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GSIS revokes sale of disputed land

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State-run Government Service Insurance System (GSIS) decided to revoke its earlier resolutions pertaining to the sale of International Container Terminal Services Inc. (ICTSI) and Philippine Ports Authority (PPA) property Thursday.

The auction of the “nonperforming asset” could benefit the pension fund as well as their members

This was learned from GSIS Officer-in-Charge Rolando Macasaet, who assumed the post after being appointed by the Board of Trustees with instructions from Finance Secretary Carlos Dominguez III.

During their recent meeting, Macasaet said that the board decided to revoke the resolutions authorizing the sale of the ICTSI/PPA property “until further review and consultation with all concerned stakeholders.”

“In fairness to the Board, Atty. Aranas always assured the Board that this had the approval of PRRD,” he added.

To recall, former GSIS General Manager Jesus Aranas said that it will re-enter the sale of the larger parcel of the controversial land, which is now valued at P33.63 billion under the latest zonal valuation. This reflects a massive P11.48 billion valuation difference from the posted P25.56 billion in 2018.

According to him, the auction of the “nonperforming asset” could benefit the pension fund as well as their members.

Also, Finance Undersecretary Antonette Tionko, who also serves as PPA’s alternate board member from the Department of Finance noted earlier that GSIS and PPA are set to meet to settle the land dispute.

“I think they’re discussing (the ownership), because PPA claims and GSIS claims it’s theirs, so it’s something that must be resolved,” Tionko said.

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