Thursday, May 5, 2016

Ganagamit daw na Collateral ng INC-1914 ang Ari-arian nito para Makautang ayon sa isang blogger? PART 2

Post mula sa INC Silent No More ni aka Antonio Ebangelista

Hello again friends… for this part of the expose, I thought I’d share yet another set of INC-owned properties that have been used as collateral. This time, they are residential properties.
I share this is for the benefit of brethren who have been provided housing by INC but who may need to find another place to live should the worst happen – INC defaults in its repayment obligations to Metrobank and AUB. I refer to the same MULTI-BILLION BANK LOANS I mentioned in Part 1 of my expose. )

If you recall, I said the loans INC obtained from Metrobank and AUB were secured by hundreds of INC properties. I wasn’t kidding. Among them were residential properties which I will cover in this article. Needless to say, all properties our esteemed leaders used as collateral, including residential, commercial, church sites, and agricultural lands, were bought with members’ hard-earned abuloy.

Presenting… The Central Condominium Towers (formerly LIG Condominium)


This is the first of its kind of acquisition made by the Church. It was  initially built for commercial purposes by a company owned by Ja Hoon Ku, a Korean businessman who is also a contractor to the world-renowned Philippine Arena. The condominium is a tad “pricey” at the time, given its location. This explains why it was difficult to sell the units – only a few could afford it. But because of the “strong ties” between Mr. Ja Hoon Ku and Bro. Glicerio “JS” Santos Jr., the Church bought the condominium complex. This came as a shock for a lot of brethren because we could have easily saved a lot of money by building  condominium housing for Ministers and Church workers ourselves, the way it has always been.

You may be wondering why the name Ja Hoon Ku sounds familiar. It should. He’s none other than the notorious multimillion Korean embezzler who was ordered to be deported back to his country. Fortunately for him, his “strong ties” with Bro. Jun Santos paid off.

After learning of the controversial INC acquisition, Ministers promptly paid   Bro. Jun Santos a visit for the privilege  of being handpicked to be residents of this luxury condominium complex which, by the way, is complete with a gym and a swimming pool. Most of the “favored ones” got selected, the ones who cheerfully and unquestioningly do the bidding of the Sanggunian.

The Administration  didn’t really have a solid plan for LIG. At one point, it was used as a dormitory for NEU. Offices of  INC’s “covert” group ACTIV can be found there as well as the UNLAD manufacturing arm of INC.  Bro. Matt Pareja’s Loft is also located on the 17th floor penthouse. Bro. Angelo Manalo’s playground can be found on the whole penthouse floor at the other buildings with round-the-clock centralized air-conditioning.

So let’s a take a look at a couple of the encumbered condo units.  We won’t be able to show all of them. A total of 317 units were used as collateral! However, feel free to visit your local Registry of Deeds and request a certified true copy of whatever CCT you are interested in.

Toward the end of this article, there is a link to a schedule that identifies the condo units that were used as collateral, along with corresponding CCT’s, area in square meters, and appraised value of each property.  If you live in this complex, I’m sure you’d be interested in that schedule.
  1. CCT-004-2011006168
CCT-004-2011006168-matrixHere’s page 1:

These are the 2 pages that show Encumbrances:



I’ve highlighted below the sections that show the loans for which the property was used as security:

What does this mean?  

Well, for one, the title to Condo unit #1704 in the Central Tower building was used by INC to guarantee a P3 BILLION loan obtained by INC from Metrobank in August 2014.  Second, if the P3 BILLION principal obligation is not repaid at maturity, or interest on it is not paid when due, let this serve as warning to the occupant of this unit that they should prepare to pack and evacuate when the unit is foreclosed.

