INC Allegedly Incurred P1.1 billion loan to fund the Philippine Arena
One of the country's leading news media company, Rappler made an expose about the alleged P1.1 billion loan of Iglesia Ni Cristo (INC) to fund the construction of Phase 1 of the Ciudad de Victoria project which includes building the Philippine Arena.
Based on the documents obtained by Rappler some INC officials had engaged in agreements with two banks namely Metrobank and Asia United Bank (AUB) to obtain a P1.137 billion loan to partially fund the construction of their major infrastructure project in Bulacan.
The recitals on the loan documents states that Phase 1 of the INC Projects includes the construction of a "multi-purpose indoor arena, and certain commercial and retail buildings and sructures.
Aside from the P1.1 billion loan, several amendments to the agreements showed that INC leaders had asked for additional amounts of up to P3 billion to repay the existing loan.
In order to secure the said loan agreements, Rappler revealed that at least 61 INC-owned properties were put up as mortgaged collateral. The said collateral ranged from Church sites to residential and agricultural areas in Metro Manila, Nueva Ecija, Rial, Cavite and Baguio.
There are also 317 condominium units in Quezon City, with a total market value of more than P1 billion were included in the list of collaterals by the country's most popular home-grown religious organization.
The documents showed that the INC was one of the parties in the loan agreements entered into by Maligaya Development Corporation (MDC) with two banks: the Metropolitan Bank & Trust Company (MBTC) and the Asia United Bank Corporation (AUB).
The alleged billions of loans incurred by the INC was contrary to the teachings of the late Eraño “Ka Erdy” Manalo who emphasized during his reign as supreme leader of INC that the INC should spend within its means, and denounced the idea of church incurring debts to fund its projects.
Know the Complete story by reading the Rappler's Expose Here.
Based on the documents obtained by Rappler some INC officials had engaged in agreements with two banks namely Metrobank and Asia United Bank (AUB) to obtain a P1.137 billion loan to partially fund the construction of their major infrastructure project in Bulacan.
The recitals on the loan documents states that Phase 1 of the INC Projects includes the construction of a "multi-purpose indoor arena, and certain commercial and retail buildings and sructures.
Aside from the P1.1 billion loan, several amendments to the agreements showed that INC leaders had asked for additional amounts of up to P3 billion to repay the existing loan.
In order to secure the said loan agreements, Rappler revealed that at least 61 INC-owned properties were put up as mortgaged collateral. The said collateral ranged from Church sites to residential and agricultural areas in Metro Manila, Nueva Ecija, Rial, Cavite and Baguio.
There are also 317 condominium units in Quezon City, with a total market value of more than P1 billion were included in the list of collaterals by the country's most popular home-grown religious organization.
The documents showed that the INC was one of the parties in the loan agreements entered into by Maligaya Development Corporation (MDC) with two banks: the Metropolitan Bank & Trust Company (MBTC) and the Asia United Bank Corporation (AUB).
The alleged billions of loans incurred by the INC was contrary to the teachings of the late Eraño “Ka Erdy” Manalo who emphasized during his reign as supreme leader of INC that the INC should spend within its means, and denounced the idea of church incurring debts to fund its projects.
Know the Complete story by reading the Rappler's Expose Here.
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INC Allegedly Incurred P1.1 billion loan to fund the Philippine Arena
Reviewed by Anne Reyes
on
July 28, 2016
Rating:
Reviewed by Anne Reyes
on
July 28, 2016
Rating:
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