Challengers get 1 mo to counter SM proposal

MANILA, Philippines - The local government of Pasay is giving interested parties one month to submit counter-proposals on the planned P54.5-billion reclamation project of SM Land Inc. along Manila Bay.

In a notice of unsolicited proposal and invitation for competing proposals, Pasay City administrator Dennis Bernard Acorda said interested parties have until Nov. 4 to submit counter-proposals to the unsolicited proposal submitted by SM Land.

“All interested parties may submit counter-proposals on or before Nov. 4 at 2pm at the Office of the Administrator, 2/F Pasay City Hall, FB Harrison St. Pasay City,” he stated in the notice.

Acorda said interested parties should have a minimum net worth of P50 billion.

Acorda, said interested parties should be able to show proof such as certification from banks or the Bureau of Internal Revenue (BIR) that it could raise the funding needed to complete the project.

Likewise, he added that interested parties should have undertaken and completed a similar reclamation project with an area of not less than 120 hectares preferably within the Manila Bay area.

Based on its unsolicited proposal submitted to Pasay City government, SM Land offered to reclaim and develop approximately 300 hectares of foreshore and onshore areas of Manila Bay located at the western part of the jurisdiction of Pasay City.

The Sy firm offered to fully finance the project including the costs of all necessary permits and clearances from government agencies as well as other expenses to comply with all the government and legal requirements.