Philippines Coconut Palace by Manila Bay from GSIS
By Gloria Jane Baylon
Philippine Vice President Jejomar C. Binay on Friday morning received a symbolic key to the compound of the Coconut Palace by the Manila Bay from Government Service Insurance System (GSIS) President and General Manager Roberto Vergara in ceremonies at the site itself.
With that, the Office of the Vice President (OVP) has finally found a palace of its own, albeit a newer one than the Malacanang Palace by the Pasig River.
Binay was also presented by Daniel Lacson, chair of the GSIS board of trustees, with a coconut sapling, to remind that most of the famed 1970’s-vintage GSIS property is made of materials from the coconut tree.
The presentation of symbols followed the signing of a document between Binay and Vergara that turned over the building to the OVP for an undisclosed initial one-year lease of “about P400,000,” half the rent of its location at the PNB Building nearby.
The Vice President himself and the OVP’s immediate staff of between 10 to 15 is scheduled to move into the new venue next month, after minimal refurbishing and slight carpentry work are done on the 4,000 square meter ground floor area where the country’s second highest official will be working out of and receiving dignitaries and visitors.