Higher benefits from properties of gov’t eyed

MANILA -- As the Duterte administration is running after “onerous” contracts, Trade Secretary and National Development Company (NDC) Chairman Ramon Lopez said the government’s direction is to get higher benefits from the state’s valuable properties.

Lopez said the government is looking to consolidate ownership of the land and acquire all shares of NDC properties, similar to the NDC’s action over the land operated by Batangas Land Company Inc. (BLCI).

The NDC Board has decided to work on the dissolution and non-extension of the corporate life of BLCI, a joint venture of NDC and Chevron (formerly Caltex) Philippines.

BLCI rented out NDC land in San Pascual, Batangas, which is used by Chevron as oil import terminal.

The government found that Chevron has been paying only 4 percent of the current fair market value for the property, and described it as “grossly disad

vantageous” to the public. Lopez said the NDC intends to do the same action in another NDC property in Las Piñas. “In Las Piñas, we have the right to first refusal. We use the right to first refusal there so we can consolidate and buy the shares back. If it’s consolidated, it will benefit the government. We can plan better the future for that property,” he said. Lopez further said the government has more control if it will consolidate its ownership and shares over NDC valuable properties. “We won’t sell it because you don’t benefit on the appreciation. If ever, long-term lease or participate in a joint venture projects that can extract more value,” he added. (PNA)