MANILA, Philippines - A Pasay City deadline for submission of a competing offer to SM's proposal to reclaim more land from Manila Bay is expiring at 2 pm today.
Ayala Land told ANC that it has not filed a temporary restraining order seeking to stop Pasay City from awarding the 300-hectare P54-billion reclamation project to the SM Group.
A source from Ayala Land said the company is issuing a statement today.
Just last week, Ayala Land threatened to sue Pasay City after it rejected the developer's request for a 60-day extension on the November 4 deadline.
It had said it wasn't given enough time to challenge SM's unsolicited offer.
Ayala Land had already bought bid documents and its choice not to file a stay order raises speculation it will still try to submit a counter-bid today.