Senator Nancy Binay disputed recent claims regarding the cost of constructing the New Senate Building (NSB). Contrary to the P23.3 billion figure cited by her successor, Senator Alan Peter Cayetano, Binay asserts that the true contract price for the NSB stands at P8.9 billion.
Binay previously chaired the Senate Accounts Committee responsible for overseeing the NSB project. She expressed her frustration over Cayetano, who took over the committee, and raised the controversial cost estimate to Senate President Francis Escudero.
“That’s a mistake (the reported cost)… He (Cayetano) never talked to me, he never asked me,” Binay lamented, criticizing the lack of communication between the transition of committee leadership.
She emphasized she has yet to have a direct discussion with Cayetano about the ongoing construction and believes that an open dialogue would be more productive.
“I’m extending an invitation to him, and he can even invite the media [to] our meeting, so [everyone] can hear my responses to his [concerns],” Binay proposed, suggesting transparency as a means to resolve the confusion.
Binay explained that the misunderstanding likely stems from a misinterpretation of the project’s financial details.
She highlighted that the land acquisition for the NSB, costing P1.6 billion and being paid on an installment basis, might have been mistakenly included in Cayetano’s construction cost estimate.
According to Binay, separating the land purchase from the actual construction costs is essential for accurate reporting. She said the cost of the land should not be included in the total construction amount.
Binay also touched on the financial burden of the Senate’s current rental expenses. She pointed out that the Senate is paying nearly P400 million annually in rent to GSIS, which owns the building, with close to P100 million alone for parking.
Reflecting on the origins of the NSB project, Binay acknowledged former Senator Panfilo Lacson’s role in advocating for a permanent Senate building to mitigate these substantial rental costs.
Looking ahead, Binay expressed her commitment to seeing the project through to completion. Had she remained in charge, she projected a partial opening of the NSB by July 2025, aligned with the next Congress session. Any delays, she warned, would only add to the Senate’s financial burdens.