After incurring arrearage on my rental payments with the Lessor, a dialogue transpired between me and the lessor with the presence of our legal counsel. A Letter of Agreement was agreed upon by both parties wherein 6 months period is given to settle the arrearage. Unfortunately after 2 months the Lessor dicided to install padlocks by force on the rented premises. Their contention was I refuse to sign the Letter of Agreement.
I heeded the advice of my legal counsel prior to this, that I can sign the Letter of Agreement anytime within the period of 6 months, though the Letter of Agreement is not sign it is stil binding.
Have I been given a wholesome advice legally?

As far as I know, the letter of agreement is not binding if it is not signed.

Installing padlocks in the premises is not the Lessee's legal remedy in the case. Forcefully evicting you through padlocking the place may held the lessee liable for damages by virtue of abuse of right in the Civil Code.