RP to tear down fujimi property so that it can lease land for 50 years

Source: GMA NEWS.Tv

Friday, November 20,2009

StoryPrint.Despite opposition from cultural conservationists, a government-owned structure in Tokyo will be demolished so that it can be leased for 50 years, helping earn funds for the cash-strapped Arroyo administration.

The Philippine Ambassador’s residence in Tokyo’s upscale Fujimi district – part of Japan’s World War II reparations to the country – will be torn down to make way for the construction of a newer structure.

This was announced by a Department of Finance official who heads the agency’s legal and operations unit.

“The space for the development would become so small if it would not be torn down," said Finance Undersecretary Estela Sales.

The government expects to raise anywhere from P3 to P5 billion for the half-century lease, for which three Japanese companies have already bid for, Finance Undersecretary Crisanta Legaspi, said.

The winning bidder will be announced on December 2, said Legaspi, who is in charge of the department’s privatization unit.