It looks like the end of an era.
“On Monday, Jan 20, the Quezon City government started demolishing vendors’ stalls at the Manila Seedling Bank compound despite allegations that its takeover of the seven-hectare compound at the corner of Edsa and Quezon Avenue was illegal,” reports Julie M. Aurelio in the Philippine Daily Inquirer.
RELATED: QC shuts down seedling bank for not paying taxes
According to the report, Dr. Victor Endriga, senior adviser to Mayor Herbert Bautista, said that “city hall gave the go-signal for the demolition after the tenants ignored a deadline for them to leave the compound.”
Endriga also pointed out that the Manila Seedling Bank Foundation Inc. (MSBFI), which runs the establishment, “no longer had any legal personality with the Securities and Exchange Commission.” The report added that the MSBFI’s certificate of registration was revoked on Feb 21, 2002, for noncompliance with reportorial requirements, particularly financial statements from 1996 to 2003.
Meanwhile, the QC government has said that MSBFI owes PHP57 million in taxes, which covers the years 2001 to 2011.
