PHILIPPINE ARENA FUNDED BY MULTI-BILLION BANK LOANS: INC PROPERTIES USED AS COLLATERAL FOR LOANS
Sher Lock’s Expose – Part 3
I had a last-minute change of heart. I’ve decided we’ve built up enough suspense with our FB teasers and sneak previews. After all, I’ve been singing the Breaking News BILLION BANK LOANS tune since late last year. So rather than delay the inevitable, in this part of the expose, we are going to share with you some of the loan documents which made our blood boil, our stomachs churn, and our eyes weep.
Today, my friends, is D-Day. Today, I will reveal one of the loan agreements referenced in the TCT’s we covered in Part 1 and the CCT’s in Part 2 of our expose, the THREE BILLION PESO loan with Metrobank. Today, I will tell you why they felt they needed those loans so badly they had to MORTGAGE HUNDREDS OF INC PROPERTIES, including those purchased back in the time of Bro. Felix Manalo. Today, I will prove to you how the arrogance of our Church leaders has brought ruin unto the entire Church. Today, I will not only counter their lies, I will also expose their hypocrisy.
At the end of this article, this is what you will have learned:
- Our Church leaders took out an additional P3 BILLION LOAN from Metrobank on 8/5/2014. It was meant to repay a bridge loan obtained the month before.
- Proceeds from the bridge loan were used to partially finance the Philippine Arena and other structures included in Phase 1 of the Ciudad de Victoria project.
- As a condition for the increased exposure by Metrobank for the P3 BILLION LOAN additional loan requested by INC, INC guaranteed the loan using 378 additional real properties as collateral. These properties range from land to buildings, church sites, commercial and residential properties.
- Father, JS and son, GP, executed the loan documents with Metrobank on behalf of four “INC corporations” which were parties to the agreement but everything was done with the express knowledge and approval of the Executive Minister.
- The principal obligation will mature on 2/28/2019.
To simplify our presentation, we shall tackle this one bank at a time, and one loan at a time with each bank. This part of our expose will focus on the P3 BILLION loan with Metrobank. In the next parts of our series, we shall discuss the P2 BILLION loan with AUB and reveal even more loans.
LOAN AGREEMENT WITH METROBANK
Here are the highlights of the loan agreement for the P3 BILLION loan.
The first thing to note here is the presence of an Omnibus Loan and Security Agreement with Metropolitan Bank and Trust Company (“Metrobank”) dated March 31, 2014 (“Omnibus Agreement”), which was subsequently amended on July 7, 2014 (“First Amendment”).
We shall discuss the 3/31/2014 Omnibus Agreement and the 7/7/2014 First Amendment in later parts of our series.
For this article, our focus will be the Second Amendment dated August 5, 2014 to the Omnibus Agreement (“Second Amendment”) with Metrobank. Suffice it to say that there exists other loan and collateral agreements among the parties concerned. The second amendment is just one of many agreements. Please bear with me as I try to simplify this complex arrangement as best as I can.
Additional Loan and Corresponding Additional Collateral
The INC properties we discussed in Parts 1 and 2 of our expose are but a small subset of properties used to secure the P3 BILLION additional loan from Metrobank.
As a condition for granting the additional amount requested, Metrobank required additional guarantee. INC responded by providing Metrobank 378 duplicate owner title certificates to properties it owns.
Purpose of the Loan
The 3 BILLION loan was secured to partially finance completion of the “Project”. What is this “Project” which is the real reason for the loan?
Pay attention, folks! This is the moment of truth.
Finally… the truth has come out.
The purpose of the P3 BILLION loan (and the other loans from Metrobank which we will cover in later articles) is to partially fund the: “construction, development, operation, management and maintenance of Phase 1 of the Ciudad de Victoria”! Simply put, the Php 3 BILLION loan was used to build the Philippine Arena. Hang on to this thought because I will come back to this shortly.
I would like to call attention to the loan being used to “repay the existing loan of the Borrower with the Lender”. This means a new loan was obtained to pay for an existing loan. This suggests one of two things: either the Borrower is not able to repay a maturing loan, or the Borrower resorted to a “bridge loan”. I am inclined to think it is the latter. During this time, the Philippine Arena was being readied for inauguration in time for the centennial celebration. A large amount of funds must have been needed immediately, before the second amendment to the omnibus agreement could be drawn up. Hence, the bridge loan. A “bridge loan” is loan used to bridge the time when the funds are needed and when a formal agreement can be put in place.
