MOTION FOR RECONSIDERATION

REPUBLIC OF THE PHILIPPINES
REGIONAL TRIAL COURT

NATIONAL CAPITAL JUDICIAL REGION
OFFICE OF THE CLERK OF COURT & EX-OFFICIO SHERIFF
MUNTINLUPA CITY
OFFICE OF THE EXECUTIVE JUDGE
CHINA BANK SAVINGS, INC.,

Mortgagee,
- versus - FORECLOSURE NO. 19-069
CORPORATE HOLDINGS
MANAGEMENT, INC.
Mortgagor.
x--------- ------------x
MOTION FOR RECONSIDERATION

=========================================
Petitioner CHINA BANK SAVINGS, INC. (CBS), by counsel, and

to this Honorable Court, most respectfully states that:
1. On December 03, 2019, Petitioner received an Order dated

December 02, 2019 declaring the instant Petition for Extrajudicial
Foreclosure suspended or held in abeyance pending the outcome or
results of the rehabilitation proceedings under Special Proceedings No.
R-MKT-19-03202-SP, to wit:
“Considering that a Stay or Suspension Order dated August

27, 2019 was issued by Hon. Ethel V. Gutay, Presiding Judge, RTC
Br. 137, Makati City in Special Proceedings No. R-MKT-19-03202-SP
entitled “In the Matter of the Voluntary Corporate Rehabilitation
of CHMI Land, Inc., Sunfields Realty Development, Inc., and Tierra
Alegre Realty Development, Inc., CHMI Land, Inc., Sunfields
Realty Development, Inc. and Tierra Alegre Realty Development,
Inc. Petitioners, “declaring, among others, the suspension of all
actions or proceedings for the enforcement of all claims against
petitioner debtor corporations (CHMI Land, Inc., Sunfields Realty
Development, Inc., and Tierra Alegre Realty Development, Inc.)
pursuant to Section 16 (q) of R.A. No. 10142, the instant Petition for
Extrajudicial Foreclosure filed by Mortgagee China Bank Savings,
Inc. is hereby declared suspended or held in abeyance pending the
outcome or results of the rehabilitation proceedings.
SO ORDERED.”
2. Petitioner respectfully moves for reconsideration of said

Order based on the following grounds:
Corporate Holdings Management,

Inc. is not a debtor of CBS.
3. Under Section 16 (q) of the Republic Act No. 10142 or the

Financial Rehabilitation and Insolvency Act (FRIA) of 2010, it provides:
“Section 16. Commencement of Proceedings and

Issuance of a Commencement Order. - The rehabilitation
proceedings shall commence upon the issuance of the
Commencement Order, which shall:
xxx
(q) include Stay or Suspension Order which shall:
(1) suspend all actions or proceedings, in court or

otherwise, for the enforcement of claims against the debtor;
(2) suspend all actions to enforce any judgment,

attachment or other provisional remedies against the debtor;
(3) prohibit the debtor from selling, encumbering,

transferring or disposing in any manner any of its properties
except in the ordinary course of business; and
(4) prohibit the debtor from making any payment of its

liabilities outstanding as of the commencement date except as
may be provided herein.” (Emphases supplied)
4. While the Honorable Court is correct to rule that Stay or

Suspension Order suspends all actions or proceedings, in court or
otherwise, for the enforcement of claims against the debtor, the same
is not applicable to the instant extra-judicial foreclosure petition.
5. As can be gleaned on the Commencement Order dated

August 27, 2019 issued by the Honorable Court of RTC Makati City Br.
137, the petitioner corporations/”debtors” in the said case are CHMI
Land, Inc., Sunfields Realty Development, Inc. and Tiera Alegre Realty
Development, Inc. Nothing in the said Order mentioned Corporate
Holdings Management, Inc.
2
6. Corporate Holdings Management, Inc. is not a “debtor” of
creditor CBS to which the Commencement Order applies. Although
Corporate Holdings Management, Inc. and CHMI Land, Inc. are
confusingly similar in their acronyms, both corporations have separate
and distinct personalities. As proof of their separate and distinct
personalities, copies of 2018 General Information Sheet (GIS) of
Corporate Holdings Management, Inc. and CHMI Land, Inc. are herein
attached as Annexes “A” – “B”, respectively.
Third-party mortgages are

not covered by Stay or
Suspension Orders.
7. Section 18 (c) of the FRIA provides for exceptions to Stay or

Suspension Order as regards third party mortgagors, to wit:
Section 18. Exceptions to the Stay or Suspension Order. -

The Stay or Suspension Order shall not apply:
xxx
(c) to the enforcement of claims against sureties and

other persons solidarily liable with the debtor, and third party
or accommodation mortgagors as well as issuers of letters of
credit, unless the property subject of the third party or
accommodation mortgage is necessary for the rehabilitation of
the debtor as determined by the court upon recommendation
by the rehabilitation receiver; .” (Emphases supplied)
8. The terms and conditions embodied in the Real Estate

Mortgage (REM) documents1 clearly prove that Corporate Holdings
Management, Inc. is a third-party mortgagor to the loan
obligations of CHMI Land, Inc. The properties covered by these
mortgage documents under TCT No. 29307 and CCT No. (51296) 7396
are both owned by Corporate Holdings Management, Inc. which were
freely mortgaged by Corporate Holdings Management, Inc. to CBS as
third-party mortgagor and, must be noted, are not declared as affected
assets in the afore-mentioned Corporate Rehabilitation Proceeding.
9. Hence, the properties covered by TCT No. 29307 and CCT

