Price tag for FTI land undervalued

The P58 billion estimated proceeds from the potential sale of 24 hectares of land owned by the Food Terminal Inc. are deemed below the asset's value, according to FTI president and CEO Joseph Rudolph Lo.

- By JASPER EMMANUEL ARCALAS

Lo told The STAR that the P58-billion valuation for a portion of the agency's land is underestimated.

He noted that the 74-hectare ARCA South property of property giant Ayala Land Inc., which was previously part of FTI, is selling at P600,000 per square meter.

"Even at half that price, this (remaining 40 hectares of FTI) is already P120 billion," Lo said, noting that the FTI has a remaining land of about 40 hectares.

"The smaller the property, the higher the price," he pointed out.

Lo said they do not expect the FTI's remaining land to be valued the same as ARCA South, but he is hoping that the valuation would be fair and would not shortchange the government.