SUMMARY
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SM Prime Holdings Inc, the country’s largest mall developer and operator, refuted claims by the Bases Conversation Development Authority (BCDA) that SM Aura was illegally built. Cora Guidote, vice president of SM Prime’s parent firm, SM Investments Corp, tossed the issue back, saying, “It’s an issue between Taguig and BCDA. The BCDA has to deal with the local government. How can we deal with them when we’re just a 3rd party?” she asked. BCDA is tasked to transform former military bases, including the Fort Bonifacio area in Taguig where SM Aura is located, into productive use. The local government awarded SM Prime a long-term lease contract good for 20-30 years, Guidote said. The company has poured in about P3.5 billion into the project.
Read the full story on Rappler.
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