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Response To The BOC

Loreto C. Guerra, the financer for a construction project of a 7-Eleven food store, acknowledges defaulting on his financial obligations under the contract. While he did not intend to violate the contract, circumstances limited his ability to fully fund the project. The contractor rightfully terminated Guerra's involvement as financer. Guerra requests that the refund of his P300,000 capital contribution be provided immediately rather than after final project payment is received by the Philippine Seven Corporation, as he is in dire need of funds and the wait would result in lost time value of the money for him. He looks forward to further consideration of his request by the contractor.

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63 views1 page

Response To The BOC

Loreto C. Guerra, the financer for a construction project of a 7-Eleven food store, acknowledges defaulting on his financial obligations under the contract. While he did not intend to violate the contract, circumstances limited his ability to fully fund the project. The contractor rightfully terminated Guerra's involvement as financer. Guerra requests that the refund of his P300,000 capital contribution be provided immediately rather than after final project payment is received by the Philippine Seven Corporation, as he is in dire need of funds and the wait would result in lost time value of the money for him. He looks forward to further consideration of his request by the contractor.

Uploaded by

Luisito
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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JULIUS A.

SANTES
Proprietor
JMABS BUILDING CONSTRUCTION
#230 Solar Street, GSIS Subdivision, Matina
Davao City, Philippines 8000

Dear Sir;

In consonance to the Breach of Contract sent by your office dated December 8, 2022 with the
forgoing citation as grounds for the breach of the agreement entitled “CONTRACT-AGREEMENT OF
CONSTRUCTION OF 7-ELEVEN FOODSTORE, R. CASTILLO ST., BRGY. VICENTE DUTERTE, AGDAO,
DAVAO CITY, DAVAO DEL SUR”, to wit:

a. Last August 30, 2022, PE Elmer E. Alfaro, requests for financial assistance for a second wave of
purchasing of materials for the project amounting, P 172,400.00 with attached Liquidation and
expenses of previous amount given (See Attached “Annex A” – 2 nd request, Liquidation and
Financial Report). But the Financer, MR. LORETO C. GUERRA sent money amounting, P
30,000.00 only via Palawan Express Padala.
b. On record, the Financer total released amounted to P 300,000.00 only on project cost of P
3,667,932.52. Moreover, from the date 8 th of September, the financer has violated most of the
Article stated on the Contract.
c. As the project is almost done, the funds and financial resources allotted to the project are
insufficient. Having this said, PE Elmer Alfaro for the last time asked the FINANCER for the
financial assistance but he wasn’t able to take his part.

I do hereby concur that there had been default on my part as the FINANCER on the project
CONSTRUCTION OF 7-ELEVEN FOODSTORE, R. CASTILLO ST., BRGY. VICENTE DUTERTE, AGDAO,
DAVAO CITY, DAVAO DEL SUR. It was never my intention to violate the stipulations of the contract
nor to put the Contractor in an unfavorable situation. However, I was not able to perform my full
obligation as a Financer due to unforeseen circumstances that limited my financial capacity. It is fully
understood that the Contractor had exercised its right to terminate my involvement as the Financer,
waiving all my rights to all privileges and claims stipulated within the contract agreement.

On the other hand, the provisions of the Breach of Contract expressly states that the capital refund
of P300,000.00 shall only be given upon the Final Payment of the project by the Philippine Seven
Corporation. I humbly request that the refund shall be given as immediate as possible, and not upon
the receipt of the Final Payment, as my circumstances greatly pose a dire need of financial means –
having no entitlement for claims, rights or privileges anymore on the Final Payment, and the entire
contract. No stipulations as well were provided on the manner and period for capital refund,
pursuant to the contract-agreement. Moreover, the length of time that will lapse in waiting will be a
lost opportunity on my part for the time value of money.

I look forward for your further consideration on this matter.

LORETO C. GUERRA
711 FOODSTORE R. Castillo, Davao, FINANCER

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