WHEREAS, it has been determined that the contract entered into by and between the City of <strong>Makati</strong>, represented by Hon. Mayor Elenita S. Binay, M.D. and Hilmarc’s Construction Corporation, represented by its President Efren M. Canlas, for the proposed <strong>Makati</strong> City Hall (Phase V) continuation, at J.P. Rizal Street, Barangay Poblacion, <strong>Makati</strong> City, Metro Manila, in the amount of P394,830,673.50, funds taken from the approved bank loan with the Land Bank of the Philippines (LBP), is in compliance with all legal and auditing rules and procedures. WHEREAS, it is the consensus that the implementation of the aforesaid contract will be to the interest of the people and the City of <strong>Makati</strong>, Metro Manila; WHEREAS, the aforesaid contract contains provisions that will ensure the proper accomplishment of the herein project and that the rights and interests of both parties will be amply protected. NOW THEREFORE, BE IT RESOLVED, AS IT IS HEREBY RESOLVED by the Sangguniang Panlungsod of <strong>Makati</strong>, Metro Manila, in session assembled to ratify the contract entered into by and between the City of <strong>Makati</strong>, represented by Hon. Mayor Elenita S. Binay, M.D. and Hilmarc’s Construction Corporation, represented by its President Efren M. Canlas, for the proposed <strong>Makati</strong> City Hall (Phase V) continuation, at J.P. Rizal Street, Barangay Poblacion, <strong>Makati</strong> City, Metro Manila. This Resolution shall take effect immediately upon approval. APPROVED BY THE SANGGUNIANG PANLUNGSOD OF MAKATI, METRO MANILA, in its regular session held on August 08, 2000. COUNCILOR <strong>JOHNNY</strong> S. <strong>WILSON</strong> <strong>Temporary</strong> <strong>Presiding</strong> <strong>Of</strong>ficer Attested: ROGELIO U. MARASIGAN Sangguniang Secretary /etc