Ayala, Sy, Tan given up to Aug 14 to bid for FTI

MANILA, Philippines – The public bidding for the Food Terminal Inc. (FTI), one of the largest state-owned industrial complexes in Metro Manila, has been rescheduled to August 14 to accommodate the request of investors for more time for due diligence.

In a statement on Thursday, August 2, the Privatization and Management Office (PMO) announced that this bidding for 74 hectares of FTI originally scheduled for August 8, 2012 was moved after bidders were provided additional information on the property in response to questions raised during the July 20, 2012 pre-bid conference.

Bidders have until 11:30 a.m. of August 14 to submit their bid proposals to the PMO office in Makati City.

Seven of the country’s biggest property players have bought bid documents, signifying their intention to participate in the privatization of one of the government’s last available assets for sale.

With a floor price of P10.2 billion, the FTI privatization has attracted the interest of the following business groups:

• Gokongwei-led Robinsons Land Corp.
• Andrew Tan-led Empire East Land
• Ayala group’s Ayala Land Inc.
• Lopez-led Rockwell Land Corp.
• Sy-led SM Land Inc.
• Andrew Gotianun-led Filinvest Land Inc.
• Jose Antonio-led Century Properties Group Inc.

The remaining 29 hectares of the complex’s total 103 hectares will be allocated for other purposes including a 5-hectare integrated bus terminal, which the Department of Transportation and Communication (DOTC) and the Department of Public Works and Highways (DPWH) are overseeing.

Currently, the FTI agro-industrial complex is home to over 300 lessor-companies, most of them have industrial buildings with standard-sized stalls for office, warehouse or small-scale processing operations.

The government had long planned to sell the FTI property to raise funds needed to plug its budget deficit. The last attempt to auction it off happened in October 2009, but companies snubbed the bidding.

Proceeds of the sale will go to the Department of Agrarian Reform for the Comprehensive Agrarian Reform Program and to the Department of Agriculture.

The government also expects economic activities in Taguig City and nearby areas to flourish as employment increases and transport linkages in the complex improves. – Rappler.com