MWSS receives P33-M check for lease of property

A P33-million check from SM Prime Holdings Inc. has been issued as initial payment for the reported lease and rental of a property owned by the Metropolitan Waterworks and Sewerage System (MWSS). However, the contract for the lease and rental has yet to be disclosed, sources familiar with the matter said. Worth P33,248,892.86, the check represented “lease and rental" payments for MWSS property situated near its offices, MWSS officer-in-charge Macra Cruz told GMANews.TV in a phone interview. Covering 1.4 hectares, the property is located in the MWSS’ Balara compound within lots occupied by the Philippine Waterworks Association (PWWA), a group of public and private entities engaged in water supply development, and the Local Water Utilities Administration (LWUA), an agency that helps develop water districts all across the country. Reports say that the lots may be developed into homes for managers and executives of MWSS although other sources say that it may soon be the site of a Save More outlet, a stand-alone grocery store of SM. Dated July 13, 2010, the check had account number 001508000605, check number 0058095, and carried two signatures. The check is from Banco de Oro’s SM Corporate Offices Branch at Bay Boulevard, SM Central Business Park, Bay City, Pasay City. Like SM Prime Holdings Inc., Banco de Oro is controlled by Henry Sy, the Philippines’ richest person, according to Forbes Magazine. GMANews.TV has made a phone call seeking clarification regarding the matter to Cora Guidote, vice-president for investor relations of SM Investments Corp. (SMIC), but it has yet to be returned. SMIC is the holding company of the SM Group. - Robert JA Basilio/KBK, GMANews.TV