Govt to sell Food Terminal property this year

The sale of government's Food Terminal Inc. (FTI) property in Taguig will happen this year, the Department of Finance said Monday. Negotiations are in the “advanced stages, said Finance Undersecretary John Philip Sevilla, but declined to say who the buyer is for the property with a minimum bid price of P13 billion. The Finance department has earlier said that it is willing to enter into a negotiated sale with private investors for the FTI property. Robinsons Land earlier told the Aquino administration it will make a bid for the FTI property. The property was also offered to developers Ayala Land and SM Development Corp. FTI is a 120-hectare agro-industrial commercial estate in Taguig City, originally built as a food processing and consolidation center for agricultural products. It now houses more than 300 small-to-medium scale companies engaged in manufacturing, garments and electronics. Government is selling only 103 hectares, with the 17 hectares belonging to the National Food Authority. — VS, GMA News