MANILA, November 12, 2012-Today, the President witnessed the signing of the Purchase Agreement for the sale of the 74-hectare Food Terminal, Inc. (FTI) property to Ayala Land, Inc. (ALI) marking the successful privatization of one of the largest state-owned properties in Metro Manila.
At the ceremonial signing held in Malacañan Palace, government was represented by Finance Secretary Cesar V. Purisima, Public Works Secretary Rogelio Singson, Transportation Secretary Joseph Emilio Abaya, Finance Undersecretary and Chief Privatization Officer Karen Singson, and FTI President Rene Fuentes. ALI was represented by its Chairman Fernando Zobel de Ayala and President and CEO Antonino Aquino.
The privatization of the FTI property is a significant step towards developing former state-owned lands to maximize potentials for economic growth and infrastructure development. In this particular case, portions of the property have been set aside for the Metro Manila Integrated Transport System which aims to ease traffic congestion by connecting provincial commuters to other modes of urban transportation. Meanwhile, a connector road has been proposed by the DPWH which will link the C-5 Road to the South Luzon Expressway through the FTI property.
Earlier, ALI had won the bid for the FTI property with an offer of P24.33 billion or more than double the base price of P10.25 billion, an impressive haul for government that will redound to funding the social infrastructure that complements the building of roads, bridges, and tollways.
Equitable and inclusive growth is at the core of the Aquino administration’s economic model. We believe this is achievable only through a steady and mutually beneficial partnership between both the public and private sectors. The sale of the FTI property to one of the country’s largest real estate developers shows that the relationship between government and business is flourishing and will continue to grow.
