Iglesia property in The Fort sold for almost P1B
MANILA, Philippines – Why is the Iglesia ni Cristo doing business with real estate developer New San Jose Builders Incorporated (NSJB) headed by chairman Jose “Jerry” L. Acuzar?
Acuzar, the brother-in-law of Executive Secretary Paquito Ochoa Jr, is also behind the Las Casas Filipinas de Acuzar in Bataan, a resort described as a “celebration of Filipino heritage.” The Acuzar-owned NSJB is also behind the construction of the estimated $200-million Philippine Arena and is likewise the developer of the Iglesia-owned Ciudad de Victoria – a massive 75-hectare complex in Bulacan that will house multiple INC buildings, including the Arena.
Three high-end condominium towers – all part of Fort Victoria in upscale Bonifacio Global City in The Fort – stand on prime property of the INC acquired in March 1998. That property, located on 5th Avenue corner Rizal Drive in Taguig City has, however, been sold by the INC for close to P1 billion ($21.62 million) to NSJB, Rappler has learned.
The Iglesia is caught in its worst crisis since it was created a hundred years ago. The current leadership has been under attack for their lavish lifestyle and their alleged misuse of the INC’s properties and resources.
Citing doctrine, one INC member said Church money should be let alone or used “prudently to purchase the needs of the Church.”