[ Malaya.com.ph ] July 9, 2010
The lone negotiated bidder for the sprawling Food Terminal Inc. (FTI) would still have to hurdle a "Swiss challenge" before bagging the project, according to Finance Secretary Cesar Purisima.
Purisima declined to disclose the name of the lone winning bidder but said the negotiations were now in the "advanced stage."
He also said the privatization of the PNOC-Exploration Corp. (PNOC-EC) would undergo review.
He said the government is also adopting a moratorium of one month before proceeding on the disposal of the other big ticket items that are already lined-up for privatization.
He said the Aquino government plans to streamline the privatization process by starting with an across the board inventory of all the asset holdings of the national government.
Purisima earlier said he will first seek the go ahead of President Aquino regarding the sale of the government assets.
The FTI has been in the auction bloc for some time after no serious bidder has turned up to match government’s original asking price of P13 billion.
The government has twice reduced the floor price to P10 billion and lately, to P7 billion.
Among those who have expressed interest in the FTI were property giant Ayala Land (ALI), Robinsons Land, Century Properties and even state pension fund Government Service Insurance System (GSIS). All the three have snubbed the formal bidding last year.
ALI was previously perceived as the front-runner for FTI privatization after being the first to express interest in the prime real estate.
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