x200.jpg\" alt=\"Photo by Robert Vi\u00f1as \/ PCOO\" width=\"300\" height=\"200\" srcset=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2014\/05\/house-of-representative-philippine-congress-300x200.jpg 300w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2014\/05\/house-of-representative-philippine-congress-600x400.jpg 600w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2014\/05\/house-of-representative-philippine-congress.jpg 750w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><figcaption id=\"caption-attachment-11350\" class=\"wp-caption-text\">Photo by Robert Vi\u00f1as \/ PCOO<\/figcaption><\/figure>\n<p>MANILA &#8212; State-owned Home Guaranty Corporation (HGC) was scored for rejecting the\u00a0P2.9-billion settlement offer of businessman Reghis Romero II for\u00a0the long-standing Smokey Mountain Development and Reclamation Project (SMDRP) dispute.<\/p>\n<p>House lawmakers\u00a0said that the offer could already address the financial problems of the firm.<\/p>\n<p>Romero offered Vice President Jejomar Binay, Chairman of the HGC to advance\u00a0P2.9 billion to HGC to settle its exposure to the SMDRP.<\/p>\n<p>But the next day following the offer, the HGC rejected the offer citing that the amount is not enough and that\u00a0an intra-corporate dispute is pending between Romero and his son, Michael, over the ownership of Harbour Centre Port Terminal Inc.<\/p>\n<p>Quezon City Rep. Winnie Castelo said that HGC could already stop the\u00a0P500,000 a day in interest expenses that are shouldered by the Filipino taxpayers.<\/p>\n<p>Castelo added that the firm&#8217;s denial of the offer is\u00a0 a \u201cblatant disregard\u201d to their responsibility of settling their disputes.<\/p>\n<p>\u201cWe construe this as a blatant disrespect to all the\u00a0 offices who recommended that HGC and RII sit down and start mediation. The issues being raised prove to me support the conclusion that they really do not intend to sit down with them,\u201d Castelo said.<\/p>\n<p>Ako Bicol partylist Rep. Rodel Batocabe said that HGC&#8217;s rejection of the offer without submitting a counter-offer clearly manifests that it is not interested in mediating with the businessman.<\/p>\n<p>\u201cYou (HGC) appeared here twice and you consistently said the HGC is very much willing\u00a0\u00a0\u00a0 to settle. But between us lawyers, the bottom line of this letter is we do not want to settle. RII Builders is offering cold cash and yet (you are saying) we do not like that offer and we just want our exposure of P5.2 billion. There is not even a counter-offer,\u201d Batocabe pointed out.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MANILA &#8212; State-owned Home Guaranty Corporation (HGC) was scored for rejecting the\u00a0P2.9-billion settlement offer of businessman Reghis Romero II for\u00a0the &hellip;<\/p>\n","protected":false},"author":44,"featured_media":11350,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[483],"tags":[],"class_list":["post-55063","post","type-post","status-publish","format-standard","has-post-thumbnail","category-politics","mauthors-lei-fontamillas","mauthors-philippine-canadian-inquirer"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/55063","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=55063"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/55063\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/11350"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=55063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=55063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=55063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}