Government Service Insurance System President and General Manager Jesus Aranas is confident the agency will be able to bid out its 78-hectare property at the Manila North Harbor within the year.
The property is composed of a 67-hectare commercial lot, currently occupied by the International Container Terminal Services, Inc., and a 10-hectare residential lot, which is currently occupied by informal settlers.
In a briefing Tuesday, Aranas said they decided to pursue the plan to sell the property after the Department of Finance came out with an updated zonal valuation on the property.
Data from the pension fund shows that the commercial property has a zonal value of P25.56 billion based on the Bureau of Internal Revenue valuation in 2018 while the residential lot has a value of around P412.82 million.
Under the latest zonal valuation, the commercial property is now valued at PHP33.63 billion while the residential lot is PHP3.82 billion or a difference of P11.48 billion from last year’s amount.
Aranas said the property is now considered a non-performing asset for GSIS, thus, it must be sold.
“The reason why I pulled out initially our intention to sell it was because the valuation at that time was not current. Thankfully, the DoF came out with the current valuation. They came out with a new zonal valuation as of May 2019 and we intend to pursue from that angle,” he said.