The Market Monitor Minding the Nation's Business
By Rose de la Cruz
From just P8.9 billion for the original cost of constructing the new Senate building at the Bonifacio Global City in Taguig, the current adjusted cost has leapt to P23 billion, which new Senate President Francis Escudero found atrocious and bad taste for the people.
He suspended the construction over concerns of the cost that nearly tripled to P23 billion because of issues like budget increase, quality concerns and management inefficiencies.
At Monday’s flag raising ceremony), Escudero expressed doubts that the construction would be finished as originaly slated for September 2024, or even by 2025.
“Kahit hanggang 2025, sa palagay ko ay hindi pa rin dahil marami pang bagay na kailangang ihanda at maraming bagay din na aming nakita at nagisnan na kailangan pang suriin at pag-aralan,” he said.
“Sa aking pananaw, masama ito sa panlasa ng karamihan, lalong masama sa panlasa ng nakararami nating mga kababayan, lalo na sa gitna ng krisis ng ekonomiya at sa kahirapan na nakikita ng marami sa ating kababayan,” he said.
He said he ordered the suspension in response to a report submitted by Senator Alan Peter Cayetano, who now chairs the Committee on Accounts, detailing issues such as budget increase, quality concerns, and management inefficiencies.
He said Cayetano’s report cited some project modifications that resulted in additional expenses amounting to P833 million, which is nearly 10 percent of the original contract price of P8.9 billion,.
Cayetano also recommended engaging a third-party construction management team to validate issues in the project and submit proposals to reduce cost.
Escudero instructed Cayetano to review the project and address these concerns to ensure project quality and efficiency.
The construction of the New Senate building was initiated by the 17th Congress in 2017 after former Senator Panfilo Lacson, then-chair of the Committee on Accounts, called for the need to relocate to a new site for the Philippine Senate due to increasing space limitations and the need for enhanced facilities.