MANILA, Philippines - Vice-President Jejomar Binay on Friday thanked President Benigno Aquino III for offering the Coconut Palace as the new official residence of the Vice-President.
Binay signed on Friday a contract with the Government Service Insurance System (GSIS) officially turning over the Coconut Palace from the state-run insurance agency to the Office of the Vice President (OVP).
“Today, Vice-Presidents will now have an official residence that gives honor to the second highest seat in the land. The Coconut Palace gives the Office of the Vice President the dignity that has been lacking for the past years. And it does so at a much lower budget, assuring savings for the taxpayers,” he added.
The OVP is expected to cut rental costs by half upon transfer to the Coconut Palace. The office is currently paying around P800,000 monthly at the PNB Building, while the rent at the Palace is set at around P400,000.
“Hindi na kailangang mag-isip kung magrerenew sa isang privately owned building o kung san lilipat sakaling paalisin ng may-ari,” the Vice President quipped.
The Vice President and his office are expected to begin transferring in the first week of March after scheduled renovations are done at the Coconut Palace.
source: abs-cbn
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