THE Government Service Insurance System (GSIS) has reiterated its plan to sell its Manila North Harbor property, despite the claims of the International Container Terminal Services Inc. (ICTSI) that the agency only has a “naked title” on the property.
In a statement on Wednesday, the GSIS said the sale of its 672,645-square-meter property through public bidding is seen to help ensure the integrity of the funds of GSIS members.
“As a government entity that exists to ensure the integrity of the funds of its members, GSIS is determined to sell it through public bidding upon the approval of the Board,” said GSIS President and General Manager Jesus Clint O. Aranas.
Aranas said the market value of the property is approximately P33.632 billion based on the zonal valuation as of May 9, 2019, and as reflected in the GSIS books as of May 20, 2019.
Earlier, Enrique K. Razon Jr., president and chairman of ICTSI, reportedly said that GSIS has only a naked title with no right to use the property.
“That does not preclude GSIS from disposing of the property,” Aranas said.
ICTSI operates the Manila International Container Terminal (MICT) which is located in the property that GSIS wants to sell.
PPA’s claim
The Philippine Ports Authority, under its present General Manager Jay Daniel R. Santiago and through its Legal Department, had questioned the validity of the 43-year-old title and asserted that PPA owns the North Harbor property, despite the property being registered under the name of GSIS.
Aranas countered that the Office of the Government Corporate Counsel (OGCC) ruled in 2015 that the validity of the title registered under the name of GSIS may only be questioned in a direct attack filed before a regular court.
Meanwhile, GSIS has invited ICTSI to discuss the use and rental of the disputed property. However, ICTSI referred GSIS’s letter to PPA and deemed that “it may not be useful to sit down with GSIS without the participation of PPA.”
Aranas maintains that the state pension fund will take legal measures to protect the interest of GSIS and its members.
Earlier in the month, Aranas said they would pursue the sale of their Port Area properties after the Department of Finance (DOF) released its latest zonal valuations.
The properties include the 672,645-square-meter industrial/commercial lot, where the MICT is located, and a residential space of about 109,212 square meters.
The zonal valuation of industrial/commercial lot in the area is now pegged at P50,000 per square meter or a total of P33.63 billion for the Port Area property, compared to the P25.56 billion recorded value last year, according to the GSIS.