Gov't not ruling out sale of its stake in Bonifacio Global City

by Lois Calderon, ANC

Posted at Jan 29 2013 05:47 PM | Updated as of Jan 30 2013 01:47 AM

MANILA, Philippines - The government says it is not ruling out a possible sale of its 45% stake in upscale Bonifacio Global City, as it tries to raise more funds to bankroll the modernization of its Armed Forces.

Bonifacio Global City is a sprawling 14-hectare property that is now 55% owned by the Ayala and Campos group after buying them from Pangilinan's Metro Pacific which originally own the lot in a 1995 bidding.

The Bases Conversion and Development Authority (BCDA) says the property now fetches P180,000 per square meter, six times more than when it was first sold.

The BCDA has been trying to dispose military lots to plug an estimated annual P5 billion deficit in AFP modernization budget.

But its recent plan to sell its Bonifacio South property was stopped by the Supreme Court at the request of the SM Group.

BCDA president Arnel Casanova tells ANC he wants to keep Bonifacio Global City but could unload it for the right price.