The Government Service Insurance System (GSIS) stands to earn more than Php569 million following the unprecedented sale of three of its prime Metro Manila properties last December.
The Philcomcen building in Ortigas with a book value of only Php234 million was sold to the Filinvest Land Inc. with a bid of Php771.5 million. Cul Transit in Quezon City, with a book value of only Php50 million, was sold to Global 360 Development Corporation who bidded Php78 million for the 2,076 square meter property. And, Polymedic Apartment 2 in Mandaluyong with a book value of Php7.8 million was sold to BMI Realty at Php12.1 million.
“The results are overwhelming. We were able to sell them at rates way beyond our asking price through a transparent bidding process,” GSIS President and General Manager Robert G. Vergara said.
Along with Philcomcen, Cul Transit and Polymedic 2, other GSIS acquired assets that were put on the sale block in November 2013, included Polymedic 1 as well as LA’O and the former Jai Alai in Manila.
Nine bidders, including real estate developers submitted offers for the six properties.
Vergara said it was the perfect time to dispose the assets given the real estate property boom in the country.
“Our efforts to level the playing field for buyers of our properties have paid off,” President and General Manager Robert Vergara said as he assessed the recently concluded public auction.
“This milestone bodes well for auctions that we will be holding in the future,” Vergara said, adding “this will positively impact on the financial standing of the institution.”
Based on unaudited figures, the total assets of GSIS for the first 11 months of the year, stood at Php784.1 billion, up by 8% from the Php726 billion posted in 2012.
Overpriced, substandard bunkhouses bode bigger disaster for Yolanda survivors, solon says
“This is victimization twice, thrice and several times over. The
building of substandard and overpriced bunkhouses for the survivors of typhoon Yolanda is not only scandalous, it is cruel and inexcusable.”
Thus said Gabriela Women’s Party Representative Luzviminda Ilagan as temporary shelters for typhoon survivors in Eastern Visayas were found to be subpar on top of allegations overpricing. “It showcases this goverment’s undignified and unjust treatment of typhoon survivors. Ano ba’ng palagay nila sa mga nasalanta ng bagyo? Mga daga?”
“From its failure to rescue survivors and retrieve casualties to the delivery and distribution of relief and aid, and now with anomalies surfacing in the construction of temporary shelters– all these showcase the government’s inutility and inefficiency in the relief and rehabilitation efforts for typhoon survivors,” said Ilagan.
Ilagan also fears that the temporary shelters expected to house survivors for a minimum of one to two years will not be able to withstand another typhoon and poses bigger problems for typhoon
“The structures are weak and even dangerous and unfit for human shelter. The cramped spaces are prefect breeding grounds for diseases,especially among children already vulnerable due to malnutrition and months of staying in evacuation centers. The bunkhouses, where female family members are expected to sleep with male relatives also make women vulnerable to abuse and sexual violence.”
The solon also said the women’s party-list group is preparing a resolution in the House of Representatives to look into theallegations of overpricing and the government’s rehabilitation program for areas hardest hit by Typhoon Yolanda.
Ilagan also expressed fears that the rehabilitation of areas hardest hit by the typhoon will benefit big businesses and investors more than typhoon survivors.
“Plans of easing out fisherfolk communities away from their livelihood to make way for investors are slowly being revealed as coastal areas are now being dubbed as no-build zones. Are there even livelihood alternatives for these families? Yolanda survivors must be treated as primary stakeholders and any rehabilitation program for Typhoon survivors must be consultative and inclusive. Rehabilitation efforts must be well-rounded and comprehensive.”