President Rodrigo Duterte has ordered state agencies to develop the two-hectare Mile Long property in Makati Central Business District, which the government had previously leased to a development corporation owned by Prieto and Rufino families.
In Administrative Order 21 signed Jan. 29, the President directed the Privatization and Management Office to enter into a contractual deal with the Bases Conversion and Development Authority to manage and redevelop the property owned by the government.
The proceeds from the property’s development would be used to fund the government’s priority projects, including the pension program for military and uniformed personnel, according to the order.
The order mandates the Department of Budget and Management to study and propose where the proceeds could be used.
The property along Amorsolo Street in Legaspi Village was previously leased to Sunvar Realty Development Corp., which occupied the property on Feb. 28, 1982.
The lease agreement expired on Dec. 31, 2002 but Sunvar continued to remain in possession of the property and collect rent payments from its tenants.
In August 2017, the government won a case against Sunvar and took over the management of the Mile Long property.
The Department of Finance reported last year that the property has generated P160 million in revenues for the government since 2017.