Mayor Osmena exposed about GSIS lost billions of pesos by investing thru Lehman Broth

[PUERTO PRINCESA]

---

Mao nay giingon nga gapa-gorio-gorio.

Giddyboy likes to pretend that we have no right to criticize Gwen unless we have solid proof and unless she has been convicted in a court of law. He forgets the fact that some of us might actually know Gwen better than him. Since he consistently denies that he has any links to the Garcias, then we might presume that he knows absolutely nothing about them and if we consider that some forumers here might be close enough to Gwen either through personal business dealings or because they know somebody very close to her, then he has already lost the credibility war.

So it's a catch-22 situation for Giddyboy. On the one hand, he could never admit that he is connected to the Garcias, and that he is on their payroll as that would automatically solidify the already strong suspicion that he is a pro-Garcia lackey with no credibility on this thread. In essence, it will be the final nail in the coffin of the thing called Giddyboy's reputation. On the other hand, since he denies any links to the Garcias, he has no first-hand knowledge at all regarding their activities and reputation as a family, something which a lot of forumers who belong to that social circle would have more direct knowledge of, and hence are better positioned to comment on any corruption allegations than he could.

Summary: He loses, we win.

[LytSlpr]

naa agi si gwen. iya sabak sabak sugbo.

renovation sa kitchen sa jail.

iya agi, naa sa mga kadalanan karon. nakatiwangwang. mga lamp post.

mura'g gi katuohan nga wala siya'y labot sa lamp post scam unya iya tanan allies apil?

basin apil pero wala sa papel?

[ABORLAN]

mao gyud na ang nahitabo.

[reclamador]

mura'g gi katuohan nga wala siya'y labot sa lamp post scam unya iya tanan allies apil?

basin apil pero wala sa papel?

gamay ra iyang gi dawat .... compared ni tedyboy ... bro ...

[PUERTO PRINCESA]

murag dako dako gyud tong 200M bro.

[ABORLAN]

GSIS loses P400-million case

By EDMER F. PANESA
January 6, 2010, 5:08pm
The Government Service Insurance System and its over one million members stand to lose at least P400 million over a long-running legal battle for several parcels of land in San Antonio Village, Pasig City.
This after the Supreme Court affirmed a 2006 decision of the Court of Appeals ordering the GSIS to pay at least P399,828,000 for 78 lots mistakenly foreclosed by the state pension fund in payment of a loan gone sour.
The lots have an aggregate area of 33,319 square meters.
The SC’s first division came out with the decision despite a previous threat from the GSIS that failing to grant its petition to reverse the CA ruling would mean “deciding against the fate of the GSIS funds that exist for the service of the government employees who deserve to be favored in law under the principles of social justice and equity.”
In a 33-page decision penned by Justice Teresita Leonardo de Castro, the SC said that while it was aware of the problems facing the GSIS at this time like the recurring glitch in its computer system and the influx of calamity loan applications from members, it has no choice but to uphold the rights of private claimant Rosario Enriquez Santiago.
De Castro’s decision was concurred in by Chief Justice Reynato Puno and Justices Conchita Carpio Morales, Lucas Bersamin and Martin Villarama Jr.
“Being government employees ourselves, we understand the need to preserve the actuarial insolvency of the GSIS, especially at this time when, right after the series of calamities that have severely affected the country, GSIS needs to release funds for the various loan applications being made nationwide,” the High Court said.
“The Court, in dismissing this petition, is aware of the predicament that petitioner finds itself in at this time. However, justice requires us to look at both sides and at the entirety of the case now before us. In doing so, we recognize that rights of private citizens had already arisen and we uphold such rights.”
Court records showed that the case that was originally filed by the successor-in-interest of the couple Jose Zulueta and Soledad Ramos before the Pasig Regional Trial Court (RTC) in 1990.
From September 1956 to October 1957, the Zulueta couple obtained various loans from the GSIS totaling P3.117 million secured by a real estate mortgage on several parcels of land in Pasig City and covered by three mother titles under their name.
Since they were not able to pay for the loans, the GSIS, on August 14, 1974, extra-judicially foreclosed the mortgages for P5.23 million. Being the highest bidder, the GSIS was issued a certificate of sale by the sheriff.
However, the GSIS also mistakenly foreclosed – because they had not been offered as collateral – the 78 lots in question.
After trial, the Pasig RTC rendered a decision dated December 17, 1997 favoring the claimant, prompting the GSIS to bring the case before the CA. The appellate court, on February 22, 2002, upheld the RTC ruling.
The CA decision was affirmed in toto by the SC in a decision dated Oct. 28, 2003, which became final and executory on February 24, 2004.
The RTC eventually issued a writ of execution and fixed the current fair market value of the subject lots at P35,000 per square meter, or a total of more than P1.166 billion. This was despite the claim of the GSIS that its funds and properties were exempt from execution, citing Section 9 of Republic Act 8291 or the GSIS Act of 1997.
After the RTC issued notices of garnishment on GSIS’ banks, the pension fund moved to quash the writ of execution. When the RTC denied the motion, the GSIS again went to the CA to file a special civil action for certiorari and prohibition.
On August 3, 2006, the CA ruled against the GSIS petition and noted that there was already a final executory judgment. The CA likewise ruled that the GSIS cannot claim immunity from the enforcement of the final and executory judgment because based on a previous SC ruling, the pension fund’s relationship with the claimant was “purely private and contractual in nature.”
Nevertheless, the CA found merit in the claim of GSIS that the valuation of the lots at P35,000 per square meter has no factual and legal basis and set the reasonable value at P12, 000 per sq. m. It ordered the pension fund to pay Santiago the amount of almost P400 million.
It said that any difference between the P12, 000 per sq. m. valuation and the fair market value of the subject lots as of April 29, 2004, as may be finally determined by the lower court, can be recovered later.

[ABORLAN]

Gi balita sa TV Patrol:

Dili na kuno kadawat ug pension ang mga dependents nga pwede pa makapangita ug pangwartahan. strekto na kuno sila ana.

Kung ang imong bana maoy naghatag ug contribution sa GSIS unya ikaw naa kay nigusyo, dili ka kadawat ug pension.

nahurot na gyud siguro kwarta sa GSIS kay strekto naman kaayo.

[higanstolsdawen]

lain nasad ne nga kalbaryo sa mga miyembro sa GSIS. himuon nasad ne nga rason sa mga buaya diha nga walay nay fund. bulelyaso sa pipila pero daghan ang mag antos sa resulta ane. kanus a pa man ne gabaan neng mga panuwaya.

[lomotel]

grabeha!!!..mao ni gusto mahimong legacy sa mga GARCIA'S?..nga ma hinumduman ilang pamilya as corrupt?

[NARRA]

kalbaryo gyud ning mga garcia d lang sa mga cebuano kun di sa mga pinoy as a whole.