No. (51296) 7396 owned by Corporate Holdings Management, Inc. are
exempt from the aforesaid Stay or Suspension Order.
1
Annexes “B” and “B-1” of the Petition dated October 24, 2019.
3
10. Notably, there is no motion to speak of for this Honorable
Court to act upon or on which the questioned Order is based, despite
previous notices given directly to Corporate Holdings Management,
Inc. regarding the instant extra-judicial foreclosure much less any
Temporary Restraining/Injunctive Order by a court of competent
jurisdiction staying foreclosure of the instant mortgage.
PRAYER
WHEREFORE, in view of the foregoing, it is most respectfully

prayed of this Honorable Court that the Order dated December 02,
2019 be REVERSED and SET ASIDE and a new one be issued ordering
the Office of the Clerk of Court/Ex-Officio Sheriff to conduct Extra-
judicial Foreclosure proceedings regarding the above-captioned case.
Other reliefs just and equitable under the circumstances are

likewise prayed for.
Makati City for Muntinlupa City, December 05, 2019.
JANDA PACIS PAGTAKHAN & DANTING

LAW OFFICES
Counsel for the MORTGAGEE
26th Floor, Salcedo Towers, 169 H.V. Dela Costa Street,
Salcedo Village, Makati City
Direct Lines: (02)8247-2452/ (02) 8812-7588
By:
RAMONCITO TOMAS F. PACIS

Attorney’s Roll No. 40685
PTR No. 7355894/01.14.19/Makati City
IBP No. 064247/01.08.19/Quezon City
MCLE Compliance No. VI-0020375
valid until April 14, 2022
JUNE ANN R. PAGTAKHAN

IBP Lifetime No. 017918/08.02.2017
PTR No. 0037464/01.04.19/Makati
Roll No. 56858
MCLE Compliance No. VI-0019602/03.01.19
4
CHRISTIAN JR C. ORTIZ
IBP No. 087129/05.09.19/Pasig City
PTR No. 7730297/06.21.19/Makati City
Roll of Attorneys No. 73137
Admitted to the Bar: June 18, 2019
COPY FURNISHED/NOTICE OF HEARING:
CORPORATE HOLDINGS MANAGEMENT, INC.

1. Corporate Holdings Centre,
Lot 43 Blk 11, (No. 43) Victor Buencamino St.
BF Homes Phase VI, Cupang, Muntinlupa City
2. 5C Unioil Center Commerce cor.
Acacia Ave. Alabang, Muntinlupa City
OFFICE OF THE COURT ADMINISTRATOR

Supreme Court
Padre Faura St., Ermita, Manila Philippines 1000
Greetings!
Please take notice that the undersigned counsel will submit the
foregoing Motion for Reconsideration to the Honorable Court on
December 13, 2019 at 08:30 in the morning for its favorable
consideration and approval.
EXPLANATION
Pursuant to Section 11, Rule 13 of the 1997 Rules of Civil

Procedure, copies of this Motion for Reconsideration have been sent
through registered/speed mail with return card due to time and
distance constraints as well as lack of office personnel to effect
personal service.

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REPUBLIC OF THE PHILIPPINES

REGIONAL TRIAL COURT

OFFICE OF THE EXECUTIVE JUDGE

CHINA BANK SAVINGS, INC.,

- versus - FORECLOSURE NO. 19-069

Petitioner CHINA BANK SAVINGS, INC. (CBS), by counsel, and

1. On December 03, 2019, Petitioner received an Order dated

“Considering that a Stay or Suspension Order dated August

2. Petitioner respectfully moves for reconsideration of said

Corporate Holdings Management,

3. Under Section 16 (q) of the Republic Act No. 10142 or the

“Section 16. Commencement of Proceedings and

(q) include Stay or Suspension Order which shall:

(1) suspend all actions or proceedings, in court or

(2) suspend all actions to enforce any judgment,

(3) prohibit the debtor from selling, encumbering,

(4) prohibit the debtor from making any payment of its

4. While the Honorable Court is correct to rule that Stay or

5. As can be gleaned on the Commencement Order dated

Third-party mortgages are

7. Section 18 (c) of the FRIA provides for exceptions to Stay or

Section 18. Exceptions to the Stay or Suspension Order. -

(c) to the enforcement of claims against sureties and

8. The terms and conditions embodied in the Real Estate

9. Hence, the properties covered by TCT No. 29307 and CCT

WHEREFORE, in view of the foregoing, it is most respectfully

Other reliefs just and equitable under the circumstances are

Makati City for Muntinlupa City, December 05, 2019.

JANDA PACIS PAGTAKHAN & DANTING

RAMONCITO TOMAS F. PACIS

JUNE ANN R. PAGTAKHAN

COPY FURNISHED/NOTICE OF HEARING:

CORPORATE HOLDINGS MANAGEMENT, INC.

OFFICE OF THE COURT ADMINISTRATOR

Pursuant to Section 11, Rule 13 of the 1997 Rules of Civil

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