PNoy witnesses signing of gov't deal with Ayala Land

by Willard Cheng, ABS-CBN News

Posted at Nov 12 2012 12:29 PM | Updated as of Nov 13 2012 01:21 AM

MANILA, Philippines - President Aquino on Monday witnessed the signing of an agreement between the national government and Ayala Land Inc. (ALI) for the development of the 74-hectare FTI property in Taguig. 

Government is expected to gain about P24.33-billion from the deal. ALI bested Robinson’s Land and Empire East in the bidding.  The property giant has already made an initial payment of P22 billion for the property, located near Skyway and C-5 road. 

Finance Secretary Cesar Purisima, Ayala Land Inc. President Antonino Aquino and Chief Privatization Officer Karen Singson signed the agreement. 

Aside from President Aquino, witnessing the signing were Ayala Land Chairman Fernando Zobel de Ayala, DPWH Secretary Rogelio Singson and Taguig Mayor Lani Cayetano.

Ayala Land plans to develop FTI into “an integrated, mixed-use and sustainable business district” that will be adjacent to the planned Integrated Transport System (ITS) project of the Department of Transportation and Communication. 

It will be connected to the PNR station in the area and will possibly have a bus rapid transit that will traverse Pasay, Makati, Bonifacio Global City, FTI and the Ninoy Aquino International Airport.