MANILA (UPDATE)—Facing President Rodrigo Duterte's threat of a ban on its business, the developer of a quake-hit condominium in Davao City on Saturday said it was already "resolving" settlement issues with affected residents.

In a statement, Urban Property Developers Inc. (UPDI) gave assurances to the President and tenants of its Ecoland 4000 condominium that it was working with unit owners to settle issues surrounding the damaged building.

"We would also like to assure President Rodrigo R. Duterte and our unit owners that we are fully committed to resolving this issue in a fair manner at the soonest possible time," said UPDI, a real estate company privately held by the Consunji family.

Duterte earlier alleged that UPDI has left several condominium owners "groping in the dark" after portions of its Ecoland 4000 property crumbled when a 6.5-magnitude quake jolted Davao City in October 2019.

• Powerful quake damages condominium in Davao City

As of January 10, 20 percent of residents of Ecoland 4000 have agreed to a settlement, while discussions are still ongoing with other unit owners, it said.

Duterte issued the warning against UPDI's parent company DMCI in an exclusive interview with ABS-CBN broadcaster Ted Failon, who asked about the devastated condominium in Davao City, the President's hometown.

"You know Consunji, you are already rich, and old like me. You have little time left... Stop f*cking the people," Duterte said.

"If you do not come to terms with the people that you prejudiced, I will not allow you to even construct a building, not even a post because I will question the integrity of your company," he said.

• Duterte tells Consunjis: Hear Davao tenants or face ban