SENATE URGED TO LOOK INTO OPERATIONS OF FOOD TERMINAL INC.

Senate Minority Leader Aquilino "Nene" Q. Pimentel, Jr. (PDP-Laban) today requested the Senate Committee on Government Corporations to look into the operations of the Food Terminal Inc. (FTI), a government corporation, in view of reports that it has gone bankrupt due to alleged mismanagement and massive graft.

Pimentel sought the opening of the book of accounts of the FTI, which supposedly has the biggest account in the bank deposits of the National Food Authority (NFA).

Established in the 1970s, the FTI was envisioned to be a center of trading, storing and processing agriculture products. One of the largest industrial complexes in Metro Manila, it is located in Taguig City.

The FTI used to cover an area of 120 hectares of prime lot, but this has reportedly shrank to the present 72 hectares.

On May 1, 2004, President Gloria Macapagal Arroyo signed Proclamation 262 creating and designating parcels of land situated within the FTI complex as a Special Economic Zone with an aggregate area of 243,961 square meters.

At present, the FTI operates as a provider of 1.) prime industrial and commercial lots for medium, to long-term lease; and 2.) industrial buildings with standard-sized stall for office, warehouse or small scale processing operations.

As of last year, there were more than 300 firms - ranging from light to medium-scale industries that have put up their facilities in the FTI. They are engaged in various lines of productions and services such as electronics, food, transport, garments, and general warehousing.

The FTI is one of the high-value assets that the government wants to privatize.