Ayala's Bacolod project approved
MANILA, Philippines - The Commission on Audit (COA) has "approved with finality" the disputed Bacolod Capitol Project deal between the provincial government of Negros Occidental and Ayala Land Inc. (ALI).
In a disclosure to the stock exchange on Monday, September 9, Ayala Land said they have received from the Province of Negros Occidental the resolution issued by COA affirming the finality of its September 21, 2012 decision.
The resolution is is about the approval of the "conditional deed of sale and the contract of lease between Ayala Land, Inc. and the Provincial Government of Negros Occidental over the subject property."
In April 2012, COA approved the deed of conditional sale and render a favorable ruling on the contract of lease between the province and Ayala Land.
The project did not push through due to rival SM Prime Holding on the fairness of the bidding process.
COA eventually dismissed SM Prime's motion for reconsideration citing lack of merit.
The Bacolod Capitol project involves the development of a 7.7-hectare prime Capitol property located in Negros Occidental. - Rappler.com