MANILA, Philippines – Acting Solicitor General Florin Hilbay on Wednesday, September 24, asked the Supreme Court to stop the auction of the University of the Philippines (UP)-Ayala Land Technohub by the Quezon City (QC) government.
UP was informed last July by the QC government that the property along Commonwealth Avenue will be sold due to the real estate taxes that the state university allegedly owes the city, amounting to P117 million ($2.63 million)*.
Representing UP, the Office of the Solicitor General (OSG) argued that under Republic Act 9500 or the UP Charter of 2008, the university is exempt from all taxes and duties of all revenues and assets “used for educational purposes or in support thereof.”
The OSG’s petition for certiorari and prohibition urged the QC government not to continue with the sale.
The 37.5-hectare development was leased by UP to Ayala Land, Inc. in 2006. The real estate company developed the area, and today it houses firms in the high-technology fields and business process outsourcing (BPO) services.
UP-Ayala Land Technohub is part of the 98.5-hectare UP North Science and Technology Park, an IT park that hopes to advance science and technology in the country. It is registered with the Philippine Economic Zone Authority.
In 2008, the property was projected to earn P200 million ($4.5 million) yearly after its full development, and P4 billion ($90.02 million) throughout its lease period of 25 years. – Rappler.com
*US$1 : P44.46