One billion dollars to turn Manila squatters into tenants

[Gerrard Winstanley]

Philippines To Spend $1.11 Billion To Resettle Squatters In Manila
July 25, 2007 10:59 p.m. EST
Preciosa Dumlao - AHN
http://www.allheadlinenews.com/articles/7008011656

Manila, Philippines (AHN) - The Philippine government has allocated 
$1.11 billion to finance and emigrate squatters in Metro Manila to 
settle in urban areas in the next three years. 

Romulo Neri, Secretary General, National Economic and Development 
Authority (NEDA) chief, said that the Department of Budget and 
Management has already allocated $334 million to cover the basic 
implementation of the project. 

The Development Bank of the Philippines and the Land Bank of the 
Philippines are the main players in sourcing out the initial loan 
amounting to $779 million. Meanwhile, the National Housing Authority 
will also sell bonds to raise an additional $44.5 million. 

The government plans to construct 265,955 housing units with a total 
investment of $1.11 billion. Each housing unit will cost an estimated 
$4,200 each. Neri said NEDA has already approved the proposed loan 
arrangement for the resettlement program, the biggest ever to be 
undertaken by the government. 

The project should be completed before President Gloria Macapagal - 
Arroyo steps down in 2010. Before her 7th State of the Nation Address 
last Monday, the president meet with NEDA to confabulate key issues 
regarding her resettle plan for the squatters in Metro Manila.