[Published by : manilatimes.net ] February 4, 2008
By Chino S. Leyco, Reporter
THE Department of Finance plans to initially bid out more than half of the state-owed Food Terminal Inc. (FTI) property in Taguig in the third quarter this year.
Finance Undersecretary Crisanta S. Legazpi said the government is planning to auction off 70-hectares of the 120-hectare property, adding this will involve billions of pesos.
“Currently, we’re updating the previous appraisal for FTI,” Legazpi told reporters.
The government had said the whole FTI property is worth P15 billion.
Legazpi also said the finance department wants to segregate the FTI property given existing short and long term leases of some private companies with the government.
“We understand that there are some [lease-holders] interested in acquiring it,” she said.
Legazpi said the government decided to segregate the property due to difficulties in selling the FTI asset as a whole.
The terminal is an agro-industrial-commercial estate and one of the largest industrial complexes in Metro Manila.
More than 300 firms from light to medium scale industries put up their plants and facilities in the complex. They are engaged in various lines of production and services like electronics, food, transport, garments, and general warehousing.
The finance department expects the sale of FTI will generate half of its programmed revenues from the sale of state assets this year.
Legazpi said the government expects to raise P30 billion from the government’s privatization program. This is lower than the P90-billion windfall last year.
Aside from FTI, other government assets that will be auctioned off include the Old Penitentiary lot in Muntinlupa, as well as the state’s stake in Manila Electric Co. and in San Miguel Corp.
[Published by : manilatimes.net ] February 4, 2008
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