Executor: Estate lacks funds to refund Capitol

CEBU, Philippines - Regional Trial Court Branch 6 Judge Ester Veloso has given lawyer Romeo Balili, executor of the Balili Estate, until Monday to update the court of the existing bank account of the assets of the estate of the late Luis Balili.

The court also ordered Amparo Balili to ensure that the P37.8 million reserved by the court for the claim of the Province of Cebu is available and to submit report to the court within five days showing proof of the availability of the fund.

Romeo admitted that the estate no longer have enough funds for the claims of the province because Amparo and his new lawyers have withdrawn P44,483,981.32 on December 7.

The withdrawal allegedly includes the amount reserved for the claims of the province. Romeo said this prompted him to apply from the court for retirement as executor. The court, however, denied it.

The province wants to recover the P37.8 million which is equivalent to underwater portion of the 24.7-hectare property that it bought from the Balili Estate.

Romeo said he was alarmed by the information he received from the bank that Amparo had withdrawn the amount reserved for the claims of the province prompting him to apply for retirement.

Romeo, however, said there is still P29 million left in the bank. Romeo said he requested the bank manager not to allow further withdrawals but he was allegedly told that the bank could not prevent future withdrawals unless there is a restraining order from the court. (FREEMAN)