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MANILA, Philippines – The Department of Budget and Management (DBM) has released P286.7 million ($6.45 million) to the National Housing Authority (NHA) to relocate informal settler families in North Triangle, Quezon City.
North Triangle is set to be developed as a new central business district.
“The development of North Triangle will also help generate more jobs for people with the creation of a new business hub in the area,” Budget Secretary Florencio Abad said in a statement.
The fund will be spent to relocate 1,308 informal settler families, tentatively for Bagumbong, Caloocan City.
Prior to this, 745 informal settler families have already been relocated to San Jose del Monte City in Bulacan under the same program.
The total cost of the relocation project is P809.3 million ($18.20 million), which will cover the budgetary requirements of the house and lot packages for the informal settler families.
The disbursements for the relocation project will be pegged at P65.8 million ($1.48 million) by April; P109.6 million ($2.47 million) by May; and P111.3 million ($2.50 million) by June.
Of this amount, P450 million ($10.14 million) will be funded by the national government with the remaining balance provided by Ayala Land Incorporated.
Ayala Land is investing P65 billion ($1.46 billion) over 10 years to develop Vertis North on a 29-hectare property near the popular SM North Edsa and TriNoma malls.
Vertis North was born out of a 2009 joint venture agreement between Ayala Land and the National Housing Authority (NHA) to develop North Triangle into a business district.
The venture – 72% owned by Ayala and 28% by NHA – marked the completion of a public bidding process conducted by the government housing agency for the property beginning 2008.
Under Ayala Land’s proposal, the property will be developed into the Philippines’ first transit-oriented, mixed-use business district that will be a new nexus of commercial activity.
The project, which will consist of 45 towers, is Quezon City’s version of Fort Bonifacio Global and the Makati business district.
Vertis North’s first phase will feature office, retail, and hotel components. – Rappler.com
$1 = P44.47
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