MANILA, Philippines - The bidding for the Food Terminal Inc. (FTI) property in Taguig City will finally begin this month after years of delay, according to the Privatization Management Office (PMO).
In a statement, PMO chief Karen Singson said the office plans to publish the invitation to bid notice by next week at the latest.
"Everyone is invited to bid for the parcel. This is a straightforward property sale. Other parameters such as the minimum target selling price and prequalification requirements will be detailed at the bidding notice to be published on national newspapers," she said,
FTI has long been in the list of properties up for privatization. The government had planned to sell it in 2009 and March last year, but was held back by unfavorable market conditions.
Several big property developers such as SM group, Megaworld Corp., Robinsons Land Corp., Ayala Land Inc., and Filinvest Land Inc. have expressed interest in the FTI agro-industrial commercial estate.
However, Singson said only 74 hectares of the 120-hectare property will be opened for auction. The remaining lots to be retained by the government for various purposes.
"The government will study its options for the unprivatized special economic zone area located within the FTI Complex, including the utilization of the same by the Department of Agriculture for food-sufficiency projects," Singson said.
Proceeds from the sale of FTI will go to the Department of Agriculture and the Comprehensive Agrarian Reform Program initiatives.
"We expect economic activities in Taguig City and nearby areas to flourish as employment increases and transport linkages in the complex improves," Singson said.
The FTI Complex lies 2.4 kilometers north of the Bicutan Interchange, 2.3 kilometers southeast of the Fort Bonifacio overpass, and about 4.4 kilometers southeast of EDSA.