UP welcomes Palace probe on technohub deal

MANILA, Philippines — The University of the Philippines (UP) yesterday welcomed a Palace investigation into the lease agreement it signed with blue chip property developer Ayala Land Inc. (ALI) for the UP-Ayala Technohub complex.

Ellen Pernia, UP vice president for public affairs, said they would cooperate with government investigators.

The 37.5-hectare UP-Ayala Land Technohub is a build-operate-transfer, revenue-sharing development project entered into by UP with ALI in October 2006.

Reports said Malacañang would look into the deal, which allegedly set a monthly lease rate of less than P20 per square meter for 25 years for the commercial lot along Commonwealth Avenue in Quezon City.