MANILA, Philippines - Minority lawmakers in the House of Representatives are studying a possible impeachment complaint against President Benigno Aquino over the alleged undervaluation of a piece of property in Baguio City.

House Minority Leader Danilo Suarez said the minority bloc received the complaint from a certain Danilo Lihaylihay, alleging that the Office of the President approved the sale of a property at Old Pines Hotel for P70 million. Lihaylihay claimed the property had an actual market value of P1.7 billion.

Lihaylihay previously petitioned the Supreme Court to stop the impeachment trial of Chief Justice Renato Corona. He also filed a plunder case against former President Gloria Macapagal Arroyo for the alleged illegal sale of the old Iloilo Airport.

Suarez said there was no rush to file the complaint, saying that they need to study it further.

He said the minority bloc will issue a decision on Wednesday.

Malacañang, meanwhile, dismissed the impeachment complaint as a "foolish attempt to drag the President."

“That’s a foolish attempt to drag the President. There is no truth to that and the President will not be engaged in an anomalous transaction,” Presidential Spokesman Edwin Lacierda said. With reports from Willard Cheng, ABS-CBN News; and Jon Ibanez, radio DZMM