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DECISION
PERLAS-BERNABE , J : p
In sum, Fil-Estate and Fairways' liability for moral damages, exemplary damages,
and attorney's fees, as well as the amounts thereof, must be upheld in light of the
surrounding circumstances of this case. In addition, a legal interest at the rate of six
percent (6%) per annum should be imposed on all monetary awards to Ayson from the
time of the finality of this Decision until fully paid. 4 0
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II.
Anent the valuation of the subject land, the RTC deemed the amount of
US$100,000.00 or its Philippine Peso equivalent as its reasonable value "considering
the rapid increase or appreciation of the value of real estate properties in Boracay
Island for the past 10 years." 4 1 On the other hand, the CA pegged its value at
US$40,000.00, or the amount double the purchase price, "in consideration and after
proper adjustment of the [RTC's] valuation which took judicial notice of the rapid
increase and appreciation of the value of real estate properties in Boracay Island for the
past years and considering further that the property is located in the prime tourist
destination." 4 2
After a judicious perusal of the records, the Court views such valuations as
grounded entirely on speculation, surmises, or conjectures as there was no evidence
presented by the parties supporting the same. In fact, even the CA acknowledged the
absence of any piece of evidence that would provide a competent valuation of the
subject land. 4 3 Undoubtedly, such valuations, including the amount of monthly rentals
that Fil-Estate and Fairways must pay Ayson for the use of the subject land, must be
struck down.
In the same vein, the Court likewise nds untenable Fil-Estate and Fairways'
assertion that the valuation of the subject land is only P100,000.00, as stated in the
Deed of Sale 4 4 executed by Ayson and Villanueva in 1996. 4 5 At the most, the value
stated in said Deed would only re ect the market value of the subject land at the time
of its execution and is in no way indicative of the current market value of the said land,
which is the amount that Fil-Estate and Fairways should pay Ayson. 4 6
In view of the foregoing circumstances, the Court nds it prudent to remand the
case back to the RTC for the determination of the current market value of the subject
land, as well as the reasonable amount of monthly rental. Once the current market value
as well as the reasonable rent has been reasonably ascertained, the same shall be
subjected to the appropriate interest rates. 4 7 Moreover, once the value of the subject
land, monthly rentals, and applicable interests have been fully paid, Ayson should
execute the necessary documents to effectuate the transfer of the property to Fil-
Estate and Fairways.
WHEREFORE , the petition is PARTLY GRANTED . The Decision dated March 1,
2013 and the Resolution dated February 22, 2016 of the Court of Appeals in CA-G.R.
CV. No. 03010 are hereby AFFIRMED with MODIFICATION as follows:
(a) petitioners Fil-Estate Properties, Inc. and Fairways & Bluewater
Resort & Country Club, Inc. are ORDERED to jointly and solidarily pay
Rosalie Sy Ayson the amounts of P52,666.00 and US$4,316.06 or its
Philippine Peso equivalent as actual damages, P500,000.00 as moral
damages, P300,000.00 as exemplary damages, and P200,000.00 as
attorney's fees and litigation expenses, with legal interest at the rate
of six percent (6%) per annum on all amounts due from finality of
judgment until fully paid;
(b) the issue of the proper valuation of Lot No. 14-S covered by Transfer
Certificate of Title No. T-24562 is REMANDED to the Regional Trial
Court of Kalibo, Aklan, Branch 9 to determine its current market value,
reasonable monthly rental, and the applicable interest rate thereon to
be paid by Fil-Estate Properties, Inc. and Fairways & Bluewater Resort
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& Country Club, Inc.; and
(c) upon full payment of the ascertained current market value, monthly
rental, and interests, Rosalie Sy Ayson shall execute the necessary
documents to effectuate the transfer of Lot No. 14-S covered by
Transfer Certificate of Title No. T-24562 to Fil-Estate Properties, Inc.
and Fairways & Bluewater Resort & Country Club, Inc.
SO ORDERED.
Sereno, C.J., Leonardo-de Castro, Bersamin and Caguioa, JJ., concur.
Footnotes
1. Rollo (G.R. No. 223254), pp. 8-47. Rollo (G.R. No. 223269), pp. 16-59.
2. Rollo (G.R. No. 223269), pp. 61-78. Penned by Associate Justice Carmelita Salandanan-
Manahan with Associate Justices Edgardo L. Delos Santos and Maria Elisa Sempio
Diy concurring.
3. Id. at 81-83. Penned by Associate Justice Edgardo L. Delos Santos with Associate Justices
Edward B. Contreras and Geraldine C. Fiel-Macaraig concurring.
4. Id. at 185-195. Penned by Presiding Judge Dean R. Telan.
10. See Answer (to the Complaint dated 20 October 1998) dated April 28, 1999; id. at 176-184.
11. See id. at 64-69 and 177-182.
12. Id. at 185-195.
13. See id. at 194-195.
46. See Communities Cagayan, Inc. v. Spouses Nanol, 698 Phil. 648, 656-667 (2012).
47. See International Container Terminal Services, Inc. v. FGU Insurance Corporation , 604 Phil.
380, 381-382 (2009). See also Rivera v. Spouses Chua , G.R. No. 184458, January 14,
2015, 746 SCRA 1, 23-28.