Before we go to the next condo unit example, let us review this Affidavit filed by Bro. Radel G. Cortez, as General Secretary of INC, with the Securities and Exchange Commission in March 2014, as a requirement for the issuance of a Certificate of Good Standing requested by INC:


Let us review what it says:

The Affidavit claims that the properties of the Iglesia ni Cristo were devoted to “no other than religious purposes, religious worship as well as the dissemination and propagation of Christian faith and teachings as they are written in the Holy Scriptures, and to organize and establish local churches in any place in the world that may be reached…”

Take note:  ONE VERY IMPORTANT THING WAS LEFT OUT. CHURCH PROPERTIES ARE NOW SERVE ANOTHER PURPOSE – TO GUARANTEE BANK LOANS!  In later parts of this series, we shall discover where proceeds of these loans were used. Then, we shall go back to this Affidavit and ask if the stated purpose of the loans fall under any of the categories mentioned by Bro. Radel.

Here’s the bottom part of the Affidavit:


Readers, the only thing here that I need you to note here is the date – March 27, 2014.  We shall return to this in later parts of the series of exposes.  Just bear with me for now.  Abangan! :)
Here’s the other encumbrances entry for this condo unit, this time, for the loan from AUB:

As with the entry for Metrobank, this should look familiar because you’ve already seen similar language and format on TCT’s presented in Part 1. (Ref.

For those who may be wondering, what does encumbrance even mean? Here’s the definition:


A burden, obstruction, or impediment on property that lessens its value or makes it less marketable. An encumbrance (alsospelled incumbrance) is any right or interest that exists in someone other than the owner of an estate and that restricts orimpairs the transfer of the estate or lowers its value. This might include an Easement, a lien, a MORTGAGE, a mechanic’s lien,or accrued and unpaid taxes. (

This entry is for the P2 BILLION loan INC obtained from AUB, guaranteed by the condo unit.  If INC defaults in repayment of obligations to either Metrobank or AUB, the condo is at risk of being foreclosed.

Here’s a copy of all the pages of CCT-004-2011006168. CCT-004-2011006168

This condo unit was appraised at P5.2 million.

  1. CCT-004-2011006184
CCT-004-2011006184-matrixHere’s page 1:
Here are the 2 pages of Encumbrances entries:
The entry for the P3 BILLION Metrobank loan:
The entry for the P2 BILLION AUB loan:

And here are all the pages of CCT-004-2011006184.  CCT-004-2011006184

This condo unit was appraised at P4.1 million.

Here are additional CCT’s if you are interested in examining each one of them.  They contain the same Encumbrances language as the ones presented above.  All of them are used to guarantee the loan with Metrobank for P3 BILLION and the loan with AUB for P2 BILLION.  Condo unit occupants, be AWARE!

For your References:  CCT-004-2011006173CCT-004-2011006176CCT-004-2011006182CCT-004-2012001698CCT-004-2012001697CCT-004-2011006188CCT-004-2011006206

Schedule of Condo Units Used as Collateral and Appraised Value

Please note the total appraised value of these condominium units – over P1 BILLION!

Here’s page 1 of this schedule:

Here’s the entire heart-shattering list: loan-schedule-ccts-encumbered

Now you know why the INC Church Administration CANNOT give us a Bank Waiver… because the Multi-Billion Bank Loans EXIST!!! Imagine a church that used to be the most financially stable institution, has now succumbed to selling and mortgaging its properties due to financial mismanagement.

Imagine this…

Bro. Felix Y. Manalo was uneducated and had no money, but he was able to grow the church from the ground-up. No lawyers or bible experts or pastors could ever beat him in debates regarding the words of God. This is all because of God’s help and guidance.

Bro. Eraño G. Manalo succeeded Bro. Felix Y. Manalo and was able to make the church flourish. He shepherd the flock with so much love and compassion to the point that even expulsion, which has always been a last resort, was an act of Love. He dedicated his whole life for the church with no lust for any material gain and worldly recognition. The church’s massive progress during his time was because of God’s help and guidance.

Now… Bro. Eduardo V. Manalo, with only 7 years after claiming the seat as Executive Minister, was able to use up all the church’s coffers and was only successful in showing the world superficial achievements in order to cover up for the multi-billion bank debts that is putting the church in financial ruin. All because it is no longer guided by our Lord God, so no matter how many lawyers and accountants and experts it hires, it cannot escape God’s curse…

~ Antonio Ebangelista

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