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SC stops BCDA from bidding Boni lot

SM pursues unsolicited proposal to develop property

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The Supreme Court building in Manila. INQUIRER FILE PHOTO

The Supreme Court has stopped the Bases Conversion Development Authority (BCDA) from bidding out the Bonifacio South Pointe project, giving weight to the petition of SM Land Inc., which has a pending unsolicited proposal to acquire and develop the property.

A BCDA official, speaking on condition of anonymity, confirmed the issuance of an injunction by the high tribunal, adding that the temporary restraining order was issued last Thursday.

“It did not specify how long the TRO would be in effect, so it’s indefinite,” the official said.

SM Land—the property development arm of the SM group of tycoon Henry Sy Sr.—gave an unsolicited proposal for the 33.1-hectare parcel of land on the southern edge of the former Fort Bonifacio military camp as early as 2009.

Under the law, an unsolicited proposal would be subjected to a so-called Swiss challenge where other interested firms would be asked to submit other bids, which the original proponent (in this case, SM Land) would have the right to match and consequently win the bid.

The government invited other parties to better SM Land’s bid of P36,900 a square meter in August 2010, but the entire process was put on hold after Malacañang decided to reject the unsolicited proposal and go for an open bidding. At the time SM made the bid, the property’s value was assessed at P9,000 per square meter.

According to Inquirer sources, the case was filed “reluctantly” by SM Land before the Supreme Court but that the firm felt that its interests had to be protected.

“I understand the company was hesitant to sue because it wants to help the government as much as possible,” said an industry official familiar with the issue. “But I guess SM had to serve notice—including to other potential bidders—that there is a pending [unsolicited proposal] process.”

The Inquirer tried to contact BCDA president Arnel Casanova but he has not replied as of press time. SM officials declined to comment on the issue.

BCDA earlier said, however, that SM Land would be invited to participate in the planned fresh bidding despite its unsolicited proposal having been rejected.

Under the BCDA’s original plan, a pre-bid conference would be conducted on Jan. 17 and the final bidding in mid-February. The government has set a base price of P13.26 billion for the property, which currently houses the Army Support Command, the Army’s Special Services Unit, and the Bonifacio Naval Station shared by the Philippine Navy and the Philippine Marines.

The original SM bid would have pegged the entire property’s value at P12.2 billion.

Under the proposed BCDA bidding terms, a joint venture would be formed with the winning firm where the private entity would end up owning 55 percent of the property while the government would hold 45 percent.


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Tags: Bases Conversion Development Authority , Business , fort bonifacio south pointe project , supreme court

  • zeroko

    PNoy is quilty of TREASON against the entire Filipino people! Our government is no longer representing the will of the people. Sooner than expected, we will wake up one day and find that the Filipinos no longer owns their land.

    In Greece, even if they are at the bottom of economic hardship, their government still refuse to  privatize their government lands to foreigners. Henry Sy is not a true blooded Filipino. In fact, it is next to impossible for one company like SM to have billions of pesos in point in time. Most likely, he is acting as a front for the Chinese government who could be the one who provides him with so much capital. In short, this is an indirect invasion through the back door. 

    To wipe out all oppositions, all the Chinese will do is buy all government lands and properties with our Filipino-Chinese President no matter how morally wrong the transaction is. Remember, PNoy has taken an Oath of Allegance and promise to protect our Constitution and national sovereignty. He he he! What he is doing is the opposite. He is fronting also for the Chinese government.

    This must be the reason why he did not file complaint to the UNCLOS or United Nation ….. of the Law of Sea.because he might be castigated by his forefathers, China! Secondly, he is also the one who directly ordered the withdrawal of our lone navy ship (Coast Guard Cutter) to appease his master. He too ordered banning our fishermen from demonstrating in mass or show of force (?) led by former Military Officer Faeldon.

    Daang matuwid daw si bokal! He he he. Alam naman nating lahat na anti-Filipino ang ginagawa niya. Pati ang Ambuklao pinagbili narin sa Korean Firm. Ba! Baka naman front lang ang Korean Firm and the real owner are the Chinese. 

    Let me remind everyone that our economy is in dire consequence. We are now paying 50% of our 2013 to pay the government debt. In two years PNoy administration, it has incurred 900 billion pesos deficit. And by insisting on a gargantuan budget of 2013, once the collection of the government is short of the budget, expect that PNoy will again borrow from internal and external  institution. Puro utang!

    What if we have no more properties to sell? Surely, we will follow what happen to Argentina when it was unable to pay it’s external debt. Bankarote! There will be mass withdrawals in the bank and there ill be social upheaval….. And this can happen sooner than you people expect. 

    Instead of balance budget in which President Obama has mentioned, “Why spend what you have not yet earned.” This means that expenditures should only equal to our needs and just enough to pay our debt. 

    We will go the way of Greece, Spain, and Italy. Instead of soft fall, we will have a hard one. Wanna bet?

  • http://profile.yahoo.com/NRLFHB4ZOMCNGDUJ2ZINRV7DAQ Juan

    Boni  and Fort Bonifacio is two different place. Inquirer be more practical on your article. Saan ba nagaral mga journalist niyo school of tabloid?



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