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DMCI agrees to pay 150% for Ecoland

Real estate developer and billionaire Isidro Consunji said Saturday his mining company DMCI Holdings had agreed to compensate owners of Ecoland 4000 homeowners 150 percent of what they paid for their collapsed condo units. 

Consunji issued the statement, in a text message to CNN Philippines, hours after getting called “arrogant” by President Rodrigo Duterte for refusing to pay the Ecoland homeowners who have been trying to get refunds for their damaged homes since the 6.5-magnitude earthquake struck Davao City last October.

“We accepted the offer to settle the claims of the homeowners at 150 percent of acquisition cost. They have a general assembly on Jan. 20,” Consunji said in his text message.

Consunji’s DMCI Homes had initially refused to take responsibility for the condo built by its sister firm in Davao, saying “The company was not involved in the development, design, and construction of the said project.”

Duterte on Friday night hit out at real estate developer and mining company DMCI Holdings for the collapsed condominium building in Davao City and for the erroneous water supply contract.

In his speech in Cotabato, Duterte earned the ire of businessman  Isidro  Consunji for commenting that it was the government who made the erroneous water contract.

 Consunji is the president and chief operating officer of DCMI Holdings that built the Ecoland 4000 Tower in Davao City that collapsed after a magnitude 6.6  earthquake hit Mindanao in October last year.

Duterte even went as far as threatening to deny permits for Consunji, who also runs coal mines under Semirara Mining and Power Corp.

The President  even  threatened to suspend the permit of DMCI, one of the country’s top construction companies and a leading property developer.

“Those having problems in the Philippines are the rich,” Duterte said in Filipino.

“The Consunjis, one of their four condos collapsed. He spoke about the water concession issue. You are the one who’s having problem, Consunji, you’re a builder, if I’m mad at you. I will not grant you any permit,” he said during the turnover of financial aid to farmers in Pigcauayan town, Cotabato province.

Duterte mentioned that the portions of the Ecoland 4000 tower, which was built by DMCI subsidiary DMC Urban Property Developers Inc., collapsed, causing injuries to several tenants and temporarily trapping some inside the building.

“We poor people, we don’t have a problem. Those facing problems are the rich like Consunji. Of his four condominiums, one collapsed. Out of all the buildings in Davao, only his property suffered major damage,” he said.

Consunji, who is also the vice chairman of Maynilad, earlier spoke that both Maynilad and Manila Water would go bankrupt should Duterte push through with revoking water supply deals for Metro Manila.

Consunji was quoted as saying in a Manila Standard report that the utility firms would go under as they have no way of repaying debts if their contracts are rescinded.

The businessman also said it was the government, and not the private firms, who drafted the terms of the contract that the President found “onerous.”

The Metropolitan Waterworks and Sewerage System revoked the contract extensions for the two water companies  for “onerous” concession deals.

Topics: Isidro Consunji , DMCI Holdings , DMCI Homes , Ecoland , earthquake , Davao City
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