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Friday, March 19, 2004
Gov't lost P163M in SM-Baguio land deal: dad
By Harley F. Palangchao
BAGUIO CITY -- The Senate blue ribbon committee will be asked to investigate the controversial sale of a 34,534-square-meter portion of Luneta Hill to SM City Baguio, which allegedly resulted in government losing P163 million in the process.
In a proposed resolution, Councilor Federico Mandapat Jr. said it appeared that the nine parcels of land of the Luneta Hill was sold to SM City Baguio at a zonal value of only P2,026.98 per square meter as against the prevailing rate of P6,750 per square meter as certified by the Bureau of Internal Revenue (BIR)-Baguio District Office as of Feb. 10, 1990.
If the zonal value required by the BIR-Baguio District Office for Session Road and Gov. Pack Road was followed during the sale of the portion of Luneta Hill to SM City Baguio as Mandapat claimed, the actual value of the property was supposed to be P233,104,500.
"As certified by lawyer Amado Navarro, revenue district officer of the BIR-Baguio District Office, the zonal value for lots along Session Road and Gov. Pack Road is P6,750 per square meter, as of February 10, 1990," the councilor said.
Observers, however, said the zonal value released by the BIR-Baguio District Office could have been updated during the last 14 years.
Mandapat revealed that SM City Baguio purchased the nine parcels of land on May 5, 1992 for the amount of P66,999,995.52 instead. It means that the government lost over P163 million, he said.
In an interview, Mandapat said more than 10 years ago, the former City Council approved Resolution 20-A series of 1991 requesting the Department of Environment and Natural Resources in the Cordilleras (DENR-CAR) to recommend to Malacaņang to cause the transfer of the nine parcels of land to the City Government as initial payment for the national indebtedness to the city.
It was not immediately ascertained how much is the standing indebtedness of the National Government to the City in terms of tax shares, but Vice Mayor Betty Lourdes Tabanda said it may run to millions of pesos.
Mandapat said the City Council is expected to discuss his proposed measure when it resumes its regular session on Wednesday next week.
(March 19, 2004 issue)
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