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TP: Ayala Land only pays P22/sqm per month to lease UP Technohub land

Apparently, it is possible to lease a land in Quezon City for just P22 per sqm per month.

Yes, a land in METRO FUCKING MANILA.
University of the Philippines (UP) executives made it happen for the Ayala Land, one of the oligarchs questioned by President Duterte.

Prominent journalist Thinking Pinoy (TP), who was a Math major at UP, has recently discovered through the documents he acquired from the Commission On Audit (COA) that Ayala Land has only been paying UP P22 per sqm per month for the land where UP-Ayala TechnoHub currently sits.

TP says that...
"The same COA report states that UP has collected a total of Php 1.094 billion [2] from the Technohub Project during the 11 years from 2008 to 2018.

The exact figure, Php 1,093,867,441.43, when divided by 11 years, translates to Php 99,442,494.66 annually or Php 8,286,874.55 monthly.

That sounds like a lot of money for UP, but given that the UP leased Ayala 380,630 sqm [3] of UP land, Ayala’s payments to UP amount to a monthly rent of just Php 21.77 per sqm."

Figures from COA report. Source: Thinking Pinoy

However, TP also pointed this out.

In fairness to Ayala, it developed only 20 hectares during its first phase, and generously assuming that it didn’t expand at all since then, UP’s total collections is basically a monthly rental payment of Php 41.43 per sqm.
We're talking about prime real estate here: Only an idiot would lease out a prime lot in Quezon City for less than Php 50 per sqm.

TP surmised that this partnership between UP and Ayala Land is disadvantageous on the side of the government.

That being said, one can only conclude that Ayala is really fond of getting into onerous contracts just like what it had as Water Concessionnaire which is what President Duterte is trying to correct right now.

TP: Ayala Land only pays P22/sqm per month to lease UP Technohub land TP: Ayala Land only pays P22/sqm per month to lease UP Technohub land Reviewed by AsianPolicy.Press on 2:04:00 PM Rating: 5

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