Shortchange in property, insurance promises

With the local property sector remaining resilient even in the face of uncertain global economic growth, real estate sales continue to be brisk. And as some people put in all their hard-earned money to buy lots and homes, some real estate firms are taking their time to deliver on their promises.

Apparently, some land developers have mortgaged the expansive properties they have parceled to pay for initial development costs, i.e., constructing roads, bringing in utility lines, breaking ground for common amenities and services.

Somehow, some mortgages have not been fully paid despite robust cash flows from sales. And this has affected the titling process for those who have fully paid for lots or house & lot purchases. The result: some property owners have been waiting for years for their land titles to be released.

Prospective buyers must read carefully the terms and conditions of the offer sheet. They should not allow the glib-talking sales agent to distract their attention. Provisions about forfeiture of reservation fee and penalties chargeable to the buyer should clearly be spelled out. One should not accept the typical answer of an aggressive sales agent,“ako na ang bahala diyan. Aayusin ko. Pirmahan mo na lang ito.” (I’ll take care of it. Just sign the document.)

We are inviting those of you who have been victimized by unscrupulous sales agents and property developers to tell us your story. Hopefully, some lessons can be learned and shared.

Difficulties in collecting insurance claims

Two weeks ago, this column discussed the importance of having the right kind of insurance coverage on property especially in view of recent climate changes (“Acts of God,” Oct. 19). One of our readers, Jade Tulio, sent us his lamentation even with a full insurance on their house.

This is his woeful tale, sent last Oct. 22, which the Office of the Insurance Commissioner should look at. He writes: “I am one of those lucky ones who believe in insurance. Our house and contents is covered very comprehensively.

“Unfortunately, we were in the planning stage of having our personal car insured (the company car has AOG coverage, and is still in queue in the casa now and might be released after three months) when tropical storm Ondoy struck.

“So we have another car that is not covered and spare part retailers everywhere are all jacking up the prices of computer boxes, and major parts to take advantage of people who are already grieving the losses of their properties.

“For our house, we are currently having headaches with the insurance adjuster because next week it will already be 30 days since our submission of proof of loss.

“The contents are insured for the amount of P800,000, (and) we reported damage with a value of P300,000 on mostly big appliances and antique cabinets which we were not able to carry to the second floor of our house.

“The adjuster just recently informed us that we can only get P100,000 (with the P20,000 deductible amount already taken out) because he claims most of our stuff are already way beyond depreciation value.

“We were disappointed because a brand new sofa already costs P20,000 in SM, and this amount alone will not cover repainting jobs and repair of other appliances. Given the huge budget of the insurance industry, I hope that small house insurance of families will also be prioritized in their budget allocation and not just (for) big companies, especially if we are just plain employees who counted on insurance for a rainy day only to get 30 percent of the value that we hoped for.

“I hope our rights will also be protected.”

‘Filipino’ basketball

Another reader, Diosdado Mar of Tondo, Manila, commented on the declining quality of Philippine basketball. Here are excerpts of his take.

“I would like to comment (on) the sad state of Philippine basketball which left our country as the favorite whipping team in Asia and in international competitions.

“If our systems and brand of plays (are) left uncorrected, then the time may come that our basketball supremacy in South East Asia… may slip also from our grip soon. The declining supremacy of Cebu’s collegiate basketball teams can be connected… to the declining skills of the national team.

“Cebu’s collegiate teams easily ruled the national intercollegiate championships in the eras of 70s, 80s and late 90s. Cebu’s college teams like UV, SWU, San Jose Recoletos and San Carlos University dominated the national intercollegiate basketball scene in those eras.

“(Today), they are nowhere in the championships and they could be beaten black and blue even by teams from the western Visayas and Mindanao regions.

“I believe that the fast declining skills of Filipino cage players can be traced to our being a copycat of American systems and the brand of plays which could hardly be at par with the Argentineans’ and some European countries.

“If only Filipino coaches and players are true-blooded Pinoy in their coaching system and brand of plays just like the Iranian, Chinese, Korean, Japanese and Taipei teams, maybe we can reclaim the glory (of having) the best and most feared cage players in Asia and even the world.”

‘Champions League Fantasy’ contest

The Philippine Collegiate Champions League (PCCL) announces the launching of the “Champions League Fantasy” contest. All collegiate basketball fans are invited to join the contest by submitting who they think will be the top seven teams that will advance to the “Sweet 16” Finals. Those submitting the most number of correct choices will be given surprise gifts awards.

Joining the contest is easy and for free. Just log in at the official PCCL website, www.CollegiateChampionsLeague.net and submit your choices. One may submit as many entries on or before Nov. 7, 2009.

Teams participating in the zonal games are: DLSU Green Archers, Adamson University Soaring Falcons, Arellano University Chiefs, MIT Cardinals, San Sebastian-Recoletos de Cavite Baycats, University of Cebu Webmasters, University of San Jose-Recoletos Jaguars, University of San Carlos Warriors, West Negros University Mustangs, Holy Trinity College Wildcats, St. Francis of Assissi Doves, University of Nueva Caceres Greyhounds, University of Manila Hawks, Universal Colleges Dragons, La Consolacion College Blue Royals, Central Colleges of the Philippines Bobcats, Lyceum of Subic Bay Cats, the NCAA-S champion and runner-up, and the ISSA champion. 

For more details about the 2009 Philippine Collegiate Championship games sponsored by PLDT and SMART, visit the PCCL official website, www.CollegiateChampionsLeague.net.

Should you wish to share any insights, write me at Link Edge, 25th Floor, 139 Corporate Center, Valero Street, Salcedo Village, 1227 Makati City. Or e-mail me at [email protected]. For a compilation of previous articles, visit www.BizlinksPhilippines.net.