INC vs. Maligaya Development Corp as “Borrower”
Note that while the nominal “Borrower” is Maligaya Development Corporation, a legal entity separate from Iglesia ni Cristo, Felix Y. Manalo Foundation Inc., and New Era University (“INC corporations”), which are registered as separate, independent corporations with the Securities and Exchange Commission, for all intents and purposes, these entities work as one, tied together by their respective obligations under the loan and collateral agreements with Metrobank and affiliate collateral agency. If you are wondering why all four “INC corporations” had to be involved in the transaction, it is probably due to the magnitude of Metrobank’s credit exposure due to size of the loans. To induce Metrobank to grant the loan, all “INC corporations” have to pitch in and work together to mitigate risk to the Lender in the event the nominal Borrower defaults in its obligations.
If you are wondering why the Iglesia ni Cristo did not simply assume the role of “Borrower” considering the loan proceeds were used to build the Philippine Arena, the centerpiece of INC’s centennial celebration, and INC owned the real properties that were used to guarantee the loan, you are not alone. One professional I consulted who works at another bank thinks it might be because INC wanted to insulate itself from the loan should it become public. INC, she says, has a reputation to uphold and it probably wanted to stick to its story that the Philippine Arena was constructed purely from the offerings of its members, even though clearly, that wasn’t the case. Listening to her, I couldn’t help but smile as I admire her intellectual acuity and insight. It was… Bull’s eye!!!
Signatures on the Loan Agreements
The JS and GP father-son tandem executed the Second Amendment on behalf of the 4 “INC corporations”.
Much as I would like to conclude from here that these two acted alone and without the knowledge of the Executive Minister, that would be too far of a stretch. In fact, one of the requirements to the loan agreement is a Resolution from the Executive Minister authorizing the loan:
Loan Agreement with Metrobank Bared
A certified true copy of the Second Amendment can be found here. 2014.08.05-certified-second-amendment-to-2014.03.31-omnibus-agreement-metrobank
The schedules which form part of the Second Agreement are shown here. 2014.08.05-certified-second-amendment-to-2014.03.31-omnibus-schedules-metrobank
This includes Schedule II which contains a list of 378 additional mortgaged properties so make sure that you are seated properly or that you don’t suffer from any heart ailment before reading these documents.
The Philippine Arena – a Symbol of Arrogance, an Offering to Man
Here is the magnificent, one-of-a-kind, Guinness record holder for the largest indoor arena and largest indoor mixed-use theatre in the world called The Philippine Arena. It boasts of a 50,000 to 55,000 seating capacity depending on which literature we believe.
So much was sacrificed to have this arena built. And I don’t just mean the laborers and construction crew who worked round-the-clock to meet a very aggressive deadline leading up to the centennial anniversary celebration.
The biggest sacrifice of all is the risk of losing INC properties which our Church leaders put up as collateral to finance the arena’s construction! Those properties were bought for a reason — to build houses of worship, district offices, housing for ministers and their families, hospital for ministers and members, schools where children of ministers and members can attend. Some of the mortgaged properties already have buildings on them such as the Central Condominium Towers which house ministers and their families. And there are other properties we haven’t disclosed yet.
INC is a religious institution, not an entertainment business. Our first and topmost priority is religious worship. Nothing and absolutely nothing should trump that. How can any arena, big or small, be more important than a place where one can worship God? How does anyone justify that to God?
Why did we even have to build an arena in the first place, knowing we didn’t have the money to fund its construction, operation, management and maintenance? And why one so big? What was the driving factor? Was it ego? Arrogance? Desire for recognition? Insecurity? Legacy? All of the above?
Or is this another example of poor judgment, extravagance and financial miscalculation?
It appears, the Philippine Arena was expected to attract big events, concerts and the like. In fact, on its official website’s home page, this is what it says:
If the Church weren’t suffering badly from this colossal mistake, I would say the contradiction on this page is out-and-out laughable. On the one hand, it says “there is no doubt that the Philippine Arena is the only venue of choice when it comes to hosting the biggest and most significant events in the country”. But that is immediately followed by “No events as of the moment” which appears to be a mainstay because that is what I get each time I visit this page.
When I researched further, I’ve learned that the arena has not hosted any revenue-generating event since Eat Bulaga’s AlDub in October 2015. The one before that was Katy Perry’s concert in May 2015. So except for that single event in October, the Arena has not hosted an external event for one year! Ref. https://en.wikipedia.org/wiki/Philippine_Arena and http://philippinearena.net/
No external event, no revenue. Where is the Church going to get the money to pay for maintenance and management of this great masterpiece? It’s either abuloy or more loans. Either way, God’s nation suffers. If abuloy, it will compete with other more important needs – chapel maintenance/repair/renovation/extension, building of new houses of worship, church events, etc. If loans, where will interest and principal repayment come from? Right. Abuloy. Enough said.
