Negotiated bid for FTI planned, still subject to 'Swiss challenge'

MANILA, Philippines — The Department of Finance (DoF) will enter into a negotiated bid for the disposal of the 103-hectare Food Terminal Incorporated (FTI) property in Taguig City after its three failed bidding during the previous administration.

Finance Secretary Cesar V. Purisima said that the sale of the agro-industrial commercial estate was moved to next year and a reappraisal is currently being conducted by state-owned lender Land Bank of the Philippines.

“The finance department will push through with a negotiated bid which will then be subjected to a Swiss challenge after,” Purisima told reporters.

The Aquino administration hopes to sell the property at a price higher than the P7 billion to P9 billion tab set by the previous government for the agro-industrial estate.

The property has been offered to giant developers including the Ayala Group, Robinson’s Land, Henry Sy’s SM Development Corporation and Empire East Land Holdings.

FTI is a 120-hectare agro-industrial commercial estate in Taguig. It was originally built to be a food processing and consolidation center for agricultural products. It houses more than 300 small-to-medium scale companies engaged in different industries such as manufacturing, garments and electronics.

Of the 120-hectare property, the government is selling 103 hectares because the remaining 17 hectares are owned by cash-strapped National Food Authority (NFA).

FTI is among the three big-ticket items the Macapagal-Arroyo administration had attempted to sell.

source: mb.com.ph