June 25, 2009 06:26 PM Thursday
[ journal.com.ph ]
THE Government Service Insurance System managed to turn a garbage heap into cash after it sold a 10,899-square meter property in Barangay Payatas to Quezon City for P7.6-million.
QC also settled the reconciled principal of its premium arrearages with the pension fund worth P43 million.
QC Mayor Feliciano Belmonte, Jr. turned over two checks worth P7,629,300 and P43 million to GSIS president and general manager Winston F. Garcia as payments.
The Payatas property at Lots 1 to 3 and 5 to 8 in Block 1 and Lot 1 and 3 to18 in Block 3 in La Unica Hija Subdivision, Barangay Payatas, was sold at P700 per square meter.
Garcia said the transaction will be beneficial for both the GSIS and Q.C.
“The GSIS will be able to dispose of a property which has remained idle for the past 29 years and has no prospects of appreciating in value on account of its use as a dumpsite,” he said.
Garcia said the city government can now own the property as part of its Waste Management Program.