Over five thousand squatter families will benefit from the housing project of a Chinese firm in Makati City.
Mayor Mar-len Abigail “Abby” Binay on Thursday signed a Memorandum of Understanding (MOU) with the Shanghai Nanjiang (Group) Co., Ltd., represented by Savio K. Chu, to start a feasibility study for the mass housing project through public-private partnership (PPP).
Under the MOU, the city grants the corporation exclusive access to relevant documents while it conducts its commercial, financial, legal and technical evaluation of Makati’s existing land inventory and operations.
The Makati City government also agrees not to allow any other entity to conduct a similar or related study, and shall not utilize the study if it chooses to pursue the project with another party.
Binay said Shanghai Nanjiang will shoulder all the costs of land development and the construction of low-cost mass housing units that will benefit 5,217 informal settler families.
“This agreement is the initial step towards a public-private partnership venture that can provide a viable and sustainable solution to our housing issues, primarily the shelter needs of informal settlers in the city,” Binay said.
“With our country’s renewed ties with China under the administration of President Duterte, we can look forward to more fruitful collaboration with reputable private companies based in China,” she added.