MANILA, Philippines – Only 3 of the 14 business groups eyeing the state-owned Food Terminal Inc. (FTI), one of the largest state-owned industrial complexes in Metro Manila, submitted bids on Tuesday, August 14, the deadline.
Andrew Tan-led Empire East, Ayala Land and Gokongwei-led Robinsons Land submitted their respective bids when the bid box was closed before noon.
The Privatization Management Office (PMO) is now checking validity of the bids.
The government hopes to fetch at least P10.2 billion for the 74-hectare FTI complex in Taguig City, one of the government’s last available assets for sale.
Previously, 7 groups — including Sy-led SM Land Inc., Lopez-led Rockwell Land Corp, Andrew Gotianun-led Filinvest Land Inc, and Jose Antonio-led Century Properties Group Inc. — bought bid documents, signifying their intention to participate in the privatization of FTI.
In a statement to the stock exchange on Tuesday morning, Filinvest Land it disclosed that it decided not participate in the FTI bidding since the property complex did not fit with its land banking strategy.
“The due diligence on the property, the existing leases, the possible development timeframe, as well as the minimum bid price and the payment schedule, FLI felt that acquiring the FTI property under the current terms does not conform to its land banking business model and its return criteria,” Filinvest said.
The Department of Transportation and Communication (DOTC) wants to the remaining area of the 103-hectare FTI complex for an integrated transportation system for buses plying routes between the capital and areas in the south. – Rappler.com
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