• Amaia Land’s collection notices for fully paid amortizations

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    Emeterio Sd. Perez

    THE previous two Due Diligencers focused on the ownership profiles and compensations of the Zobel brothers. The aim is to introduce to the readers of The Manila Times the people behind the success and consistent profitability of the Ayala conglomerates owned by the Zobel family.

    Due Diligencer based the two articles on available postings on the website of the Philippine Stock Exchange (PSE).

    As for the tax payments of Jaime Augusto Miranda Zobel de Ayala and his younger brother Fernando Miranda Zobel de Ayala, the website of the Bureau of Internal Revenue is open to the public, who may be interested in knowing what keeps its examiners busy.

    Finally, here is why Amaia Land Corp. was in the lead paragraph of the piece on ownership profiles.

    Sad to state here that the main topic of this piece, Amaia Land, does not have shares listed on the PSE. This being the case, Due Diligencer has nothing to show our readers what Amaia Land does and how it contributes to the financials of the conglomerate of the Zobels.

    In short, the full disclosure rule does not apply to Amaia Land.

    Harassment?

    Due Diligencer, however, could show something more despite Amaia Land’s non-tradable shares, whether common or preferred.

    First on the agenda is a poser. How on earth could the owners of Amaia Land tolerate their people who are harassing the company’s clients?

    Remember, the Zobel brothers were paid a combined gross compensation of P225,802,793 in 2014. Despite these pays and perks, they failed to tell their managers and their workers that they should treat fairly the unit buyers of Amaia’s condominium that has yet to be built at the Nuvali complex in Santa Rosa, Laguna.

    Why does Amaia Land, a wholly owned subsidiary of Ayala Land Inc., still send collection notices to condo unit buyers who have already paid their monthly amortizations? The company, an indirect unit of Ayala Corp., has reached other countries as well, and these clients have also complained about similar collection notices for fully paid monthly amortizations.

    Is this unjust treatment of condominium unit buyers, and perhaps also of house-and-lot packages that Amaia sells, also happening to the other projects of Ayala Land?

    Want proof?

    I have in my possession proof of how Amaia Land has been pestering its condo unit buyers with collection notices for fully paid monthly payments.

    How could a property company be so cruel to its clients? One of the clients of Amaia Land received a letter dated March 23 for “non-payment of your February 2017 to March 2017 installments.” Upon receiving the letter, the condo unit buyer rushed to the bank and paid what was due Amaia Land, only to realize later on that he had made paid the same monthly amortizations twice.

    There was nothing else that the unit buyer could possibly do except charge this to experience. I was talking here about the first collection notice sent by Amaia to its client’s office in Manila.

    Then came “insult to injury.” This particular client was surprised to see another collection notice from Amaia Land for the same months. If this is not an imposition, I don’t know how to classify it.

    What’s wrong?

    What could be wrong with Amaia Land’s postings of payments? Aren’t they into computerization yet?

    To be frank with the Zobels. SM Development Corp. developed a condominium in Tagaytay City. It had not bothered to send its buyers collection notices for fully paid monthly amortizations.

    What does SMDC and Amaia Land have in common? Of course, revenues and the resulting profits are their target, which should not be at the expense of paying clients.

    Will the Housing and Land Use Regulatory Board (HLURB) be the proper venue for persistent complaints against property developers? Perhaps, it is.

    Condominium unit buyers will always be at the mercy of these companies if HLURB is kept in the dark about the sins committed against the buyers of condos and house-and-lot packages by property developers anywhere in this country. The problem though is the practicality of filing a complaint with HLURB. Will the agency’s officials act on any issue raised by the buying public? Just asking.

    esdperez@gmail.com

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