President Duterte has ordered the development of the Mile Long Property in Makati City, saying it will greatly contribute to the generation of revenues for priority programs of the government, including the pension program of military and uniformed personnel.
Duterte issued Administrative Order No. 21 ordering the Privatization Management Office to enter into an appropriate contractual agreement with the Bases Conversion and Development Authority to enable the BCDA to administer, manage, and redevelop the Mile Long Property prior to eventual disposition.
He said the contractual agreement between the PMO and the BCDA shall involve the parcels of land covered by Transfer Certificate Titles Nos. (458365) S-77242 issued by the Registry of Deeds of Makati.
The President also ordered the creation of a technical working group to study and formulate a redevelopment and privatization plan for the Mile Long Property.
The technical working group shall be composed of representatives from the Departments of Finance and Budget and Management, Bureau of Treasury, the PMO, and the BCDA.
The DBM was directed to study, propose, or take appropriate measures to enable proceeds from the development of the Mile Long Property to be used to fund priority programs of the government including the pension program of military and uniformed personnel.
Duterte three years ago had said he will sell the two-hectare Mile Long Property which had been leased by the government to the Prieto and Rufino families.
The Chief Executive disclosed his plan after the Makati Regional Trial Court ordered the Rufino-Prieto-owned Sunvar Realty Development Corp. to vacate the property. (Argyll Geducos)