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HGC goes into asset disposition mode

(The Philippine Star) Updated August 14, 2012 12:00 AM

Manila, Philippines -  The Home Guaranty Corp. (HGC) goes into asset disposition mode, as reported by its president Manuel R. Sanchez.

HGC, is a state agency mandated to mobilize private investments in housing through a system of guarantees and incentives, has more than P16 billion in inventory of acquired assets.

Most of these assets were not immediately disposed due to legal and other infirmities ranging from illegal occupants to unpaid obligations to third party claims. According to Sanchez, HGC is adopting a strategy of revaluation of assets to reflect their true value, infirmities and all.

Earlier this year, HGC published for negotiated sale the air rights above the PNR rail track stretching from the junction of Samson Road in Caloocan to Sen. Gil Puyat Avenue in Makati City. The air rights is a crucial component in the development of the proposed SLEX-NLEX elevated connector project.

The approximately 14-km air rights, valued at P2.243 billion, was withdrawn from sale following the May 7, 2012 meeting among the Department of Finance, HGC, and Vice President Jejomar Binay.

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