The Negros Occidental provincial government stands to earn P3,504,924,197.25 from the sale and lease of its 7.7-hectare property in Bacolod City to AyalaLand Inc., Assistant Provincial Legal Officer Mary Ann Manayon-Lamis said yesterday.

She said the provincial government that is going ahead with the lease of 40,481 square meters of the property, which does not require Commission on Audit approval, to ALI that will enable the province to earn P2.75 billion in 50 years.

The property up for lease is located behind the provincial Capitol building and at the fountain area of the Philippine National Bank at Lacson Street, she said.

Meanwhile, the Capitol is urging the COA to act on its deed of conditional to ALI of its remaining 36,587 square meters of the property adjacent to the National Food Authority that Ayala is buying for P750,033,500.

Lamis said that while Ayala’s improved offer is P3.5 billion for the lease and purchase of the 7.7-hectare property, ShoeMart, in its bid, offered P3.1 billion or a variance of P392.4 million.*CPG

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