Filinvest joins bidding for Food Terminal site
MANILA, Philippines—The Gotianuns’ Filinvest group will join the bidding for the state-owned 103-hectare Food Terminal Inc. complex in Taguig City, one of the largest industrial complexes in Metro Manila.
In a disclosure to the Philippine Stock Exchange on Thursday, the group’s property arm Filinvest Land Inc. said it had submitted a letter to the Department of Finance (DoF) signifying intent to participate in the privatization of the FTI complex. No other details were disclosed.
Other groups that previously disclosed plans to bid for the FTI complex are the Gokongweis’ Robinsons Land Corp. and tycoon Andrew Tan’s Empire East Land Holdings Inc.
FTI also generated interest from Ayala Land Inc., San Miguel Properties Inc. and SM Investments Inc.
The FTI agro-industrial-commercial estate was envisioned to encourage the entry of entrepreneurs to its vast leasable portions.
Parcels of land under the complex are designated as a special economic zone.
Article continues after this advertisementCertain portions of the complex are still occupied by tenants, some of which hold long-term lease contracts that will expire in 2015.
The DoF previously set the floor price for the FTI complex at P13 billion, although recent pronouncements indicate that the government will no longer settle for this price given the increase in local asset values since the last attempt to privatize the complex.
