Ayala Land Inc. made an initial payment of P19.46 billion to the national government for the 74-hectare Food Terminal Inc. complex in Taguig City.
Ayala Land investor relations officer Pamela Ann Perez said in a text message the company made the payment on Monday. Perez said the balance of P4.84 billion was due in 2013.
Ayala Land emerged as the winning bidder for the 74-hectare FTI in August. The property is one of the last remaining large parcels of land in Metro Manila that is ready for immediate development.