Monday, January 24, 2011

FIT: For Sale above P13B?

THE LAST time the government bid out the 100-hectare plus Food Terminal Inc. at a floor price of P13 billion, no developer took a bite. But now that property values have gone up and with the property gaining new interest, the government wants to get more out of this prospective privatization.

Finance Undersecretary John Sevilla said the government would privatize the FTI property like it was selling a merchandise in Rustan’s and not the 168 Mall in Divisoria.

What about the old price of P13 billion? It’s “presyong pang-Greenhills (Greenhills price).” Ergo, no fire-sale expected.—Doris C. Dumlao, Inquirer - Jan 24 2011

For details on RA 9646 or RESA Law, please visit www.ra9646.com. RA9646.com is the central depository of all updates on the new law for the practice of real estate service in the Philippines. The Law has been passed and signed last June 29, 2009. Its implementing rules and regulations (IRR) has been published in July 2010 making the law fully operational as of August 08 2010.

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