GSIS defers sale of Port Area property

The Government Service Insurance System has deferred the disposition of its Port Area property, which could have been the state-run pension fund’s biggest asset sale to date.

In an April 17 advisory, GSIS investment bids and awards committee chair Gracita Gilda V. Bocanegra said the earlier scheduled deadline for submission of bid proposals on May 3 was postponed until further notice.

As such, the prebidding conference and deadline for registration and payment of joining fee this month were likewise postponed, according to Bocanegra, who is also senior vice president at the GSIS’s fund management group.

GSIS officials contacted by the Inquirer declined to say why the asset sale was deferred, citing “confidential” reasons.

Based on the invitation to bid published last month, the two lots with areas of 672,645 square meters and 109,212 sqm both along Manila Bay will be sold at a minimum bid price of P19.9 billion.

“Lot 1 of the property is the port area known as MICT [Manila International Container Terminal]. It is under the management and supervision of the Philippine Ports Authority pursuant to Presidential Decree No. 857 and PD 1284, and is presently occupied by International Container Terminal Services Inc. (ITCSI),” GSIS said.

As for the smaller lot, the GSIS said that it was earlier declared as a socialized housing site in 2002 but is currently occupied by informal settlers.

The lots are located within the Tondo district in Manila.

GSIS president and general manager Jesus Clint O. Aranas earlier said they were selling the Port Area property as it did not contribute to operations except for valuation gains. —BEN O. DE VERA