In reviewing the Trust Declaration of the Philippine Australian Community Foundation Inc. (PACFI), Philippine Tribune has determined that it is the responsibility of the original Trustor or Executor of the Trust Deed to ensure that the Multi-Purpose Centre (MPC) is properly managed. It must be emphasized here that the real owners of the MPC is the Philippine Community from whom million-dollar donations were obtained.
Ergo, if the Philippine Community is not satisfied with the governance and actions of the Directors of PACFI or MPC Board, it is incumbent upon Father Renato Paras (the Executor of the Trust Deed) to declare all positions vacant and appoint new Trustees. This process can be done in consultation with Father Raning Creta, his successor as Filipino Chaplain and the Philippine Community in general.
And by the way, the MPC website, which still needs to be updated, shows only two original trustees in the person of Mansueto Villon and Roy Abbott. Luz Tiqui is only an ex-officio member by virtue of her former position as FILCOS President. Therefore, if she is no longer the President of Filcos Blacktown, she should be relived of her post as an ex-officio member of the MPC Board just as Kate Andres and Neria Soliman, et al ceased to be MPC Board members when their term as President of PCC expired.
All the other members of the Board were appointed based on a Trust Declaration that was amended by the PACFI Board. The Trust Deed, as amended per Board Resolution dated 23 May 1993 does not contain the signature of Fr. Paras, making it VOID ab initio. It is obvious therefore, that the amendment was made without the knowledge and prior consent of Fr. Paras, the Settlor and original executor of the Trust Deed. It naturally follows that all appointments flowing from the unauthorized amendment is not legitimate and must be declared void. Any action therefore, taken by the board, is questionable.
The recent purchase of the Schofields property appears to have been done hastily without the involvement of the Filipino Community. The decision to buy was made by members of a board whose appointment is based on an unauthorized amendment.
Blacktown Council declared that the new MPC site in Schofields will never merit approval for a Development Application because it is in “a high risk flood zone.” Will the Filipino dream of having a Multi-Purpose Centre ever become a reality?
Loan from Stacks Managed Investments Ltd.
Public documents show that full payment for the Schofields property at 80 Grange Avenue has already been made. A loan in the amount of $725,000 has been obtained from Stacks Managed Investments Ltd. at an interest rate of 11% per annum and secured by a mortgage over the Rooty Hill and Schofields properties. The undertaking was signed by Mansueto Villon, Luz Tiqui, Gerald Oblea and Cosme Purruganan and witnessed by Ed Yunon.
That means a monthly interest of $6,645.00 or a whopping $ 79,740 per annum on interest payments alone.
There is a penalty equivalent to three months interest plus GST in case of late or early repayment. That is an added expense of $19,935.00.
Money wasted on the Rooty Hill location
- The MPC office that cost about $110,000 or more to construct
- The concrete slab that cost $30,000 to install
That’s a total of $140,000 wasted and has given no added value to the property in Rooty Hill.
Questions that must be answered
- Will the MPC ever be completed in spite of Council’s declaration that the present location in Schofields is a high risk flood zone?
- When can the Filipino Community expect final completion of the MPC? The MPC Managers don’t even have a target date or time frame for this and yet they continue to sell tickets, solicit donations and refuse to step down.
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