Ayala Land eyeing investments in Camp John Hay

Developer Ayala Land Inc. planning to put up a project within Camp John Hay in Baguio City, an is currently in discussions with Camp John Hay Development Corp. Camp John Hay Development Corp., the consortium tasked to develop the former military base, is controlled by the Fil-Estate group. However, in a statement to the Philippine Stock Exchange, Ayala Land said it and the John Hay management have yet to reach a final agreement regarding investments in the area. The Ayala Land disclosure was made after a newspaper reported that it has joined management of John Hay, a company which has been saddled by debt amounting to P2.3 billion since 2005. The report also said Ayala Land is coming in as a joint-venture partner for a business process outsourcing facility project. Ayala Land has about 20-percent stake in the Fort Bonifacio Development Corp., which has been tasked to develop the land in the sprawling former military base in Taguig City. - Cheryl Arcibal, GMANews.TV