MANILA, Philippines—Businessman Ramon (RJ) Jacinto’s camp on Monday dismissed the Court of Appeals’ decision forfeiting his P3.6-billion Makati central business district property in favor of the Philippine National Bank (PNB) as a “paper” victory.

In a statement, Jacinto said possession of the Gil Puyat Avenue property would remain with the businessman-musician as he takes his case to the Supreme Court after the appellate court dismissed his motion for reconsideration.

“PNB can savor a little victory because they were able to resurrect a dead horse but the Supreme Court will have the final say… In the meantime, possession will remain with RJ,” said Jacinto’s lawyer Felisberto Verano.

Jacinto’s camp believes the Supreme Court, as early as September 2006, had already ruled in his favor when it upheld the preliminary injunction on PNB’s foreclosure of his property including the Gil Puyat lot.

A Makati Regional Trial Court, however, ruled in January 2008 that the Supreme Court decision only covered broadcasting equipment belonging to Jacinto’s Rajah Broadcasting Co.

“If the Supreme Court says I am not in default, why should PNB return only minor collaterals when the purchase of the land was the main incident,” Jacinto said in his statement.

“The best solution is an amicable settlement where they give me back my cash [and] I give them back the land, if they want out of the transaction. It’s that simple,” Jacinto said.

Verano said he would also ask the Supreme Court to look into the possibly tainted court records which could involve a criminal act “because a decision allegedly penned by Makati RTC Judge Joselito Villarosa favoring PNB could have been antedated and page numbers were ‘Snowpaked’ to allow insertion.”

It was Villarosa who denied Jacinto’s motion for a writ of execution to get back the Gil Puyat property and another one in Tagaytay City following the Supreme Court’s injunction of the foreclosure in September 2006.

“I do not owe PNB money. I gave PNB cash of $40 million. What PNB gave me was a mortgage (a piece of paper) on 80 percent of the property. PNB was the seller and the banker,” Jacinto said.

“They received the cash from the mortgage. I never touched or saw any cash from the mortgage,” he added.

Jacinto said the issue with PNB was part of the persecution he allegedly suffered in the hands of Joseph Estrada when he became president. He said he was persecuted because of his closeness to former President Fidel Ramos.