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Friday, December 9, 2011

QC EYES LBP PAYMENT PLAN IN FUNDING MORE PROJECTS

The Quezon City government may fund some of its priority projects next year, including the construction of the new Quezon City Jail (QCJ), by tapping the Landbank of the Philippines (LBP) payment plan for its 30-year financial obligation to the city.

This was the good news from Mayor Herbert M. Bautista during a regular executive meeting at Bulwagang Amoranto, where he announced that the Landbank payment plan could ease difficulties in funding some of the city’s projects.

Mayor Bautista said that LBP is now waiting for the final computation of their financial obligation including interest from the P30 million debt the bank lend to Wilmag Iron Mines (RAMAWIL) thru the QC government trust fund entrusted to them in July 1980 with a 79-hectare property as collateral which turned out to be non-existent and fictitious.

To date, City Administrator Victor Endriga said that LBP has a total financial obligation of P138 million based on their office computation. However, the city accounting office headed by Editha Alzona pegged the LBP debt to P150 million.

Earlier, LBP was offering the city government a 96.169 square meter property in Payatas with an estimated value of P96,169,000 based on a P1,000 per square meter zonal value of the area. However, the city government found it disadvantageous due to squatters occupying most of the lots.

“With the soon payment by LBP of its financial obligations to the city, it could address some of the city concerns including the lot to be purchased for the new site of the QCJ as well as buying the right of way of the Madrigal property in Bagong Silangan,” the mayor said.

However, the mayor said that LBP had just requested the city government to facilitate the direct sale of the 96.169 square meter property in Payatas to those presently occupying it.

At present, there are 2,500 families occupying the said property.

Starting January, the city government led by Urban Poor Affairs Office (UPAO) headed by Ramon Asprer will hold a series of meetings with 12 organizations in the LBP property to tackle the terms, valuation and other matters concerning their purchase of the said property. Maureen QuiƱones, PAISO

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