PCGG – Keen for Better Contract Lease

PCGG keen on revising Ortigas Center contract. THE PRESIDENTIAL Commission on Good Government (PCGG) has said it wants better terms from companies leasing parcels of land on the 5,000 square meters Metrowalk prime property in the Ortigas Center in Pasig City. They will meet with the lessees of the controversial 5,000-square-meter commercial property in Ortigas Center, Pasig City, to renegotiate its contract.

THE PRESIDENTIAL Commission on Good Government (PCGG) Commissioner Ricardo Abcede said they were trying to set up a meeting with lessees of the property located on the corner of Ortigas and Meralco Avenues, to renegotiate anew the contract entered into by the government with the developers.

He pointed out that when the commission entered a contract with Independent Realty Corp. it had not expected the property to become a thriving commercial area.

“I will meet with them,” he said, adding that it will be “soon” when pressed when the meeting would be.

Abcede said earlier that he was “challenged” in revising the contract leased out to three prominent developers.

“I want to make things right,” he told The Manila Times in an interview.

Abcede said that the newest mixed-used commercial and business center, now known as Metrowalk, was developed by three corporations.

Metrowalk is part of an 18.4-hectare booming commercial area. It is almost as big as Eastwood City in Libis and twice the size of Greenbelt Mall and SM Megamall.

Among the three developers, Pasig Printing Corp. is the most known since most of its board members are reportedly associates of Governor Luis “Chavit” Singson of Ilocos Sur.

The company built and operates Metrowalk, which hosts a series of restaurants, offices, bars and a two-story building that houses bazaar stalls. The company leases the area from Mid-Pasig Land in May 2003.

The other lessees of Mid-Pasig Land are West Point Industrial Sales Co., which, together with sister company CW Marketing and Development Co., own and operate Ortigas MC Home Depot.

Abcede said because of the area has become profitable “it is time to revisit the contract.”

Sources said earlier that the report on the study on the leases of the contracts and updated land value of the property would be out before the end of the month.

Source : http://www.abs-cbnnews.com/storypage.aspx?StoryId=35760

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