State pension fund Government Service Insurance System (GSIS) will auction off the biggest of its assets—its Port Area property—for a minimum cash price offer of P20 billion. “Although it tops our big-ticket assets, we are selling the Port Area property, as it does not contribute to our operations, except for valuation gains,” GSIS President and General Manager Jesus Clint Aranas said. “The Port of Manila Bay serves as the largest and the premier international shipping gateway to the country, which spells economic growth,” Aranas said. According to him, the sale of big-ticket assets in the past few years also yielded considerable gain for the pension fund. “We find it timely to liquidate the Port Area property and take advantage of the attractive real-estate market values in the Manila Bay area,” the GSIS chief said.

Source: Manila Times March 19, 2018 16:07 UTC