A new Cash Management Center and a Cash Department Building are being planned for the Bangko Sentral ng Pilipinas’ four-hectare lot at Barangay Pinyahan along East Avenue and BIR road in Quezon City, which was razed by fire last June 5, 2000.
The Bangko Sentral, with the support of the Quezon City government, worked for the resettlement of the squatter families who used to occupy the property. It also extended financial assistance to the fire victims, while the government through the National Housing Authority (NHA) and Housing Urban Development Coordinating Council (HUDCC), allocated some 1,000 housing units to the displaced squatter families. The resettlement package included immediate cash assistance for fire victims as well as non-fire victims who were required to dismantle their structure at their own expense. BSP also granted a subsidy as partial payment of the housing units for those who opted to be relocated at Kasiglahan Village, a National Housing Authority-project in San Jose, Montalban, Rizal. Those who resettled elsewhere were also granted a relocation subsidy. As of 6 October 2000, the total financial assistance paid to squatter families formerly residing at the SSS Garden BSP property benefited 3,012 families, 938 of which were relocated at Kasiglahan Village as of early October 2000.
The BSP has also committed to help the relocated families become self-sufficient by funding livelihood projects under the direct supervision of the Quezon City government.
While some problems remain, such as petitions and court cases filed by some displaced squatter families, the Bangko Sentral and the Quezon City government are presently working on the policies, mechanics and procedures to be adopted on the livelihood projects for the displaced families relocated at Kasiglahan Village.