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Govít sets deadline for Japan property development deal

By Ronnel Domingo
Philippine Daily Inquirer
First Posted 20:30:00 01/13/2010

Filed Under: Privatisations, Government, Real Estate

REAL ESTATE FIRMS HOPING TO LEASE the Philippine government?s Fujimi property in Tokyo have until Feb. 8 to submit proposals for the development of the high-end property.

A document showed to reporters also indicate that the government?s bids and award committee (BAC) is expected to name the chosen developer on the same day.

If the process goes according to plan, the BAC would greenlight on Feb. 23 a service development agreement on the 50-year lease of the Fujimi property.

In December, Finance Undersecretary Estela V. Sales said the government shifted to a negotiated development of the Fujimi property after competitive bidding for the lease had failed.

Sales, who chairs the Department of Finance privatization office?s BAC-Japan, said bids from three Japanese firms failed to meet the committee?s requirements.

She said that, aside from the three firms, two more had expressed interest on the property.

The Fujimi property is one of three big-ticket items that were supposed to be privatized in 2009. But the government, hoping for better deals, decided to defer the lease to 2010.

The other two state assets are the Food Terminal Inc. property in Taguig City and the government?s share in PNOC Exploration Corp.

Together, the three accounted for bulk of the government?s P30-billion privatization program last year.

Proceeds from privatization are badly needed as the government again is expected to spend some P300 billion over its budget.

Also, the National Historical Institute has informed the committee that the Fujimi property is not a protected historical site and, thus, does not need NHI permission for any possible alteration, Sales said.

Within days of the BAC?s announcement to postpone the bidding, a group asked the Supreme Court to stop the proceeding.

Former Ambassador Jose P. Laurel IV, Sen. Aquilino Pimentel Jr. and the Philippine Ambassadors Foundation Inc. sought the high court?s help to stop the bidding, particularly because of a reported plan to demolish a historical landmark on the property.

The Fujimi property is among various assets in Japan that the Philippines acquired after World War II as part of reparations.

Fujimi is located in the commercial and residential district of Chiyoda, where the Imperial Palace and other Japanese government institutions are located.



Copyright 2014 Philippine Daily Inquirer. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.



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