MANILA, Philippines - The government is eyeing to sell the sprawling Food Terminal Inc. (FTI) property for at least P10.2 billion and has given interested parties until July 18 to submit their Letter of Interest and a participation fee of P250,000, according to the bid documents.
Qualified parties may conduct due diligence on the sprawling 103-hectare property from July 5 to Aug. 6.
The bids shall be submitted and opened on Aug. 8, the government’s Privatization and Management said.
The 103-hectare FTI agro-industrial complex is one the largest industrial complexes in Metro Manila and is currently home to more than 300 companies.
It provides industrial and commercial lots for medium-to-long term leases, and industrial buildings with standard-sized stalls for office, warehouse or small-scale processing operations.
Of the 103-hectare property, the government will bid out 74 hectares, PMO Chief Karen Singson said.
The government will retain the rest of the property for various purposes.
For the rest of the property, the government will study its options for the unprivatized special economic zone area located within the FTI Complex, including the utilization of the same by the Department of Agriculture for food-sufficiency projects.
According to the PMO, part of the proceeds of the sale will go the Department of Agrarian Reform for the Comprehensive Agrarian Reform Program and to the Department of Agriculture.