PhilGuarantee to return idle 22.6 ha. to SBMA

By

Butch

Gunio SUBIC Bay Freeport – The Philippine Guarantee Corp. (PhilGuarantee) has agreed to return to the Subic Bay Metropolitan Authority (SBMA) 22.6 hectares of unused lands under an accord forged by the two entities.

SBMA chairman and administra- tor Jonathan Tan and PhilGuarantee president and chief executive officer Albert Pascual signed a memorandum of agreement (MOA) and deed of dacion en pago at the SBMA boardroom on Thursday. Tan said the PhilGuarantee will cede leasehold rights over 14.6-hectare of the El Kabayo Stables, 2.4 hectares of the Times Square Complex, and 5.6 hectares of the Triboa Bay lots, amounting to over ₱2,77 billion.

Tan said that the agreement was in partial consideration or settlement of the company’s outstanding obligations since October 27, 2020.