Hypocrisy at its peak
These are snippets from INC’s official page on blogspot.com. INC uses this outlet for spreading INC propaganda and minion-brainwashing materials. It is also used as a platform of hate to bash detractors of INC. Ministers who are One with EVM then gleefully propagate articles from this blog into their FB account.
I bring these two posts to your attention because they strike at the very heart of today’s expose. As we have already proven, the building of the Philippine Arena was funded partially by a THREE BILLION PESO BANK LOAN from Metrobank. [In later articles, we shall prove the existence of other loans INC made for the same purpose.]
Therefore, the boastful claim stated here that the Philippine Arena was “made entirely from the INC members’ voluntary offerings” is an outright LIE. The Church Administration knew about the loans and yet they used this blog to deceive the brethren and make them take comfort in a lie. They made the members believe there was more than enough funds in the Church’s coffers to support the construction of the Arena. They knew members would be outraged if they find out that the Church Administration had embarked on a non-religious and extravagant business project, made possible only by plunging the Church into a mountain of debt. Yes, debt, a concept that was not only foreign to the previous Executive Ministers but one they loathed with a passion and steered clear of. But not the current Executive Minister and his advisory council. No… they wanted this Philippine Arena so badly they lied to the brethren, mortgaged Church properties, and pushed the Church even closer to financial ruin.
http://theiglesianicristo.blogspot.com/2014/09/the-philippine-arena.html
Here you can see that even the President of the Philippines was deceived by the INC propaganda.
http://theiglesianicristo.blogspot.com/2014/07/ciudad-de-victoria-complex-and.html
Another Outrageous Lie
http://www.bulacan.gov.ph/newsarticle.php?id=1350
Bro. Eduardo claims that “this is a dream come true for Eraño V. Manalo who’s vision in building the facility is to serve and share God’s blessings to the community – local or international”.
In closing, it is my humble opinion, how can the arena be Bro. Eraño G. Manalo’s dream when by building that, the Church had to resort to debt? And if we can recall, this is what Bro. Eraño said about debts…
https://www.youtube.com/watch?v=vKpxinwWWsk
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You be the judge who is telling the truth and who is the one responsible for bringing the church to its multi-billion bank debts.And it was also Bro. Erdy who said that if ever any properties of the church would have any marks of being mortgaged, then let us part ways, simply because it is no longer guided by the Holy Spirit because it is already under God’s curse.
Now you know why Bro. Edwil Zabala or any of the foul-mouthed Ministers inside the church could ever be bold enough to present a bank waiver regarding the Philippine Bank debts, because they will be ABSOLUTELY HUMILIATED AND CAUGHT LYING SO BAD THAT THEY WILL HAVE TO RETRACT EVERYTHING THEY HAVE LIED ABOUT FROM THE BEGINNING.
You are now presented with glaring evidences. If you believe in the power of God then you will have faith that these lies by the church administration was exposed no matter how much they tried to hide and deny it…why? Because this is already God’s way of telling us that He is moving His mighty hand to expose the evils inside His beloved church so that it will be rid off of its blemishes.
Now if, eventhough you have clearly seen the proof and still do not believe or refused to believe, then you have fallen to “fanaticism” and everything you will do inside the church which you still believe will be accepted by God, will only be in vain, simply because God considers it a “ritual” before His holy sight.
Go ahead, print all these out and present it to your Pastor or District Minister or even to the Executive Minister and any of his Sanggunian Ministers and ask them to explain these documents so you will see for yourself how they will try to either angrily avoid your inquiry or how they will try to keep a straight face while lying to you about the existence of these bank debts. Expect a diversionary tactic of discrediting the Defenders or the family of the late Bro. Eraño G. Manalo and blaming everything on them. Plus the mandatory “One with EVM” Salaysay to prove your absolute and unquestionable loyalty and unity with the most important man on earth.
YOU WANTED PROOF RIGHT? So now that we have provided it to you in black and white, I hope you will be able to know the truth from the layers and layers of lies that these poor Ministers are forced to say, and from knowing the truth, may you be guided by the Holy Spirit to be able to stand firm in casting away the wrong doings and doing what is right. Just remember:
“Whoever knows what is right to do and fails to do it, for him it is sin.” – James 4:17
~ Antonio Ebangelista
“They tried to bury us…they didn’t know we were seeds.”
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