THE MESSAGE. BRINGING INTO FOCUS FILIPINO PRESENCE IN AUSTRALIA
www.kalatas.com.au | Volume 5 Number 5 | February 2015
PHILIPPINES
03
DOWNSIZING OR BELLY-UP?
PACF sells property for $2.4 milion
IT’S now out in the market and it carries
a price tag of more than $2 million. That’s
Number 80 Grange Street in Schofields
where stands on a 5.5 acre land the
Philippine-Australian Cultural Centre – a
site operated by the Philippine Australian
Community Foundation (PACF).
By AK News Team
THE selling of the property supposedly intended for community
use created quite a buzz amongst
Fil-Aussies and the topic trended in social media sites in recent
days.
PACF chairman Mansueto
Villon confirmed to Ang Kalatas
that the board of trustees had arrived at a “unanimous decision”
to sell the centre at a special meeting on January 31.
“We have agreed unanimously to sell the centre for an
amount not less than $2M; it
could go higher but not less than
$2M. The reason being after paying all the debts, to be able to buy
a smaller site, but fully paid,” Mr
Villon told AK
Mr. Villon admitted that the
PACF has been struggling with
its finances for over two decades
now and that selling the property
was the best way out.
“This has been going on for
25 years and we cannot wait for
another 25 years to have this
problem resolved, and this is the
only way. We hope that the
community will understand
stand
that we have to downnsize the property now.
Thank God that we
have invested on this land to
and
have a bigger profit.”
Mr Villon said that the Special Meeting of the Board was
ard
joined by representatives from
es
the Philippine Community
mmunity
Council NSW (PCC-NSW) and
SW)
the Alliance of Philippine Comne
munity Organisations (APCO).
APCO).
It was attended by Mr. Villon, Jose Elizes, Larry Muldong,
Minerva Santos , Jimmy Lopez,
Cen Amores, Jhun Salazar, Alric Bulseco sitting in for Jose Relunia (ex-officio Board member
representing PCC) and Ruben
Amores (ex-officio Board member representing APCO). The
attendance was more than the
required quorum of eight members.
A search of real estate list-
ings showed that the
advertised
property is adver
at $2,490,000. When
asked where the PACF Board is
considering to move, Mr Villon
said they are still looking to buy
within the current area.
Ang Kalatas also contacted
board secretary Minerva Santos
and treasurer Jimmy Lopez of the
PACF Board to obtain more information about what transpired
at the special meeting and sought
to be provided a copy of the latest PACF financial report. As of
this writing the copy of the financial report or specific amount of
loan with St George and the “minor loans” had not been received.
Ms Santos, who has been authorised by the Board to provide
information advised that: “The
property has been on open listing with LJ Hooker Riverstone
for $2,490,000 since October
2014 as a feeler for market interest and value because the board is
in agreement that PACF should
retain the property if possible but
if the opportunity presents itself,
then sell. There are two interested
parties at the moment.”
“The net proceeds of sale
would go into a Trust fund initially until a suitable property is purchased. The board has outlined
the requirements for a suitable
property to purchase but there
will be a community consultation
before a final decision is made.”
“The aim in this undertaking
is for PACF to become debt-free.
Should a sale eventuate for say $2
million, approximately $900,000
will be used to pay for the out-
standing debts and approximately $1.1 million will be left available to purchase a new property.”
“The main creditor is St
George Bank. There are smaller
loans with individuals. The loan
with St George Bank which carries an interest of 6% was successfully refinanced in June
2014 from Stacks Finance which
charged 10% interest. The loans
with individuals are paid interest
at bank rates.”
When asked if members
See PACF, page 07