GSIS cancels plan to sell Port Area lot

MANILA, Philippines — State-run Government Service Insurance System (GSIS) has rescinded its plan to sell a disputed property in Port Area, Manila pending discussions with the International Container Terminal Services Inc. (ICTSI) and the Philippine Ports Authority (PPA), the Department of Finance (DOF) said yesterday.

In a text message shared by Finance Secretary Carlos Dominguez to reporters, newly installed GSIS officer-in-charge (OIC) Rolando Macasaet said the GSIS Board of Trustees and Committees convened yesterday and revoked a previous resolution that authorized the sale of the 672,645-square meter Port Area lot currently being occupied by the ICTSI.

“The board revoked resolutions authorizing the sale of the ICTSI/PPA property until further review and consultation with all concerned stakeholders,” Macasaet told Dominguez.

“In fairness to the board, Atty. Aranas always assured the board that this transaction had the approval of President Duterte,” he said.

He said the board also accepted the resignation of Aranas as president and general manager of the GSIS. The board assigned Macasaet, its chairman, as officer-in-charge.

The GSIS earlier pushed for the sale of its big ticket asset in Port Area, Manila, which is estimated to have a market value of P33.632 billion, based on the latest assessment of the Bureau of Internal Revenue (BIR).

He said the asset is being occupied by ICTSI under an agreement with the PPA, which did not have any permission from the GSIS.

Aranas defended the state fund’s plan despite questions from ICTSI president and chairman Enrique Razon, who claimed that GSIS only has a “naked title” of the property, meaning it had no right to use the land.

The former GSIS chief, however, said this “does not preclude GSIS from disposing of the property.”