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Privatization of 103-ha. FTI complex on again

[ ] June 21, 2011

The government is committed to selling the Food Terminal Incorporated (FTI) this year, Finance Undersecretary John Philip Sevilla said.

"We’re looking at an outright sale. The P13 billion floor price remains the same as of this time," Sevilla said.

"We’re committed to privatizing FTI," he added.

Sevilla said that there are no obstacles to selling the state-owned property.

"In terms of raising revenues, the privatization of FTI is not urgent. But in terms of boosting the economy, yes, it is important that it is privatized this year," Sevilla said.

"About 75 percent of the property is currently idle. Somebody else should be investing there," he added.

The FTI property, with 103 hectares of the total 120 hectares up for sale, was supposed to be sold in 2009 and March last year, but this did not push through due to unfavorable market conditions.

The remainder of the Taguig property is owned by the National Food Authority.

"The usual suspects have signified their interest," Sevilla said.

Filinvest Land Inc., Robinsons Land Corp., SM, Empire East Land Holdings Inc., and Ayala Land Inc. have earlier expressed their interest in the developing the property.

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