Revolution Precrafted Properties Inc. is discussing potential settlements with suppliers and contractors that filed complaints against the start-up company with the National Bureau of Investigation (NBI).
According to ABS-CBN News, nine contractors and suppliers filed the complaints about allegedly questionable contracts for Revolution Precrafted’s real estate projects, in which they paid 10% of the contract value to become the preferred suppliers.
The complainants claimed they were duped out of P150 million after finding that Revolution Precrafted failed to secure government permits for the projects and did not return their payments.
Revolution Precrafted in a statement Friday said that it is complying with the authorities.
The prefabricated home construction company said that it was unable to collect receivables from landowner-developers during the pandemic and was then unable to pay contractors and suppliers.
“Nonetheless, the company sincerely assures its stakeholders that it will honor all legitimate contractual obligations with its partners and suppliers, and only ask for some time consideration to resolve its issues. In parallel, we will also work in earnest to collect what is due the company,” Revolution Precrafted Chief Executive Officer Jose Roberto “Robbie” R. Antonio said in a statement.
Mr. Antonio, who is the son of Century Properties Group Chairman Jose E.B. Antonio, started Revolution Precrafted in 2015.
Since then, the company has announced numerous partnerships with international companies such as a $52-million project in Spain, a $1.2-billion project in Myanmar, and a $3.2-billion project in Dubai.
It also partnered with property companies in the Caribbean nations of Trinidad, Guyana, Jamaica, and the Bahamas, as well as in Japan, Puerto rico, Ecuador, Brazil, and Cyprus.
Locally, Revolution Precrafted was tapped to develop prefabricated structures for the $1.1-billion Batulao Artscapes in Nasugbu, Batangas, the $750-million Revolution Flavorscapes in Mexico, Pampanga, and the $125-million Puerto Azul project in Cavite. — Jenina P. Ibañez