In a recent news conference, Binay pointed out that the informal settlers or squatters in the city are considered "the working poor" as they earn a substantial living, contrary to the general perception.
Studies conducted by the city government reveal that most of the squatters rent out their rooms or homes using rates reflective of the reputation of Makati as the premier financial district.
The families, who had been able to avail of the socialized housing of the national government, or what is more commonly known as the "BLISS" reportedly charge their tenants as much as P8,000 a month as rent.
A typical room for bedspacers on the other hand would cost around P3,500 per person.
Even the families with houses built along the railroads tracks manage to draw their share of tenants at an average cost of P1,500 per head.
Binay pointed out that the rates dictated by the informal settlers reflect the demand particularly among the employees working within the Makati Central Business District.
Most of the employees live outside of the city, and more often than not, the location of their homes is quite far from the city.
This has forced the employees to look for apartments or rooms that they could rent within the city in order to do away with the long travel time.
According to Binay, the city is ranked 12th among 17 local government units in Metro Manila in terms of the number of informal settlers.
Most of these families are situated along the railroad tracks of the Philippine National Railways.
Binay announced that the city government is planning to purchase all of the socialized housing units from the national government particularly the high-rise buildings.
He claimed that the buildings are already deteriorating due to neglect.
The proposal to purchase the buildings would allow the city government to maintain the structures using the funds from its budget.
However, Binay said that the residents of the building must pay a minimal fee for the maintenance.
Another reason for the city government’s interest in the buildings is to provide city hall employees rooms near their workplace.
It is estimated that each room could accommodate four occupants.
Binay said that he has already informed Housing Secretary Michael Defensor about the proposal.
On top of the proposal, Makati City has also plans to develop high-rise tenements for the city’s informal settlers. The city government has already identified a lot in Barangay Cembo as one of the sites for its proposed tenements.