In exchange for a 50-year lease, SM offered to spend P5.4 billion on a seven-story commercial building and leave two lower floors under city control to house the new Baguio market. Robinsons’ offer was to develop a market building and a separate retail building for P6 billion under a 50-year lease.SM’s selection has reignited protests from residents who want the city government to finance the rehabilitation of the market instead of leasing the property to a corporate giant.
A consortium of market vendors’ associations is ready to compete with SM for the market’s modernization, using P1 billion of its assets, according to lawyer Zosimo Abratique, president of the Baguio Market Vendors’ Association.Quoting Magalong, he said Baguio would open the project to other investors and allow them to try and outbid SM through a Swiss Challenge, once the terms for the PPP were established.
Robinsons was granted the OPS in August by a PPP for the People screening committee, which reviewed the two proposals. But questions about the process were raised when a screening committee member revealed that Robinsons had failed to supply the group with technical and engineering plans for the market buildings.
Magalong ordered a second review last month and had informed the committee this week about choosing SM. He said Robinsons did not submit the technical documents which would have helped the city government assess its offer.
SM BAGUIO, FOR THIS, PINUTOL ANG PUNO NG ISANG BUONG BUNDOK
THIS IS SAD, KAWAWA MALILIIT NA NEGOSYO, HALOS LAHAT NA LANG UNDER NG SM, OH, CHINESE YAN. DAPAT TALAGA MAY CONTROL SA PINAS ANG OWNERSHIP LIKE OTHER COUNTRIES