In filing House Resolution 1452, Nacionalista Party Rep. Vincent Crisologo and Liberal Party Rep. Winston Castelo, both of Quezon City, urged the committee to come up with a comprehensive report on the joint-venture agreement entered into by ALI and the NHA to determine the viability of the P22-billion project in North Triangle, Quezon City.

“Quezon City will become the new information and communications technology hub here and in Southeast Asia, and will become the center of gravity of all commercial activities in the coming years. But we want to determine if the project will be viable,” Crisologo said.

The P22-billion budget includes the future development costs and the current value of the property, which ALI and NHA will contribute as their respective equity share in the joint venture.

“This is consistent with the mandate of the Urban Triangle Development Commission to speed up development of the East and North Triangles of Quezon City into well-planned, integrated, environmentally balanced and mixed-used communities,” said Crisologo.

Crisologo said the joint venture aims to benefit the NHA in achieving its mandate of providing housing for informal settlers and transforming a nonperforming asset into a model for urban renewal.

(Fernan Marasigan)