By Lawrence Agcaoili

The Government Service Insurance System has reiterated its offer to buy the sprawling 120-hectare property Food Terminals Inc. in Taguig City for P6 billion.

GSIS president and general manager Winston Garcia told reporters that the state-run pension fund manager was more than willing to purchase the property but the Agriculture Department had ignored its offer.

?I will buy all of them but they have not accepted it, P6 billion is a reasonable offer,? said Garcia.

The GSIS chief said he doubted claims made by finance officials that real estate developers led by property giant Ayala Land were interested in the property because of outstanding long-term leases.

?If Ayala Land is interested why are not they accepting it [the offer]? I made an offer two years ago but until now they think they can find a better buyer. Nothing is happening,? asked Garcia.

FTI, an agro-industrial commercial estate in Taguig, was originally built to be a food processing and consolidation center for agricultural products. It houses more than 300 small-to-medium scale companies engaged in different industries such as manufacturing, garments and electronics.

On top of the acquisition price of P6 billion, Garcia said GSIS was willing to invest more to put up much-needed infrastructure in the FTI property including an access road.

?Once they put up the interchange, immediately, the value of the property will go up times three,? he said.