FTI eyes swap deal to settle obligations

The Food Terminal Inc. is exploring the possibility of settling its P17-million debt with the Laguna Lake Development Authority by renting out its administration building to LLDA for a minimal fee under some kind of swap arrangement.

The amount represents environmental users fees which had been paid by industrial locators of FTI which the latter failed to remit to LLDA.

LLDA general manager Calixto R. Cataquiz said his agency had served the FTI with a demand notice for the entire amount, but which the FTI initially ignored.

It was only when FTI vice president for marketing Benjamin Angeles Jr. took over in August that the agency reached out to LLDA to try working out for an extension of its Aug. 31, 2001 deadline to settle its obligations with LLDA.

LLDA, which is currently renting a small office space beside the provincial capitol of Rizal, could very well use the administration building of FTI, which is being vacated for renovation. FTI is moving its offices to the Uniden building within the 120-hectare complex.

Cataquiz said LLDA, with its 265 manpower complement, has been entertaining its visitors from the World Bank, International Monetary Fund, Asian Development Bank and other multilateral institutions in its cramped office space at the Rizal Capitol compound.

The coverage of LLDA, a government agency attached to the Department of Environment and Natural Resources which used to be limited only to the regulation of Laguna de Bay, has been expanded to include Rizal, Laguna, Silang, Tagaytay in Cavite; Sto. Tomas, Batangas; Lukban, Quezon and now Makati, San Juan, Mandaluyong, Quezon City, Caloocan City, Malabon, Navotas, Manila and Pasay, Cataquiz said.

The agency regulates the discharge of waste water and other affluents on the Laguna Lake and its 21 river tributaries, where over 5,000 industries, fishpen operators and fishermen currently operate.