By MADEL R. SABATER
Manila Bulletin
Malacañang is finalizing an executive order (EO) authorizing the Development Bank of the Philippines (DBP) to enter into a lease purchase agreement with the Department of Foreign Affairs (DFA) for the acquisition of real estate properties abroad as sites for Philippine embassies and consulates, a move that would save on rental cost going forward.
“This is part of the ongoing program of the DFA under Sec. Alberto Romulo to acquire chanceries and ambassador residences and upgrade existing ones,†DFA spokesman J. Eduardo Malaya told the Manila Bulletin.
DBP President Reynaldo G. David, in a separate interview, disclosed that the Palace is in the final stage of drawing the EO that “will authorize†the bank to “undertake the acquisition of the residences of the ambassadors and chanceries†for and on behalf of DFA.
This transaction known as lease purchase agreement is allowed under the build-operate-transfer (BOT) law as amended.
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