The SC pointed out that the primary objective of R-II Builders in filing a civil case before the Quezon City regional trial court (RTC) "is to recover the residual value of the asset pool (Smokey Mountain Asset Pool or SMAP) in the SMDRP
after its liquidation and the annulment of the instruments in question."
The high court said that the primary objective of R-II Builders in filing a civil case before the Quezon City RTC 'is to recover the residual value of the asset pool (Smokey Mountain Asset Pool or SMAP) in the SMDRP
after its liquidation and the annulment of the instruments in question.'
During the Ramos administration, R-II signed a joint venture agreement with the NHA for building the SMDRP
, which was envisioned to turn the dump into a portside community to provide decent housing to 3,000 families.
During last week's hearing at Congress, some members of the House subcommittee on housing urged HGC to accept a comprise agreement between the government and R-II Builders, the private contractor of SMDRP
(RBI) and HGC to settle their 14-year legal dispute over the Asset Pool of the SMDRP
But in a statement, Batocabe said Lacuanan's remarks contradicted his stance before the committee that HGC was willing to compromise with R-II Builders on the SMDRP
Habitan, who is in charge of corporate affairs group, said that it is advantageous for the government if SMDRP
properties are sold through bidding, instead of negotiated sale.
Rodel Batocabe, is looking into the mediation proceedings among the parties in the SMDRP
fiasco because the government is reportedly losing half a million pesos a day in interest payments alone as a result of HGC's pending obligations to SMDRP
Romero II, R-II Builders chairman, said the P2.9 billion bid for SMDRP
is just an initial offer and it may increase depending on the actual valuation of the property."Our offer can go up to P4 billion, or even P5 billion as long as it is justified.
This proposal is a gesture of good will and will eventually stop the accrual of cost of interest suffered by the government and to pave the way for a final resolution to the long standing issues hounding the SMDRP
," Romero satated.
signed a joint venture agreement that created the SMDRP
, which involved the construction of 30 buildings for 3,000 families.
Romero recently wrote Vice President Jejomar Binay (who was HGC vice chair prior to relinquishing his Cabinet post) and Finance Secretary Cesar Purisima (HGC chair) saying he was willing to reimburse the P2.9 billion guaranty exposure of HGC in the Smokey Mountain development and reclamation project (SMDRP
) in order to the stop the interest expenses, which had been piling up for the past 14 years.