RTC upholds validity of SRP lot sales
THE Regional Trial Court upheld the validity of the disposal of 45.2 hectares of the South Road Properties (SRP) lots to three real estate developers.
Judge Alexander Acosta has denied the motion filed by Romulo Torres to seek reconsideration of his earlier decision against prohibiting city officials from use of the P8.35 billion down payment from the lot sales.
City Legal Officer Jerone Castillo said that with the RTC decision, there is no more reason for City Council members to sit on the P2.8 billion supplemental budget 1 that will be funded from the lot sales proceeds.
Castillo showed reporters a copy of the RTC decision this morning.
Acting mayor Edgar Labella also signed an affidavit of undertaking to assure council members that he will take full responsibility should the court declare the public bidding held ahead of the lot disposal as null and void.
Labella said he will send out copies of the signed affidavit to councilors to especially convince them to attend a special session scheduled this afternoon to discuss SB1.
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